Also, if you have a new house, the first 10 years maintenance is going to be a lot lower than the person who buys it from you at year 10 over the ensuing 10 years of their ownership. For example, that’s when many warranties on wear and tear items will expire.More than likely it is in low cost city. When you spit your time between two houses you need to pay people to watch and maintain when you are gone. If one of those house is in resort area (like warm weather in the winter) you can be assured your cost are not going to be $10k. $10k probably won’t cover your insurance premium.We certainly do not spend $25K per year on our paid off house, we're less than 1/2 that. I guess that makes our house indecent...or half decent, maybe.I think it is near impossible to spend less than $100k if one owns two paid off houses (assuming neither is income producing). Taxes, insurance, maintenance and utilities on two decent homes is going to eat up half of that.
Taxes ~ $4500
Insurance ~ $700
Utilities ~ $3000
Maintenance ~ $2000 (approx. average over last 10 years)
Regarding the $2000 mentioned, it would be interesting to know the size of the lot, the state (climate) and whether or not the lawn is self-maintained. The resort town I live in, some of my neighbors are spending more than $2,000 a year on mowing, treatment and irrigation(well) and we have four distinct seasons including a long winter. Some are spending a lot more depending on how much leaf removal and landscaping trimming/weeding is necessary.
Statistics: Posted by Wanderingwheelz — Mon Jul 22, 2024 6:44 am — Replies 513 — Views 90378