Ym Extra Home Costs
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Base = $250,000 home
Newer Home Extra home costs
Low
Interior upgrades (curtains, rugs, furniture) Note: Excludes large remodeling projects Total one time costs Note: Excludes home acquisition costs
Average
2.1%
5.2%
2.1%
5.2%
$5,250
$13,000
Annual Maintenance (lawn care, regular home upkeep)
1.1%
2.4%
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
0.5%
1.2%
1.6% $4,000
3.6% $9,000
Total average one-time 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
ewer Home
Older Home
High
Low
Average
High
8.9%
3.0%
6.8%
11.3%
8.9%
3.0%
6.8%
11.3%
$22,250
$7,500
$17,000
$28,250
3.5%
1.6%
2.9%
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
$250,000
Down payment Closing costs One-time upgrades Total one-time costs
$25,000 10% $6,250 2.5% average $17,000 Average $48,250
Mortgage Taxes & Insurance Hidden costs Total annual costs
$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
$250,000
Down payment Closing costs One-time upgrades Total one-time costs
$25,000 10% $6,250 2.5% average $13,000 Average $44,250
Mortgage Taxes & Insurance Hidden costs Total annual costs
$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
Newer Home Extra home costs
Low
Interior upgrades (curtains, rugs, furniture) Note: Excludes large remodeling projects Total one time costs Note: Excludes home acquisition costs
Average
2.1%
5.2%
2.1%
5.2%
$5,250
$13,000
Annual Maintenance (lawn care, regular home upkeep)
1.1%
2.4%
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
0.5%
1.2%
1.6% $4,000
3.6% $9,000
Total average one-time 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
ewer Home
Older Home
High
Low
Average
High
8.9%
3.0%
6.8%
11.3%
8.9%
3.0%
6.8%
11.3%
$22,250
$7,500
$17,000
$28,250
3.5%
1.6%
2.9%
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
$250,000
Down payment Closing costs One-time upgrades Total one-time costs
$25,000 10% $6,250 2.5% average $17,000 Average $48,250
Mortgage Taxes & Insurance Hidden costs Total annual costs
$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
$250,000
Down payment Closing costs One-time upgrades Total one-time costs
$25,000 10% $6,250 2.5% average $13,000 Average $44,250
Mortgage Taxes & Insurance Hidden costs Total annual costs
$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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