Real Estate Cousre Total Cost of Ownership Property Taxes are estimated to be 1.
ID: 2797424 • Letter: R
Question
Real Estate Cousre
Total Cost of Ownership Property Taxes are estimated to be 1.18% of the home's purchase price (from the Price Estimation and Downpayment tab) $1,697,500.00 What are your annual property taxes? $20,030.50 Assume that you will need to allocate 0.50% of your home's selling price to annual maintenance What is your estimated annual maintenance? Assume that utilities (water, eletric, gas, phone, cable etc.) $600.00 Assume that Home Owner's Insurance on an annual basis is 0.3500% of the total home's purchase price. Convert all of the relevant above to monthly amounts, and combined with your mortgage calculation, what is the total estimated monthly cashflow into the house?Explanation / Answer
Annual Maintenance = 0.50% of sell price
= 0.50% x ( $1,697,500.00 - $20,030.50)
=8,387.35
Annual Insurance = $1,697,500.00 x 0.35% = 5,941.25
Total Annual Cost = (20,030.5+8,387.35+5,941.25+600) = 34,959
Estimated monthly cash outflow = 34,959/12 = 2,913.26
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