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The Hidden Costs of Buying A Bigger House - InvestmentZen
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The Hidden Costs of Buying A Bigger House

When you purchase a new house, it’s easy to start looking at larger homes slightly above budget. But there are more costs associated with larger homes than just the initial purchase price.

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The Hidden Costs of Buying A Bigger House

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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?

 

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