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Message
Cost of a home besides mortgage (Insurances/Taxes)
Posted on 11/27/17 at 2:50 am
Posted on 11/27/17 at 2:50 am
Hello Finance gurus of Money Talk,
I am early an 30s professional in New Orleans. Thought of buying my first place has crossed my mind. I am currently working on projections/models to measure the feasibility of potentially making a move. I understand amortization schedules and can predict mortgage cost. To be honest, my knowledge of insurance/property taxes is limited. I would like to get a better understanding of these additional cost involved when owning a home.
Couple main factors I would like to consider. Insurance and Taxes for Jefferson Parish vs Orleans Parish. Also insurance and taxes for House vs Condo (FYI: I am aware HOA dues are also a factor.)
For these examples what would be the cost for $300K homes (house/condo)?
Your guidance is greatly appreciated
Thank you
I am early an 30s professional in New Orleans. Thought of buying my first place has crossed my mind. I am currently working on projections/models to measure the feasibility of potentially making a move. I understand amortization schedules and can predict mortgage cost. To be honest, my knowledge of insurance/property taxes is limited. I would like to get a better understanding of these additional cost involved when owning a home.
Couple main factors I would like to consider. Insurance and Taxes for Jefferson Parish vs Orleans Parish. Also insurance and taxes for House vs Condo (FYI: I am aware HOA dues are also a factor.)
For these examples what would be the cost for $300K homes (house/condo)?
Your guidance is greatly appreciated
Thank you
This post was edited on 11/27/17 at 3:14 am
8
Posted on 11/27/17 at 4:29 am to danilo
Reach out to a mortgage officer in your area . Tip , try to use someone that a buddy of family member has used and can recommend.
A loan officer can give you a budget of sorts That will show you about what you can expect to pay each month That includes mortgage , taxes , PMI , etc , to give you a good idea of what you will pay each month .
I'm in texas , so I can't really give you apples to apples comparison , but we pay a lot in property taxes here . I pay $850 a month for my mortgage , $400 a month on property taxes , and $115 a month on home owners insurance on a 30 year conventional 200k 3br 2 ba 2300 square foot house in NW houston.
One thing i highly recommend is do as much research as you can stand on the market trends in your area .
Good luck !
A loan officer can give you a budget of sorts That will show you about what you can expect to pay each month That includes mortgage , taxes , PMI , etc , to give you a good idea of what you will pay each month .
I'm in texas , so I can't really give you apples to apples comparison , but we pay a lot in property taxes here . I pay $850 a month for my mortgage , $400 a month on property taxes , and $115 a month on home owners insurance on a 30 year conventional 200k 3br 2 ba 2300 square foot house in NW houston.
One thing i highly recommend is do as much research as you can stand on the market trends in your area .
Good luck !
This post was edited on 11/27/17 at 4:33 am
Posted on 11/27/17 at 4:57 am to danilo
Real estate listing websites usually do a decent job, such as Redfin. You can manipulate these calculations somewhat as well.
Not sure about Louisiana, but here in NC property info is public domain, so you can find the actual taxes paid for a property.
You should also budget for maintenance and repairs. The amount of this will depend on the property.
Not sure about Louisiana, but here in NC property info is public domain, so you can find the actual taxes paid for a property.
You should also budget for maintenance and repairs. The amount of this will depend on the property.
This post was edited on 11/27/17 at 4:58 am
Posted on 11/27/17 at 5:01 am to seawolf06
quote:
Real estate listing websites usually do a decent job, such as Redfin.
I have actually been looking at Redfin, had no idea if it was legit or not. Suggest any other similar sites?
Thank you
Posted on 11/27/17 at 6:41 am to danilo
Generally, for budgeting purposes, I figure 1% for insurance and 1% for taxes. On a $300K home, you would be looking at an additional $6000 per year / 12 months = $500 per month more for insurance and taxes.
Posted on 11/27/17 at 7:29 am to bamaswallows
quote:
Generally, for budgeting purposes, I figure 1% for insurance and 1% for taxes. On a $300K home, you would be looking at an additional $6000 per year / 12 months = $500 per month more for insurance and taxes
Flood and Hurricanes suck. That's outrageous for a 300k assessed value property. Would be around $2700/yr in my neck of the woods.
Posted on 11/27/17 at 8:13 am to ItNeverRains
I would think 3k insurance is a good starting point. For insurance factors it matters if the house is brick or frame, age of house, year of roof, and whether or not it is in a flood zone
Posted on 11/27/17 at 8:27 am to MsState of mind
quote:
I would think 3k insurance is a good starting point. For insurance factors it matters if the house is brick or frame, age of house, year of roof, and whether or not it is in a flood zone
I'm not disputing, simply noting how location plays a pivotal factor in overall home ownership cost. On similar home in my market payment would be almost $300/mo cheaper from nothing more than combo of prop taxes and insurance.
Posted on 11/27/17 at 11:09 am to danilo
first tip don't ask this board to help you estimate anything. Ask a professional find a loan officer and ask them these questions. If you are buying a home in Jefferson/Orleans parish you want to stay away from a home that requires flood insurance. Flood insurance is super expensive in those parishes for obvious reasons. Homeowners insurance is dependent on a number of factors you will not know until you pick out a house. I know this isn't what you want to hear but it's the truth. Condo's are a whole different animal with HOA Dues covering all most all of the cost of insurance you are just left with property tax. If you look up the house/condo you are buying to project property tax your going to get a the wrong estimate. When you buy a property the tax is bases off what you pay for it not what the last person paid for it.
Posted on 11/27/17 at 11:21 am to danilo
Posted on 11/27/17 at 1:37 pm to danilo
IIRC the taxes and insurance on a lower 300s house in Orleans parish ran about $3k/3.5k for home insurance and just under $2k in property taxes.
Hope that helps ballpark it a bit. Like the others said, a professional can get it to you on the nose.
Flood insurance was $400 a year where we were, but that could get into the 1000s if you live in the bowl.
Hope that helps ballpark it a bit. Like the others said, a professional can get it to you on the nose.
Flood insurance was $400 a year where we were, but that could get into the 1000s if you live in the bowl.
This post was edited on 11/27/17 at 1:38 pm
Posted on 11/27/17 at 6:01 pm to danilo
The LA Dept of Insurance has a comparison tool that gives various scenarios (size of home, construction material, claim history, credit score, location, etc.) and shows expected annual premiums from several insurance companies.
It should give you a rough idea of how much you are looking at for HO insurance.
LINK
It should give you a rough idea of how much you are looking at for HO insurance.
LINK
Posted on 11/27/17 at 7:01 pm to danilo
$1400ish for the mortgage. $100ish for insurance. County tax. So looking in the 1600-1800 range depending on downpayment.
Posted on 11/27/17 at 9:44 pm to AUCE05
You are looking at least 50% more in property taxes in Orleans vs Jefferson. Not counting higher water bills.
And don’t live anywhere down here without flood insurance, even if it isn’t required. You can ask everyone in Baton Rouge about that.
And don’t live anywhere down here without flood insurance, even if it isn’t required. You can ask everyone in Baton Rouge about that.
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