How Much PM Does it Cost to Run your Retirement Home?

[MDJO]

High cost suburb in Ohio
Both H and W Retired
2100 square feet
Average monthly costs:

Natural gas $ 53 Water and Sewer $ 56 Electric $ 100 Contingency and Capital $ 250 Home maintenance $ 325 Insurance - Home $ 100 Phone/Cable/Cell/Internet $ 380 Property taxes $ 500 Total: $ 1,764

 

[brett]

In Canada, it was costing us about $1150. a month to turn the key...all in including insurance per month. Large house 3600 sq feet of finished space.

We really noticed the difference when we sold and travelled for nine months. That $1150. per month, plus the interest on our home equity helped to defray our travel costs.

We are now down to $1800. rent plus $200. in utilities and communications. Not certain what is next...but it won't be a house.

 

[brett]

In Canada, it was costing us about $1150. a month to turn the key...all in including insurance per month. Large house 3600 sq feet of finished space.

We really noticed the difference when we sold and travelled for nine months. That $1150. per month, plus the interest on our home equity helped to defray our travel costs.

We are now down to $1800. rent plus $200. in utilities and communications. Not certain what is next...but it won't be a house. No more land lines, than is for certain.

 

[nun]

Location: Massachusetts
Size: 3,300sqft (Two Family)
FIREd: No

RE Taxes: $525
Electricity: $20
Water: $70 (Includes Sewer)
Gas: $45
Heating Oil: $75
Home Ins: $100
Cable & Internet: $116
Mobile Phone: $65
AAA: $7
Auto Insurance: $76
Maintenance: $150

Total: $1249

I get $1200/month rent from downstairs so the nest cost is $49/month.

 

[ABQ2015]

Location: Albuquerque, NM
Size: 2,600sqft - Not retired, plan to relocate and downsize after retirement
FIREd: No


Costs are per month:
RE Taxes: $345
Electricity: $80
Natural Gas: $100
Water/Sewer/Trash/Recycle: $100 (big lawn)
Yard Maint: $220/mo

Home Ins: $80

Cable & Internet: $195
Landline & Track phone $65
Pest Control: $20
Auto Insurance: $80
Housekeeper: $220
Maintenance: $60 (To date this year but planning to get outside trim painted before end of year)

Total: too much

 

[padlin00]

Location: W. Ma.
Size: 1,700sqft on 1 ac.
FIREd: Yes

RE Taxes: $300
Electricity: $100
Water: $50 (Includes Sewer)
Gas/Oil: $200 (Heat and HW)
HOA: N/A
Yard Maint: $45, (do it myself but it still costs)

Home Ins: $40 (Home & Contents)
Flood: n/a
Pest Bond: n/a
Umbrella: n/a
Water $50


TOTAL: $785

Some Other Variables:

Cable & Internet: $30 (no cable)
Phone $40
News Paper: n/a
AAA (Good Sam) $10
Auto Insurance: $100
Maintenance: $625 (Based on the last 4 years records, don't have any for longer but expect it to drop drastically, I hope, now that the big stuff is done. Deck, Roof, and major re-landscaping, Chimney rebuild, replace driveway)

 

[ShokWaveRider]

Total: too much

Agreed especially RE Taxes!

 

[wrigley]

For those who asked "What is a Pest Bond?". It is actually a "Termite Bond" in NE Florida and is an insurance policy against wood burrowing pests. Basically it insures against damage done by Termites and if so pays to repair the damage up to a ceiling amount. It also includes annual inspections and bi-annual treatments for Termites (In my case).

One important note is that if you buy a home here you can "assume" or transfer the policy for no charge and continue with the premiums. If you let it lapse it can get expensive to get a new one as the "whole" house will need to be treated INCLUDING under the slab which means they will want to drill holes in it to apply chemicals at regular intervals (NOT GOOD).

I also live in NE Florida. You show you have a termite bond @ $19.00 a month?

A REPAIR Bond?

If you don't mind me asking, which company are you with?

Thanks
Mike

 

[ShokWaveRider]

I also live in NE Florida. You show you have a termite bond @ $19.00 a month?

A REPAIR Bond?

If you don't mind me asking, which company are you with?

Thanks
Mike

Florida Pest Control, 1 payment per year ~$234 this year. Concrete Block Home. Stick would be more I am sure. (St. Augustine)

 

[wrigley]

Florida Pest Control, 1 payment per year ~$234 this year. Concrete Block Home. Stick would be more I am sure. (St. Augustine)

I pay $128.00 a quarter. It covers eveything under the sun to include Carpentar Ants and Carpentar Bees. Total home repair/replacement included.

