Cost of Home Ownership in PBC? (Wellington: short sales, HOA, insurance)

[user313]

I have never owned a home. I am considering buying a newer (less than 10 years old) 3-4 bedroom single family home in the Wellington/RPB area. Cost will probably be around $230,000 to $250,000.

I want to make sure I understand some of the basic costs before getting into it.

Please help me out here:

Mortgage

Property Taxes

Insurance(how much is this on average? will I need separate windstorm?)

Water and Sewer (how much does this cost a month on average?)

Garbage (assuming not in HOA, how much is this?)

Electricity (how much does this cost on average with average usage?)

HOA

Cable / Internet / etc.

Monthly Maintenance (plan to budget $100 a month to this into a separate account)

Are there any other "major" things I am missing?

Thanks!

[skylinet]

User, for actually researching before you go out and start looking at homes. It's unfortunate how many people just go out and start looking without even having a clue at what they should be looking for....
I answered your questions below and the major thing you missed I guess would be to get yourself pre-approved before you search for homes. Time after time someone goes out and finds a home they love only to not be able to afford it.

Originally Posted by user313

I have never owned a home. I am considering buying a newer (less than 10 years old) 3-4 bedroom single family home in the Wellington/RPB area. Cost will probably be around $230,000 to $250,000.

I want to make sure I understand some of the basic costs before getting into it.

Please help me out here:

Mortgage

Property Taxes

Insurance(how much is this on average? will I need separate windstorm?)

Water and Sewer (how much does this cost a month on average?)

Garbage (assuming not in HOA, how much is this?)

Electricity (how much does this cost on average with average usage?)

HOA

Cable / Internet / etc.

Monthly Maintenance (plan to budget $100 a month to this into a separate account)

Are there any other "major" things I am missing?

Thanks!

Mortgage: be safe and estimate $60 a month per $10,000 of mortgage. Most mortgages are less than this right now though. IE a 100k mortgage would be 600 a month.

Property taxes are usually less than 2% a year of the purchase price. A few cities are higher, most are lower.

Insurance Roughly 100-150 a month for the age of home you are looking in.

Sewer and water is going to vary. Usually not enough to make or break a house though. 40 a month? Usually not considered a major factor in a mortgage.

Garbage, usually in HOA's or taxes

Cable/Internet. that's really all up to you. Anywhere from included in the HOA's to 150 a month if you want all the premium channels and internet.

Monthly maintenance. can vary depending on how much land you have and how much home you have. You can find a real nice home in the area you are looking in/the price range you are looking in. So your maintenance should be fairly minimal.

Another thing to think about is how soon do you want to move into your home? Since you are probably eligible for the first time home buyer credit you may want to stay away from short sales unless they are pre-approved short sales so you can get the 8000 tax credit.
Also do you want to be in a neighborhood with monthly HOA dues? IE a gated community, pool etc. This will ultimately lower the amount you can purchase a home for, but may have added value in your home buying experience.

Great questions by the way, and if you would like assistance with your search feel free to contact me.