Home Buying in 90210>Question Details

Canada14, Home Buyer in 90210

Total cost of ownership in Beverly Hills, CA?

Asked by Canada14, 90210 Tue Apr 5, 2011

I am thinking about moving to Beverly Hills or its vicinity from Toronto, ON, Canada. I have no idea how the total cost of ownership(property tax, insurance, maintanence, electricity, gas etc) is in the area. Is there rule of thumb in calculating this? If I buy 4000sq ft house for $3-4million, how much will it cost me per month approximately?

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Hi Canada 14

It's been a couple of months since your posting and I wanted to follow up with you and see if you found your dream property and if you still need any info.

For more accurate estimations, which will vary from property to property really, you might want to ask an agent to assist you :)

In brief, here are the main expenses for a buyer:
- Property tax
- Insurance
- Earthquake
- Utilities (Power, Water, Gas)
- Maintenance (Landscaping? Gardening? Pool? Cleaning aid personnel...)
- Financing related expenses

Have a great day and welcome to LA!
0 votes Thank Flag Link Tue Jul 26, 2011
$6,679.00 per month
Example..Not in MLS for Sale by Owner 90210, originally priced $4,750,000, Motivated
Just Reduced $3,750,000. Magnificent Entertainers Estate. Prime Cul De Sac Location Over 4,500 sq feet. Monthly housing expense including average annual use of pool, spa ,tennis plus security, and all other maintenance and standard utilities, taxes and insurance at asking price. for more info email me
klcaskey@gmail.com
0 votes Thank Flag Link Mon Jun 6, 2011
Real estate taxes are approximately 1.25% of purchase price, annually. Utilities and insurance costs depend on the type of property and usage.
Web Reference: http://kobicosta.com
0 votes Thank Flag Link Tue Apr 5, 2011
Hi Canada14,

You might want to call an insurance agent in California to get an idea of the insurance costs. You might also want to consider having earthquake insurance which is seperate and can be very expensive. As for utilities, it is hard to estimate what your usage will be, I have a 2000 square foot house and a pool and my electric and water bills run anywhere from about $500-1000 every two months. Gas is billed seperate and again will depend on how many gas appliances you have.

Let me know if I can be of further assistance!
0 votes Thank Flag Link Tue Apr 5, 2011
Hello Canada,
The biggest expense would be your property taxes, which equate to approx. 1.25% of the purchase price annually. The utilities would depend on your usage and that would be hard to guage... are you single, or how many in your home... Also pool maintenance if you have one, landscaping, etc... I would be happy to assist you in finding your home. Also, if you want to keep tabs on the real estate market in real time, log on to my website and under the property tab, you will find my Beverly Hills home search that is constantly updated in real time on what is currently available in Beverly Hills only without searching the other cities. Thanks and hope to be of service.
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Tue Apr 5, 2011
Hi Canada 14,

I have been a broker in Beverly Hills for 22 years. Essentially you pay approximately 1.25% of the purchase price annual as property tax which is divided into two installments. Insurance, maintenance and electricity are dependent on the size of the property, outdoor areas in terms of water usage, pool heaters and equipment and there is no cut and dry answer. In addition most areas do not have monthly homeowners dues, however if you choose to live in a gated community, depending on the size of the property you will pay monthly dues to the home owners association for maintenance and security. Gardening can be a large expense, a regular 10-12k foot lot would likely cost $300-$500 per month. Whereas a larger 1 acre lot could cost $5k per month depending on the type of foliage and landscaping. I would suggest you call me direct (310)777-6342 so I can discuss your specific needs and interest.
0 votes Thank Flag Link Tue Apr 5, 2011
Good Morning, I am currently working with a buyer in BH in this price range. Your biggest expense will be taxes which are calculted at 1.25% of the purchase price. We have not calculated my buyers insurance cost yet since he is considering a tear down mostly. If you send me an email I can have my insurance agent calculate that cost for you. you can reach me at michaelrmaloney@kw.com.

MM
0 votes Thank Flag Link Tue Apr 5, 2011
Canada: According to Ennovationz, a free site that anyone can place their zip code in along with sq. ft. of the home to determine APPROXIMATE, utility costs the cost for utilities are showing an average of $300.00 per month for GAS and Electric only. Figure another $100.00 per month for water and phone, internet, cable another $150.00 http://www.ennovationz.com

Gas, Electricity: $300.00
Water, $100.00
Phone, Internet, Cable, $150,00

Property taxes are approximately 1% of the purchase price, paid twice per year, December 10th and April 10th. That's the base rate and there could be special assessments as well.

These are only estimates and in order to get a better picture once you begin looking at actual homes, the costs can be further investigated and a closer estimate obtained.
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0 votes Thank Flag Link Tue Apr 5, 2011
There are also quite a few choices in Beverly Hills for over 4,000sqft for less than 3.5M.
0 votes Thank Flag Link Tue Apr 5, 2011
There are many factors involved with this calculation.

Are you going to pay all cash for the house? Figure taxes at 1.1% of the purchase price. As far as monthly utilities, it also depends on how many people will also be living in the home.
I can get some utility averages for you, for an approx. 4,000sqft home. Would you like a house with a pool?

Email me directly or give me a call & I can send to you the homes that are currently on the market. Alternatively you can go to the web link below & search the MLS just like I do, see pictures & maps too.

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
0 votes Thank Flag Link Tue Apr 5, 2011
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