Most people are under the impression that having a current "termite bond" means that their home will be repaired in the unlikely event they get termites, and that is just not true.

I got this policy after I saw with my own two eyes what damage termites did to my brother's 4 year old home here in NE Florida. I sleep well at night!!

Mike

 

[Major Tom]

Speaking of a life on the road maintenance cost, I just footed a $500+ bill to pay for the replacement of a leaf spring and tire on the 5th wheel. Having a suspension spring suddenly break at 60 mph is an 'interesting' experience...as was watching the mobile repair service do the repairs sitting on the shoulder of I-25...

Thanks REW. You've given me something to look forward to

 

[martyb]

I'll post a full report next month. We're just moving into our retirement house this weekend. What I know right now:

1639 sq ft brick home. 3bdrm, 2 bath, 2 car garage. 6 yrs old.

RE taxes-Parish & City: $1584 per yr/$132 month
Homeowner's Ins: $1028 per yr/$85.66 month
Flood: N/A
HOA: $175 per yr/$14.58 month
Elec: TBD
Cable & internet: $94 mo.
Landline: N/A
2 cell phones: $80 mo. (gonna shop around when I get a chance
Water: TBD (estimate $80 mo.) includes sewer & trash
Natural Gasestimate $60 mo.)
Lawn maint: undecided, but prob. end up hiring out because of bad allergies (est. $100)
Auto Insurance: $100 mo.

Estimate for now: $746.24 per month

 

[KB]

Location: Folsom, CA
Size: 1670 sq ft
FIRE'd: Yes

Monthly figures:

RE Taxes: 438
Electricity: 76 averaged
Water/Sewer/Garbage: 90
Gas: 35 averaged
HOA: 115 (includes front yard maintenance)
Yard Maint: 50 for seeds, fertilizer, mulch, new plants, etc.

Home Ins: 52
Flood: N/A
Pest Bond: N/A
Umbrella: 20 – 2 Mil

TOTAL: $795

Other Variables:

Landline & Internet: $48
Cell Phone: 22
Directv: 80
Newspaper: 15
Auto ins: 73
House Cleaning: 185
House maintenance: ? 100 - 9 year old home, haven’t needed much yet.

 

[Ozstache]

Let's throw a bit of Down Under flavour to this conversation. Amounts are converted to US dollars

Location: Canberra, Australia
Size: 2000 sq ft
FIRE'd: Me, next week. DW still working casual.

Monthly figures:

RE Taxes: 193 (rates, covers sewer and garbage)
Electricity: 140 averaged
Water: 40
Gas: 169 averaged
HOA: 0
Yard Maint: 0

Home Ins: 47
Flood: covered by home insurance
Pest Bond: N/A
Umbrella: N/A

TOTAL: $589

Other Variables:

Landline & Internet: 90
Cell Phone: 32 (for two of us)
Auto ins: 80 (car and motorbike)
House Cleaning: 0
House maintenance: 50

 

[ShokWaveRider]

Let's throw a bit of Down Under flavour to this conversation. Amounts are converted to US dollars

Thanks for the Aus Angle. Definitely Cheaper from a Rates (similar to the UK) perspective. But probably more than compensated for in income taxes. My good friend lives on the Gold Coast in QE. His costs are very reasonable too. Thanks for contributing.

Also after thinking about it. Rent should be considered as a cost as it is a monthly outlay. Mortgage though is different because that could be paid off an eliminated. Rent is Rent, and should include the landlord's passed down costs. This would put the rental numbers the highest.

 

[aim-high]

Location: No VA (DC Suburbs)
Size: 4,200 sqft
FIREd: not quite

RE Taxes: ~ $580
Utilities: ~ $325 between Electric, Gas, Water (Gas Heat, Electric AC)
HOA: $155
Yard Maint: $70

Home Ins: $120 (Home & Contents)

TOTAL: $1030

Soon to be empty-nester. We're thinking of downsizing then or possibly purchasing an historic home (slight increase in overall costs to maintain.)

 

[woodguy00]

Location: Boston suburb
2750 sq ft home. 4 bdrm, 3 1/2 bath, 2 car garage. 15 yrs old.

RE taxes- $590
Homeowner's Ins: $145 incl umbrella
Flood: N/A
HOA: N/A
Elec: $195
Heating Oil: $3990 for past year / $330 average
Water: Well
Sewer: $45
Trash - private service $30
Lawn maint: self

Estimate: $1335 per month Ouch - We've got to move away from Boston.


