The Hidden Costs of Buying A Bigger House

The Hidden Costs Of Buying A Bigger House BR Average One-Time Costs When Buying a New House ii Purchase price of a Closing costs: Costs to fully furnish average new home: 3.5% of a new home: 20% $84/ sq ft of the home price the home price Average Annual Costs of Home Ownership ТАХ Energy costs: Maintenance: Property taxes: 1.31% of the home price $1.03/sq ft 1% of the home price Over a 30 year mortgage, each additional 500 square feet of space will cost you an extra $120,574 $1,470 in closing costs $8,400 in furnishing costs in " property taxes $16,506 in energy costs $15,450 How Much That Bigger Home Will REALLY Cost You Over 30 years Assuming you have a 30-year mortgage at 4% A 1000 sq ft house will cost you an extra $241,148 A 1500 sq ft house will cost you an extra $361,722 A 2000 sq ft house will cost you an extra $482,297 A 2500 sq ft house will cost you an extra $602,871 So before buying that bigger house, ask yourself. Is it truly worth the extra cosť? References: http://www.census.gov/const/C25Ann/soldmedavgppsf.pdf http://realtormag.realtor.org/daily-news/2016/04/28/who-pays-highest-property-taxes https://www.eia.gov/consumption/residential/data/2009/index.php?view=consumption#summary http://www.zillow.com/mortgage-learning/closing-costs/ INVESTMENTZEN $24,148 morfgage interest in n initial purchase c $42,000 In maintenance $12,600