M, Home Buyer in Alexandria, VA

I am trying to project my expenses for *after* I purchase a house.

Asked by M, Alexandria, VA Mon Aug 18, 2008

I have a pretty good understanding of expenses for principal, interest, real estate tax, PMI, hazard insurance, and HOA. However, I have no idea as of what to use as estimates for maintenance and utilities - I have never owned a townhouse before. I will be buying a 3b, 3b townhouse in Alexandria, Fairfax County for approximately $300K, approximately 30 years old. Thank you!

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Will Nesbitt, Agent, Alexandria, VA
Tue Aug 19, 2008
Here's a fact that most people don't realize: everyone pays condo fees.

By that I mean, condo fees can include maintenance, utilities, deferred maintenance, lawn care, etc. These are the same expenses that every homeowner faces. With a condo, these fees are set by the association, and the association manages the property. With a single family residence, these fees are set by the owner and managed by the owner.

That said, for maintenance, it is very difficult to project or guess what you might pay because that would depend on the age of the home and how well the home has been kept. As for the utilities, those are a function of your tastes and the square footage you intend to keep. How hard do you push your AC? How much water do you use/waste? Utility estimates (already provided) are probably pretty accurate.

Maintenance ... well, that may be why you'd want a home inspection.
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Scott Godzyk, Agent, Manchester, NH
Mon Aug 18, 2008
you will have to consider heat (100mo) electric (80 mo) cable (50-100mo) phone (50 mo) your electric can go up if you have AC. the numbers provided are industry averages. for maintenance 5% is what i use in estimating for yearly maintenance items.
Web Reference:  http://www.ScottSellsNH.com
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