Homeowner Expenses (HOA fees, insurance, mortgage)

[mrki]

Hi,
Since I've never owned a home and I'm planing/hoping to buy one in NJ ( not to far from Manhattan, 30-45 minutes), I was wondering what expenses can I expect on the top of mortgage+tax and home insurance payment. What's the average electric/gas bill, water, homeowner association fee? I guess that would be it. Let me know if I'm forgetting anything. Thank you very much.

[DodgeViper01]

With home ownership you are looking at the following expenses:

-Mortgage
-Taxes
-Mortgage Insurance
-Utilities (Gas, Electric, Sewer, Water)
-Optional Utilities Like Cable, Internet, Telephone, etc.
-Home Owners Association Fees (If In Development)
-Lawn Care (If Necessary)
-Appliances/Utilities (If They Break, Depending On Age of Home)

And as of now that is all I can think of. In order to tell you what the Association Fees, utilities bulls, and water are going to cost I would need to know the size of the home and even then it would not be accurate as it all depends on how much you use for the most part.

[mrki]

Thank you for your reply. Well, the house would be most likely small to medium size, probably in Essex or Bergen county. I'll probably try not to abuse the utilities. As for tax and home owner ass. fees, where could i get an approximate figure.

[DodgeViper01]

I can help you a little bit with the info provided but once again all figures are just estimates as all factors are not available.

On a small to medium house your association fees could range from $100 a quarter to $250 a month. All depends on how old the home is and the size.

As for the taxes in Bergan County, I would say between $5000 and $10,000 depending on the towns, and sections.


Lastly, as for the utilities, I would say based on a 1500 square foot home:

Electric - $50+/- Month
Gas - Average $100/Month depending on the month of course
Cable - $50/Month
Internet - $50/Month (Cable Modem) or $25 (Dial-up)
Water - Usually not bad but depends on township

Hope this helps.

[mrki]

Thank you. I does help a lot. It is kind of good news, because I didn't expect electric and gas to be that inexpensive, of course it's all depends on how much one uses it. For water, I knew it wasn't too bad. I'm still kind of puzzled with the home owner ass. fees. What exactly affects it and how? I'll try to google it. Anyway, thank you very much for your info, it's a great help.

[Viralmd]

HOA fees are set by each development. There's not necessarily any logic to it. Obviously, the pricier developments will usually have the higher fees.

[GJM]

HOA fees are only if you are in a development and in my opinion there really are not that many developments. Mostly townhouses.

Also gas & electric will be higher in the summer & winter months. It could go up to $300 per month depending on what you keep the heat or air on.

[mrki]

Hi,
Thank you for the help. What about the garbage collection, if it's not covered by home the owner ass. fee? How that works? Also, what's the average home insurance rate in NJ? Thank you guys, you've been a great help.

[GJM]

I lived in Bergen Cty. and we didn't pay for garbage collection, it was part of our town taxes.

Our homeowner insurance was about $700 per year.

[ep4property]

Originally Posted by mrki

Thank you for your reply. Well, the house would be most likely small to medium size, probably in Essex or Bergen county. I'll probably try not to abuse the utilities. As for tax and home owner ass. fees, where could i get an approximate figure.

These vary with the size, condition, amenities of a complex. They usually include exterior, common area maintanence: lawn, snow removal, lighting, paving. If it has a clubhouse: common rooms, exercize equipment, pools, lockers, etc. it will be more costly to maintain those. Good Luck!