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<p><a href='http://staging.investmentzen.com/news/the-hidden-costs-of-buying-a-bigger-house/'><img src='http://staging.investmentzen.com/blog/wp-content/uploads/2017/03/the-hidden-costs-of-buying-a-bigger-house_infographic.png' alt='The Hidden Costs of Buying A Bigger House' width='800px' border='0' /></a></p>
<p>Via: <a href="http://staging.investmentzen.com/news/the-hidden-costs-of-buying-a-bigger-house/">InvestmentZen.com</a></p>
After calculating energy costs, property taxes, home furnishings and home maintenance, those extra 500 square feet can end up costing you thousands of dollars more than you realize.
Average one-time costs when buying a new house
- Purchase price of a average new house: $84/sq ft
- Closing costs: 3.5% of the home price
- Costs to fully furnish a new home: 20% of the home price
Average annual costs of home ownership
- Energy costs: $1.03/sq ft
- Maintenance: 1% of the home price
- Property taxes: 1.3% of the home price
Over a 30 year mortgage, each additional 500 square feet of space will cost you an extra-
- $42,000 in initial purchase costs
- $1,470 in closing costs
- $8,400 in furnishing
- $24,148 in mortgage interest
- $16,506 in property taxes
- $15, 450 in energy costs
- $12,600 in maintenance
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 cost?