|
|
Like used cars, used homes can sometimes seem like a better deal.
And like used cars, used homes are often billed as "as good
as new." But like used cars, used homes typically come with
hidden costs and unforeseen problems. Roofs leak. Kitchen appliances
give out. An older home demands an average of 2-3% of its purchase
price for annual upkeep - and that list can be never-ending.
When you add up the monthly maintenance and operating costs of
an older home, the real cost becomes more apparent. Some costs associated
with the normal "wear and tear" of an older home are listed
below. Used Home Hidden Costs
- New exterior paint, $1,570
- New interior paint, $2,500
- Remodel kitchen, $10,000
- Remodel bath, $1,575
- New gas furnace, $2,000 " New electrical, $4,000
- New roofing, $2,720
- Central air, $2,810
- Waterproof basement, $6,900
- Re-carpet & re-vinyl, $5,100
** Estimated on 1,300 square foot, 30 year old home.
That's almost $40,000 you weren't accounting for. So when you add
your monthly maintenance and operating costs to your monthly mortgage
payment (after taxes), your costs are often substantially higher
with an old home than with the purchase of a comparably sized new
home. And with a new home, you can build your dream - not inherit
someone else's problems.
|
 |
