Those with paid off houses, how much basic maintenance cost ?

[I earned it]

Since I'm newly retired I know these numbers, taxes 6,000. , insurance with million dollar umbrella 3000, water 2,000, cable phone internet 2,000, heat and electric 7,000 total 20,000 REPAirs 1 % of the home value is what I was told, I budget for that, I pray I don't spend it, I spent more on a total gut renovation than I did on the original house. 2660 square foot house in the concrete jungle, Zillow says 1.4 million, my neighbors old his for 1.3 and mine is just redone so I think it's the ballpark.

 

[RenoJay]

House value ~ $600k
Prop taxes ~ $4.5k/year
Insurance ~ $1.5k/year
HOA dues ~ $2.8k/year



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[Options]

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[eta2020]

Let me make you feel better:

2505 sqft home on 1/3 acre in coastal Connecticut (2015).

Real Property Tax: $12,190
Homeowners Ins: $ 3,952
Water: $ 500
Electric: $ 1,300
Natural Gas: $ 1,700
Repair/Maint. $ 2,500 - $5,000

A bit north of you in western Suburbs of Boston:

1050 sqft home on 6000 sqft lot

Taxes 6000
Insurance 750
Water 600
Electric 700
Natural Gas 1300
Repairs 500-1000

 

[pb4uski]

I don't have th details readily available but our property taxes are about $7k a year and insurance probably about $700 or so.

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[A Bird In Hand]

You asked specifically about taxes, insurance, and HOA. We don't have HOA, but taxes + insurance currently accounts for about 1/4 of our mortgage payment. At the moment, getting rid of P&I would facilitate ER or ESR for us due to cash flow*.

*But over time the taxes and insurance will always go up, and our mortgage P&I could go down (refinance, recast, or new mortgage with a longer term). So in 10 years, maybe taxes + insurance would be a much larger fraction of our mortgage payment -- even to the extent that paying off the mortgage would not make a significant cash flow difference in the ER/ESR equation.

This is all academic though, since we plan to have our principal paid off in 4-5 years, for better or worse. At that time, some big ticket home maintenance items will probably be coming due -- roof + HVAC -- which will probably offset the lack of P&I for a year or two.

 

[JOHNNIE36]

I think 80% loan to value ratio gets you out of PMI. I'd check into that. Could save you a lot of wasted money.

 

[hnzw_rui]

I think 80% loan to value ratio gets you out of PMI. I'd check into that. Could save you a lot of wasted money.

Since the house is almost paid off, I'm guessing the insurance mentioned is homeowner's/hazard insurance and not mortgage insurance.

 

[swakyaby]

2900 s.f. home on 1/4 acre in Placer County, Northern California:

Property tax $12,000
Homeowner's insurance $1,100
HOA $840

Currently appealing our property tax assessment, but no response from Placer County tax assessor in 9 months (despite cashing immediately the check I sent to initiate the appeal process).

 

[Danmar]

Really dependant on location and type of property. We have 4 places. The total of property taxes, insurance, and HOA fees (if any) range from .7% of market value(Arizona house) to about 2% of market value for Toronto condo. HOA fees are the big item with the condo but other maintenance items like roof repair, painting, gardening, utilities are large in Arizona. The other places come in at about .8% and 1.3% respectively. I have found that total expenses of real estate upkeep (everything) average about 4-5% per year over our properties. We maintain our places to a pretty high standard. Mortgages not a factor.

 

[JOHNNIE36]

Since the house is almost paid off, I'm guessing the insurance mentioned is homeowner's/hazard insurance and not mortgage insurance.

I misread the post. I saw P&I and my brain thought PMI. My bad.

 

[StuckinCT]

Taxes $31,750
Insurance $1,800
House $1,650,000

CT is expensive, oh and I pay $2,200 per year in car tax...

 

[SkisALot]

utilities are large in Arizona.

Gee, have you been to California? Because of new "regulations" our electric bill will double this month and that's just the beginning. I've been monitoring our usage/cost online all month and there's nothing more we can do to bring the bill down.

 

[emerytura]

Morris County, New Jersey- Side by Side duplex
Taxes- $8000
Insurance- $1100
Home market value- $650,000
We live in one side of the duplex. We collect $18,500 rent from other side.

 

[Derslickmeister]

North Texas - in the boonies

Couple of acres, 2800 sqft house, paid it off 4 years ago.
Tax assessment value after homestead exemption $275,000

No HOA, thanks goodness
Property Taxes $3750/year, no city taxes just county and ISD
Homeowners Insurance $1700

 

[Danmar]

Gee, have you been to California? Because of new "regulations" our electric bill will double this month and that's just the beginning. I've been monitoring our usage/cost online all month and there's nothing more we can do to bring the bill down.

In Arizona electricity useage is pretty high especially in the summer months because of air conditioning use. Also high at our lake house in Ontario in the winter because it is heated with electric furnace.

 

[SkisALot]

In Arizona electricity useage is pretty high especially in the summer months because of air conditioning use. Also high at our lake house in Ontario in the winter because it is heated with electric furnace.

Thanks for the info. We're considering moving to Arizona.

 

[SilentWalker]

About 1500 sqft on 1/4 acre in MN Lake Country.

Annual expenses:
Tax $710. Paid $80k for the house couple of years ago so tax is about 0.9%.
Natural Gas $610
Electricity $1100
Water $100 (flat fee no meter)
Homeowners Insurance $852
Repairs last 12 mo $473.

We live in semi-rural area with public water and sewer. Less than 30 minute drive to two good hospitals and decent shopping. Public schools are average or below, but affordable private schools are a good option here. Cost of living and safety of this area are hard to beat.

 

[Music Lover]

1000 square feet on 1.6 acres in cold Winnipeg. House value ~ $340,000. Annual costs:

$2200 property tax
$840 insurance
$400 gas heat
$600 electric

 

[brett]

Prior to downsizing:

Taxes $6000
Insurance $2000
Utilties (heat, water, elec) $3000.

no HOA. $4000 budget for mtce, repairs, etc.

After downsizing:

Rent $21600 ($1800/mo)
Utilities: $700
Insurance: $250.

 

[Mulligan]

I don't have th details readily available but our property taxes are about $7k a year and insurance probably about $700 or so.

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I see many figures like yours PB, and they mystify me. Almost 4x the property tax I pay and yet 20% less in insurance. I know darn well your house has considerably more value than mine. I live right next to a fire hydrant too. Insurance companies have to be over-milking me for "tornado threat". Im over 50 years old lived in same state my entire life and have never seen a tornado.


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[zinger1457]

In Arizona electricity useage is pretty high especially in the summer months because of air conditioning use. Also high at our lake house in Ontario in the winter because it is heated with electric furnace.

Arizona is a big state and it depends where you live, that's true if you live in the Phoenix area. I live in the Arizona high desert and able to get by with an evaporative cooler, my average monthly electric bill is around $50.

 

[NEEN]

2% taxes
1-1.5% utilities
0.5% normal maintenance
1% major repair/ upgrades

 

[Danmar]

Arizona is a big state and it depends where you live, that's true if you live in the Phoenix area. I live in the Arizona high desert and able to get by with an evaporative cooler, my average monthly electric bill is around $50.

Agree. I should have been more specific, Phoenix area. My average electric bill for last 12 months was $522 per month. Very expensive especially since we were only there for part of the year. Our lake house was even higher at $670 per month. Awful!!