YM Extra Home Costs

Published on March 2017 | Categories: Documents | Downloads: 115 | Comments: 0 | Views: 475
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Base = $250,000 home

Newer Home
Extra home costs
Interior upgrades (curtains, rugs, furniture) Note: Excludes large remodeling projects Total one time costs Note: Excludes home acquisition costs Total average one-time dollar costs Annual Maintenance (lawn care, regular home upkeep) Deferred Maintenance (furnance, A/C, plumbing, foundation, roof, etc.) Note: deferred costs usually come in large, unpredictable chunks Total average annual percentage costs Total average annual dollar costs Important note: Add .7 to 1.1% per year for homes in severe weather areas Low category - homeowner does most of the work, with few contractors Average category - homeowner does some work; contracts out major projects High category - includes problem homes, most work contracted out incl lawn maintenance Source: Stearns Financial Low 2.1% Average 5.2%

2.1%

5.2%

$5,250 1.1%

$13,000 2.4%

0.5%

1.2%

1.6% $4,000

3.6% $9,000

ewer Home
High 8.9% Low

Older Home
Average 6.8% High 11.3% 3.0%

8.9%

3.0%

6.8%

11.3%

$22,250 3.5%

$7,500 1.6%

$17,000 2.9%

$28,250 4.3%

1.5%

0.9%

1.6%

2.7%

5.0% $12,500

2.5% $6,250

4.5% $11,250

7.0% $17,500

Purchase of older home Purchase price Down payment Closing costs One-time upgrades Total one-time costs Mortgage Taxes & Insurance Hidden costs Total annual costs
$250,000 $25,000 10% $6,250 2.5% average $17,000 Average $48,250 $14,904 30 year - 5.2% fixed rate $6,200 Varies significantly by state & home $11,250 Average $32,354 53% higher with "hidden" costs

Note: Excludes tax benefit of mortgage interest and property tax deduction

Purchase of newer home Purchase price Down payment Closing costs One-time upgrades Total one-time costs Mortgage Taxes & Insurance Hidden costs Total annual costs
$250,000 $25,000 10% $6,250 2.5% average $13,000 Average $44,250 $14,904 30 year - 5.2% fixed rate $6,200 Varies significantly by state & home $9,000 Average $30,104 43% higher with "hidden" costs

Note: Excludes tax benefit of mortgage interest and property tax deduction

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