Ok my husband and I would love to buy a home soon but we need to know how much all the bills in a house would be before we know how much we can afford for the house. If you could please let me know what bills you have and how much each of them are that would be wonderful. Thanks for any help :)
2007-08-23 08:32:14 · 4 answers · asked by First time mom! 2 in Business & Finance ➔ Renting & Real Estate
Of course many are variable dependent on the size, the area, and your way of life, do not forget to add the taxes and insurance. Basics are electric, heat, phone, cable, internet, food, upkeep, decorating (we all do it) I live in the Northeast and can give you an example from there. Electric close to $100 month, cable and internet (also cable) $165 month, Heat (coal) $1000-1200 year, Phone $28.50 month (Vonage) Water sewer, garbage $60, Food $400-600 month, Insurance $200 month (3 new cars) Taxes $150-200 month, Insurance on home $50 month, Repairs lets face it if something small not biggy but you have to set aside in case something like a water heater or God knows what happens. Can save allot on that if you two are handy. As stated there are so many variables, and questions that need to be known in order to correctly answer this question.
2007-08-23 09:21:05 · answer #1 · answered by Pengy 7 · 1⤊ 0⤋
Depends on what area your in but here are a few of the things you will need to look at
Water, power, gas, trash, property tax, HOA (mostly new houses), phone, cable, internet
So depending how your house is set up these bills can vary. If you are buying brand new find out about HOA(Home Owners Association) rules BEFORE you buy. These associations often have RIDICULOUS power to tell you what can and cant be done with your property. My trick was to talk to the people that already live in the neighborhood before you buy to make sure they like the area and see what kind of issues the neighborhood has.
2007-08-23 08:42:40 · answer #2 · answered by joeinchino2000 4 · 0⤊ 0⤋
My suggestion is to call mortgage company and have them explain to you income/debt ratio and the % your income they will allow you to put forth a mortgage payment. There are a ton of mortgage calulators/how much house can i afford calulators. I live in SC for a 3brm 2bath house electric in the summer is around 120 water 35 cable 40 phone 40. Now if your like me adn need interent i get timewarners package i spend 120 on digital cable/internet/digital phone. Dont forget gas in your car. 100/mo. Car insurance/payments. And food which for me is around 300/mo.
Your best bet is if your still going to school or if your in a great housing market or have high hopes for earning more money in 5 years is to go with a 5 yr arm mortgage and/or an interest only mortgage to make your payments lower now and higher later. You could always refi/sell at the 5 year mark. Also try to get a piggy back loan. ex you get a 100,000 house you have 5% down. take one loan for 80,000 and a 2nd for 15,000.. that why you are basicallly putting down 20% and dont have to pay PMI.
www.mortgagequestions.com
they have calulators here. ^^
Good Luck if you need any more advice ddonutsmike@yahoo.com
ps dont forget any lawn mower/furiniture you will need. Also see if you have any HoA's.
2007-08-23 08:49:42 · answer #3 · answered by Michael 2 · 0⤊ 0⤋
Bills vary according to your location, size of home, and usage. Typically you have electricity, gas, water/sewer, phone, cable/satellite TV, Internet access, homeowners insurance, property taxes.
2007-08-23 08:39:05 · answer #4 · answered by Suzy 5 · 0⤊ 0⤋