Homeowner Silver Lake Los Angeles Real Estate

Understanding The Real Cost Of Home Ownership In Silver Lake, CA

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Our Silver Lake, CA Sellers Agents are sure you will agree with us, purchasing a home is one of life’s biggest investments. Similar to any investment, weighing the pros and cons is pivotal. A majority of the time, home buyers only think about things such as:

  • Location
  • Square footage
  • Home Style
  • And the List Price

Regardless, the real cost of a home goes beyond its selling price. Before purchasing that dream home, it’s essential you see the whole picture — the real cost of home ownership by a local Silver Lake Realtor.

Property Taxes

Based on the value of the home, Silver Lake Sellers Agents say that property taxes can vary by state, county, and city. In almost all cases, the more expensive a home is, the higher the property taxes.

In Los Angeles property tax is 0.0125 of the purchase price. The amount will be annual, so be sure and divide the number by 12 months for a monthly amount.

Homeowner’s Insurance

A majority of the time, Silver Lake Real Estate Agents say that a handful of banks or lending agents may require that you choose and secure homeowner’s insurance before moving forward with any mortgage approval. In addition, insurance on the home will vary depending on the home and the insurance company’s rates.

HOA Dues

Generally, 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.

Furthermore, your Silver Lake 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

Bill Payment Silver Lake Sellers Agent

If you’ve been living in an apartment or rental home, it’s possible that one or more of the utilities may have been included within the monthly rent.

Unfortunately, as a new homeowner, you will be responsible for all of the property’s utilities, generally including the garbage collection service. When thinking about the price of a home, our Silver Lake Listing Agents suggest that you make sure to factor in these monthly costs.

If it happens not be a new home, your Silver Lake, CA 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 typically means lawn care and even landscaping projects – you’re smart to landscape drought tolerate if you’re living in Siver Lake, CA. This may add up when figuring out the real cost of home ownership.

Silver Lake Los Angeles Realtor

Silver Lake Sellers Agents say that 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 choose to invest money in a lawn mower, which means time devoted to cutting the grass.

Additionally, don’t forget the hedge trimmers, garden hose, sprinkler, and gas for the mower as well.

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 is not uncommon. Some sellers may decide to move their refrigerators or stoves with them as well.

This means you must buy those appliances. Remember that moving from an apartment or a smaller home to a larger home with more square footage usually creates a need for additional furniture as well.

Summary

Ultimately, Silver Lake, CA Sellers Agents know the hidden costs of home ownership can assist you in figuring out how many houses you can actually afford. With this knowledge, it’s easier for you to purchase a home that can’t afford.

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