John, Home Buyer in San Diego, CA

What are the average annual costs for home-ownership aside from mortgage?

Asked by John, San Diego, CA Sun Sep 21, 2008

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You have about 1.25% X your property purchase price in property taxes annually. If a single-family home you also will have hazard insurance which also varies, but you can estimate $50-$60/mo. And then you will also most likely have a water and garbage bill which will vary depending on where you live. And then finally you have maintenance on a your property. Maintenance is an area many who have never owned a home before overlook and can be substantial if the house is older (plumbing, electrical, landscaping, roof, painting, etc...).

If a condo, in addition to property taxes you also have the HOA dues. If a condo the HOA fee will take care of the maintenance of the exterior, but you also may have special assesments from time-to-time. You would also have to investigate what the HOA covers in terms of insurance and other costs.
0 votes Thank Flag Link Sun Sep 21, 2008
Hi John,

Most of the annual costs depend on the value of the home. Property taxes in San Diego County will vary, but will be close to 1.15% of the purchase price excluding Mello Roos. Hazard and liability insurance will also be based on the value of the home. Call an insurance agent for an estimate.

Maintenance is greatly dependent on the condition of the home and utilities will be slightly higher for a house vs. a condo.

For better estimates feel free to give me a call.

Nick Rhea
0 votes Thank Flag Link Sun Sep 21, 2008
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