Our Silver Lake Los Angeles Real Estate Agents are pretty sure you’ll agree with us that purchasing a home is one of life’s major investments. Similar to any investment, weighing the pros and cons is essential. Silver Lake Los Angeles Real Estate Agents will tell you that often times, home buyers only think about the things such as
- Square footage
- Home style
- And the list price
Nonetheless, the real cost of a home extends beyond its selling price.
Prior to purchasing that dream home, it’s crucial that you see the whole picture — the true cost of home ownership.
Silver Lake Los Angeles Real Estate Agents say depending on the value of the home, property taxes will often vary from state, county, and city. Additionally, Silver Lake Los Angeles Real Estate Agents say in almost all scenarios, the more expensive a home is, the higher the property taxes. In Silver Lake, Los Angeles, the property tax is 0.0125 of the purchase price. The amount will be annual, so make sure and divide the number by 12 months for a monthly amount total.
A majority of the time, most banks or lending agents may require that you select and secure homeowner’s insurance prior to issuing any mortgage approval. Insurance on the home will vary depending on the home and the insurance company’s rates.
Depending on the home’s location, it might be part of a Homeowners Association. Within any Homeowners Association, expect yearly or monthly dues. These dues may include things like common landscape maintenance, security guards, or the dues may cover an amenity center or swimming pool.
Your Silver Lake Los Angeles Real Estate Agent should tell you the HOA annual or monthly dues and what the dues cover when they show you the property.
Energy Bills and Utilities
If you’ve been in an apartment or rental home for the past couple of years, it’s possible that one or more of the utilities may have been included within the monthly rent.
However, as a new homeowner, Silver Lake Los Angeles Real Estate Agents will often tell you that you will be responsible for all of the property’s utilities, typically including the garbage collection service.
When thinking about the price of a home, be sure to factor in these monthly costs. If it’s not a new home, your Silver Lake Los Angeles Real Estate Agent can give you an estimate on what the energy and utility costs were for the previous 12 months – which they could get from the listing agent or seller.
Yard Care and Landscaping
Going from an apartment or condo to a home with a yard generally means lawn care and even landscaping projects – you’re smart to landscape drought tolerate if you’re living in Silver Lake, Los Angeles. This may add up when figuring out the real cost of home ownership.
Silver Lake Los Angeles Real Estate Agents say some homeowners may opt to hire a mowing or landscaping service, which will vary in price depending on the size of the yard. Others may decide to invest money in a lawn mower, which typically means time devoted to cutting the grass.
Moreover, don’t forget the hedge trimmers, garden hose, sprinkler, and gas for the mower.
Appliances and Furniture
Not all homes come with all the appliances . You may fall in love with a home and the seller isn’t selling the washer and dryer with the property. This actually happens quite often. Some sellers may decide to move their refrigerators or stoves with them as well.
As a result, this generally means you must buy those appliances. Silver Lake Los Angeles Real Estate Agents say to Remember that moving from an apartment or a smaller home to a larger home with more square footage often creates a need for additional furniture too.
Knowing the hidden costs of home ownership can aid you in determining how much house can you could afforded. With this knowledge, it’s easier for you to purchase a home that won’t break the bank.