Cable & internet: $145 mo.
Landline: incl above
Cell phones: $ 160 mo
Auto Insurance: $115 mo. 3 vehicles, 2 older

 

[ScoutAZ]

Phoenix AZ suburb, 2500 Sq Ft, 29 years old 3/4 ac. 3mos to fire

RE taxes- $127
Homeowner's Ins: $116
Flood: N/A
HOA: N/A
Elec: $200 avg
Water/Sewer/garbage: $45
Lawn maint: $75
House cleaning: $195


Sub Total:$758


Cable internet and land line: $175 mo.
2 Cell phones: $105 mo

Did a lot of work on house 2 years ago (paint inside/outside, new carpet, new tile, new roof, new appliances, plumbing, electrical, new Air Cond.

On going home Maint - ~$100
Next (last) big event - redo back yard ($10,000?)

 

[jollystomper]

Location: Mid-Atlantic (MD)
Size: 3300 sq ft home. 4 bdrm, 2 1/2 bath, 35 yrs old.
FIRE: currently targeting June 2014

RE taxes- $350
Homeowner's Ins: $120 incl umbrella
Flood: N/A
HOA: N/A
Elec: $282 (includes heating)
Heating Oil: N/A
Water: Well
Sewer: N/A
Trash - private service $45
Lawn maint: $100/month budget for self-maintenance (Riding Mower maintenance, gas, seeding/weeding, bush/branch/hedge trimming tools, etc.)
Security system: $30

Sub total: $927 per month

Cable & internet: $135 mo.
Landline: $60 mo (included long distance and other bells and whistles)
Cell phones: $ 150 mo (multi line family plan)
Auto Insurance: $212 mo. for 3 vehicles (have teenager on policy)

Ongoing home maintenance/repairs (including lawn item above but excluding the other ones): average of $395/month over the last 10 years. This includes new appliances and major repairs (e.g. replacing roof, well pump, furnace).

 

[FANOFJESUS]

It's obviously not my retirement home, but it does show how clergy can live so cheaply:

Location: SE Texas
Size: 1,800 sqft
FIREd: I'm semi-retired, DW is clergy

RE Taxes: $0 (it's a tax-exempt parsonage)
Electricity: $0 (paid by the church)
Water: $0 (paid by the church)
Sewer: $0 (paid by the church)
Garbage: $0 (paid by the church)
Gas: $0 (paid by the church)
HOA: N/A
Yard Maint: $0 (I maintain our back yard and other members do the rest of the grounds)

Home Ins: $15 (renters policy for contents)
Flood: N/A
Pest Bond: N/A
Umbrella: $16

TOTAL: $31

Some Other Variables:

Cable & Internet: $90 (for satellite TV, I use the church's internet through a repeater)
Land line phone: $0 (paid by church)
Cell phones: $60
News Paper: $2 (small town weekly paper)
Auto Insurance: $100
Maintenance: $20 (for minor things, church covers major repairs)

Just curious Ziggy how is the food cost handled?

 

[scrabbler1]

Okay, I'll play.

Location: Nassau County (Long Island) NY
Size: 650 sq ft studio co-op apartment
FIREd: Yes

Annual 2012 figures

RE Taxes: $1,957, net of a state school tax rebate
Electricity: $651
Homeowners insurance (my own): $217
Parking: $744


My monthly maintenance includes real estate taxes, the co-op's mortgage on the buildings, my parking fee, and "everything else" involved in the physical upkeep of the co-op complex. While I do see the annual expenditures of various major items in our annual report and do figure out my prorated share of them, I generally lump the "everything else" into one category. Some items, such as total home(owners) insurance, are split up between a part of my maintenance payments and my own HO policy.

"Everything Else" in the maintenance: $2,560 (biggest items are fuel, salary and benefits for building staff, water, repairs, electric, and insurance)
Co-op's mortgage P&I: $1,035

TOTAL: $7,164

Some Other Variables:

Cable: $749
Internet: $282
Phone (landline only, no cell phone): $383
Auto Insurance: $1,328

 

[ziggy29]

Just curious Ziggy how is the food cost handled?

Food is at our own expense.

 

[FANOFJESUS]

You win!!!

No the preacher wins. In this thread I think the lowest wins.

 

[scrabbler1]

Not really, they are virtually fully subsidized, and still working. Thisngs would change if FIREd.

Winning in this case is the most spent. I though FLA was bad!

My figures were annual. How am I spending the most? I saw others spending more per year when you annualized their monthly amounts.

 

[ShokWaveRider]

My figures were annual. How am I spending the most? I saw others spending more per year when you annualized their monthly amounts.

Sorry my mistake I thought they were monthly.....