Often, when calculating the cost of home ownership, the figure most often used is the monthly mortgage payment. Sometimes, folks will do some basic math and add on the monthly cost of real estate taxes and, in some cases, insurance. But the overall cost goes far beyond these basic levels. Curious? Take a look at the following.
Almost all new homeowners have calculated their monthly mortgage payments, but fewer have likely factored in the cost of routine maintenance tasks.
An analysis by home-remodeling portal Porch breaks down home-maintenance costs by states and ZIP codes, as well as individual jobs. Though it’s commonly accepted wisdom that owners should expect to spend 1 percent of a home’s cost on maintenance each year, Porch determined that nationwide, Americans spend an average of $16,000 on home upkeep annually, assuming that the work is outsourced to professionals.
Not surprisingly, Golden State homeowners can expect to pay a bit more than the typical U.S. homeowner. Californians spend an average of $16,957 per year on home maintenance, the seventh most in the country and the highest of any Western state.
On a final note, home shoppers considering a property with a swimming pool should take note of the amount of money it will take to keep it operational. Replacing a pool’s filter system is by far the most expensive maintenance chore, costing an average of $1,786 every 2.3 years. And cleaning a pool is the most frequently required maintenance task, which happens every 1.9 months, for an annual total of $649.
Nevertheless, that house you’re paying for and maintaining is likely the most expensive asset you’ll ever own, so it makes sense to pay attention to all of these extra costs of ownership. If you have questions about experts in any aspect of ownership, be it financing, repairs, contractors or any other subject, we have answers. Give us a call! Our numbers are Peter: (415) 279-6466; Jane: (415) 531-4091. We’d be pleased to help.