Anyone know how much maintenance cost for a SFH? (Reston: real estate, HOA fees)

[ssmssm]

I am just giving an example, take the following SFH for example, probably how much does it cost annually(averagely)? What I mean is utilities, maintenance (change roof/siding from time to time), etc. I am not asking property tax, insurance, ... those will be wrapped into mortgage monthly payment.

I know it depends on individual, but what I ask is in general. Since I am the first time home buyer, and would like to know any other costs (besides property tax and insurance).

I would like to compare a SFH with a townhouse. What I mean is same area, similar price, similar condition, then SFH has less living area than a townhouse, but SFH does not have HOA.

Anyone can tell me an approximate cost of owning such a SFH if you are the owner? If you can break down the cost by each category, then it is better. Such is: Utility ( $ ), Maintenance ($ ), heat during winter, ..... What I ask is estimated cost (if you are the owner), I just want to see if I can afford it.

Thanks.

6213 BARDU Ave, SPRINGFIELD, VA 22152 | MLS# FX8310492 | Redfin

[JfromReston]

You should consider that 1% of the cost of the home should be spent on maintenance each year. This does not include utilities.

[ssmssm]

Originally Posted by JfromReston

You should consider that 1% of the cost of the home should be spent on maintenance each year. This does not include utilities.

That much? If a similar price townhouse, the HOA is less than $100 per month. The amount is almost same as property tax amount....

[ssmssm]

Originally Posted by JfromReston

You should consider that 1% of the cost of the home should be spent on maintenance each year. This does not include utilities.

Actually, your answer 1% is not perfect. If two same houses, let us assume the maintenance costs are same. But one house is good school district, and its home price is more expensive than the other one. So there is no way to get both maintenance costs to 1% ......

I would much prefer to know the approximate number, instead of percentage.

[FCNova]

It can vary so much, but the takeaway is the costs CAN be very big so you have to be prepared. In the last three years in my townhouse I had to replace a dishwasher, repair a washing machine, and deal with 3 minor plumbing issues although 2 I fixed myself.

[boyd888]

Your answer is totally dependent on the state of the home when you buy it. Buy a home with a 10 year old water heater and you are going to be replacing it before a home with a 2 year old water heater. The same goes for every replaceable item in the house...dishwasher, furnace, roof, etc. You can't control when things break, but older appliances are much more likely to need repair sooner.

1% is a very common ballpark number. Realistically if you can budget $2K a year towards general maintenance you should be covered with the exception of something really big (like a roof) or some catastrophe.

[ssmssm]

Originally Posted by FCNova

It can vary so much, but the takeaway is the costs CAN be very big so you have to be prepared. In the last three years in my townhouse I had to replace a dishwasher, repair a washing machine, and deal with 3 minor plumbing issues although 2 I fixed myself.

I fully understand it. That is why I ask an estimated amount. I just want to know an estimated number, so that I can calculate the total cost (including mortgage loan, property tax, insurance, etc).

All I am trying to get is if I can afford a similar SFH.

Thanks.

[chocolatelover]

I'll throw out a guesstimate of 250-300/month for utilities for a house (2000 sf or so), including electricity, gas, and water bills. I have a new HVAC system that is pretty efficient. Our HOA fee includes trash pickup, but other HOA's vary. You'll also need money for maintaining the lawn (this will be cheaper if you plan to mow your own lawn). Townhomes generally have higher HOA fees than SFH because the fee includes common area maintenance, etc. I aim to set aside an additional 1% in a separate maintenance fund. You'll need to set aside more if the home is not in good shape. Some major things (roof, HVAC) were upgraded before I bought the home, but I'm always saving up for when the next appliance or home repair is needed. There will ALWAYS will be unexpected repairs, so it's helpful to have that money set aside. Owning a home means putting in a significant investment each month. I think it's worth it to have my own place, but it's not for everyone.

By the way, these are all really good questions to be asking your realtor, if you have one.

[RamblingMan]

SSMSSM,

I don't think anybody can give you a realistic answer without knowing the exact details of a specific property and your own lifestyle. How well insulated is the house? Do you like to keep the temperature at 68 in the Summer and 78 in the Winter? Or the reverse? If the house is poorly insulated (as a 1960 house might well be) and you fall into the former category, get ready for some very high utility bills. You are right to say that JfromReston's answer is "not perfect," but the 1% rule of thumb for maintenance is about as good as an estimate gets. If you think maintenance should somehow be around $100 per month over the long haul, you are kidding yourself and will be in for some expensive surprises.

In a newly built house with a warranty, you might well spend a lot less than 1% in the early years. But you're going to spend a lot more per year a few years down the road when your central air and furnace die and when your roof needs to be replaced. You might not pay 1% per year, but you certainly have to be prepared to pay that or more in any given year. Things go wrong, and when they do, good tradesmen are expensive. The house you have linked to is over 50 years old. No matter what they say about updates, I'd plan on significant maintenance costs related to replacing things that just wear out. I love living in an old house, but I pay for it in maintenance costs every day (at least it feels that way).

If you are handy and can do your own maintenance and repairs, your costs can be much lower than they will be if you have to hire someone for every project.

[airjay75]

I have always used the 1% figure in my mind as a short hand estimate and I don't consider that 1% to include utilities. I would add another $250-$300 per month for utilities. I have always thought to myself that if spending 1% of the value of the house per year on maintenance sounds like it's more than I can afford, I'm buying more house than I can afford. You're right, it isn't a perfect estimate - some homes are newer and require less maintenance and some homes are older and require more maintenance. I bought a fully renovated SFH last year that had a new roof, new siding, and all new appliances. Even with that, I had maintenance costs that were greater than the 1% figure. It takes money to maintain residential real estate - of course, a lot of people choose not to maintain their house and then they either have to spend the money when they go and sell it or sell it as a fixer upper.