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Is there a way for buyers to understand the complete picture of the costs involved?
The realtor sites are simplistic with basic mortgage payment estimates.
Even the property tax estimates are way off.
The rest of the story from actual home and condo owners?
This might be useful to prospective buyers.
Is anyone who is a numbers geeks willing to list it all your recurring expenses ?
The core costs: Mortgage, tax, insurance, etc
Services: utilities, water, heat, electrical, plowing, lawn care, everything.
Ad Hoc: Tree service, plumber, etc.
Maintenance and repair: Roof, boiler, furnace, water heater, electrical upgrade?
Renovations?
Possible to pro rate these into a monthly figure?
Any kind of info that sheds specific light on costs, and unseen costs, as well.
Monthly Mortgage: $2278.31 (just refinanced)
Annual Taxes: $24,803.18
Monthly Homeowners Association: $165 (almost exclusively covers lawn care for entire neighborhood)
Annual Homeowners Insurance: $1435
Average Quarterly Water Bill: $204.99
Average Monthly Electric & Gas Bill (ConEd): $236.72 (this is generally only gas as I have solar panels to cover electric)
Housekeeping: $130/week
Other maintenance/repairs in last 2 years:
- $615 for spring maintenance on central A/C units (*spent $5800 to replace one of the A/C units last year)
- $200 for fall maintenance on boiler (*spent $2800 to repair some valves and parts on the boiler last year)
- $200 for chimney inspection and dryer vent cleaning
- $1200 to replace and install new central vacuum unit
- $7500 for installation of a sump pump/French drain to address water problems in basement
- $4200 for whole house water filter and softener (we are on town water but noticed a difference in quality when we moved)
- $1600 to hang a chandelier and fix some significant problems with electrical outlets throughout the house
- $700 to trim two large trees on property
- $6200 to redo landscaping for entire house (rip/remove old and add 50 new plants)
Caveats:
I've only been in the house for 2 years and it was in pristine condition, but many of the utilities were original from the late 1980s or nearing the end of their lifespan, so I anticipated large expenses up front in these first few years. Hopefully this gives others a sense of what things may cost, though of course many factors come into play that could make your numbers vastly different than mine.
If I calculate a straight average on all recurring costs (mortgage, electric/gas, taxes, water, insurance, HOA dues, and housekeeping -- excluding one-time maintenance projects), my monthly cost for 2019 was $5,795.52 to maintain my home.
I am in northern Westchester in a 3500 sq. ft. home on about a 1/4 acre.
I would highly recommend going straight to the municipality's website (tax assessor) to validate actual property taxes if looking for a new home. Sometimes you can even find water bills online, too.
I know there's another super detailed breakdown of costs somewhere in the archives. I'll try and find it but if you look around, you will see it. Really helpful. Also, you can probably add pest control/exterminator for maybe $300 on a one-off visit or $500 for an annual contract.
Nitro, thanks for sharing such a detailed response.
Thank you for also listing your location, sq. ft, and acerage.
Hopefully, you inspire others to reply in with a similar level of detail.
It may prove for some interesting insights!
Anyone who does not live in a HOA willing to share some numbers ?
That was a great post! I don't have an HOA so you can basically just replace the HOA fee with landscaping at around the same cost. I live on about an acre in upper Westchester as well. Lawn care is $200/mo during the summer plus $150 one-time in the fall for leaves, then a few months with no cost, but occasionally $50 for snow plowing. Likely it all averages out to the same $160-$170/mo year-round that was listed as the HOA fee.
I don't have intricate landscaping but if I did, probably add another few hundred a year for trimming/upkeep on the landscaping. Tree trimming seems a common expense, either routine, or taking care of fallen trees which happens probably once every year or two- that's roughly $500 when it happens, depending on whether you have them grind the stump and take the wood or leave it.
Personal preference but I elect not to pay for the annual maintenance on things like AC, boiler, chimney, etc and just do those things myself.
Be aware that water bills in southern Westchester are significantly higher. I am in eastchester and pretty conservative on water (I barely use my dishwasher and washing machine- not for cost savings lol) and I do have 5 sprinklers zones but my property is tiny and only water for about 10 mins every morning. Our water bill is around $100. Should be lower in winter but definitely not 150-200$/quarter as my friends’ in northern Westchester! It is not unusual for people in my town to have $150-250 water bills a month. My water company charges me for the meter alone $30. Suez is the worst.
Be aware that water bills in southern Westchester are significantly higher. I am in eastchester and pretty conservative on water (I barely use my dishwasher and washing machine- not for cost savings lol) and I do have 5 sprinklers zones but my property is tiny and only water for about 10 mins every morning. Our water bill is around $100. Should be lower in winter but definitely not 150-200$/quarter as my friends’ in northern Westchester! It is not unusual for people in my town to have $150-250 water bills a month. My water company charges me for the meter alone $30. Suez is the worst.
My son sold about 1-1/2 years ago in eastchester ...he bought a house 2x the size in rye brook ...taxes are 32k on it .they were on Anderson ave by the park .......we are likely moving to hartsdale soon from queens
Well good for him but I could never consider Rye Brook bc it doesn’t have a train station within a walking distance. In Eastchester I walk to Crestwood in 9 minutes. That’s a big luxury. You pay for everything one way or another
Well good for him but I could never consider Rye Brook bc it doesn’t have a train station within a walking distance. In Eastchester I walk to Crestwood in 9 minutes. That’s a big luxury. You pay for everything one way or another
He got a permit I think for rye and takes the train from there ...his law firm is in manhattan ...ironically he was working in their white plains office but switched .
my daughter in-law works in Greenwich and drives so it is perfect .
Well good for him but I could never consider Rye Brook bc it doesn’t have a train station within a walking distance. In Eastchester I walk to Crestwood in 9 minutes. That’s a big luxury. You pay for everything one way or another
Amen to this. I walked away from much larger homes with more land for a smaller home with a generous sized lot because of the 3 minute walk to the Metro North station. For the NYC commuter, this type of situation can't be beat. No warming up the car, driving to the train in inclement weather, parking permits, parking fees or money wasted on gas required.
Last edited by ThatCareerGuy; 09-22-2020 at 05:01 PM..
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