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August 12, 2008
Help me estimate expenses - First-time homebuyer
I've always lived in apartments and am now considering purchasing a detached 1930s frame house with clapboard siding, old single-pane windows, 2 floors with basement, approx 1700 SF, 1 full-bath and 1 half bath.
So far I have:
-Oil (heating and hot water)
-Elec
-Gas
-Water & Sewage
-Garbage
-Any more?
I am having a hard time getting info about the monthly costs to live in this house. (Its an estate sale.)
I'm hoping you guys can help me put some estimates to come up with a monthy expense total average (summer and winter.)
Does anyone live in a similar style how but with a gas boiler with a seperate hot water heater system?
Comments
This is a tough one. Especially since you say you have an oil boiler and then later you mention gas.
So much will depend on the boiler and its efficiency, and the insulation in the walls and attic. With those windows I wouldn't hope for much. Gas for heating and hot water could easily run $1000 per month in the winter in a old wreck, until you fix it.
One good thing, garbage is free. Just put it out, DoS picks it up.
Electric, if not used for heating could be $70-250 per month.
Don't forget RE taxes, that info is easily available.
Posted by: denton at August 12, 2008 5:22 PM
Hi denton,
I'm considering upgrading the current oil boiler to gas if we decide to buy the house so I'm trying to weigh everything. We might have to do one winter of oil before affording the gas overhaul. The inspector warned us that oil boiler are guaranteed to breakdown at least once a year. (Is this true?) The current boiler is by Peerless and probably from the 90s. I'm a bit terrified by what the winter holds for us since given the house's age and condition since it is probably not insulated properly in addition to the inefficient windows.
Posted by: helppls at August 12, 2008 5:30 PM
Don't scrap the boiler yet. If it's from the 90's it should have a lot of life left. After the winter you should think it over and consider how long it would take to recover the initial outlay for a new system.
Electric and heating costs vary according to your own use as well the the house. A past owner's bills are not a true indication of cost. A new setback thermostat, compact fluorescent bulbs, a lower hot water temperature, and some caulking will result in reduced bills. Good luck.
Posted by: yaakovdoe at August 12, 2008 5:56 PM
>
How about:
Homeowners Insurance
Cable TV
Phones
Tree Pruning
Landscaping
RE Taxes
Repairs
Repairs
Repairs
Oh...did I mention repairs??
I just bought a house in "move-in" condition in Bay Ridge. LOL!!! In the first month we have needed to put on a new roof, weld the iron stairs in the backyard, have the chimney cleaned, new ductwork installed from HW heater to the chimney, installed an alarm system, redid all the locks on the doors, half the place needed the wiring repaired and updated, and purchased lighting fixtures. That was the first $10,000...
In the next month we are re-pointing the brickwork, tearing up and replacing the ugly tile and laminate floors, buying a washer/dryer and furniture, repairing the plumbing, redoing most of the corroded baseboards and painting the interior. Then we can actually move in!!!! Cost ~35K
That leaves a kitchen renovation over the winter and landscaping and fence installation to make the huge dirt yard usable next Spring....maybe another 25K?
Garbage pick up is free....for now at least...
Posted by: premadas at August 12, 2008 11:35 PM
Hey premadas, do you mind answering some questions? I think if this goes through I will be needing a lot of similar work esp. a new roof so I'll be interested in all/any references.
Please email if possible: helpplsnyc@gmail.com
Much appreciated!
Both real estate taxes and home insurance is included in the mortgage payments, right?
Posted by: helppls at August 13, 2008 2:19 AM
I live in a house very similar to what you are getting. My biggest expense is heating during the winter. I installed a new boiler and on the coldest Feb month I spent about $1400. I plan on opening the walls and installing insulation soon. Its a messy job but needs to be done.
When I first bought the house I installed a new roof,windows,boiler,gut reno the bathroom, full basement installed, 50 year old carpets removed and wood floor refinished, and electrical upgrade for split system AC units.
My house is around 1800 sq feet and is detached. I moved from a condo into the house. Huge difference. Lots of freedom. I can play my music as loud as id like and run around the house chasing the damn cat without the neighbor below me complain of noise.
All this freedom is expensive. close to 1 million so far and counting.
Posted by: troll at August 13, 2008 10:30 AM
Heating = 7k per year (gas heating/steam)
water = $300 per year
electricity = $1200 per year
garbage = free (woohoo!)
real estate taxes and home insurance should be included in your mortgage....buy my taxes are around 3k per year and insurance is 2k.
Damn...i pay alot!
Every year there is an additional major expense to upgrade the house. Wifey wants a new kitchen now! (damn)
When I had my bachlor pad condo I was paying $226 per month for maint. and that was for a 2 bedroom condo!
Posted by: troll at August 13, 2008 10:36 AM
I own a free standing frame house and find that my expenses pretty much line up with those detailed by "troll" 10:36 AM. With regard to repairs, when you buy an old house you need to be prepared to do a diproportionate amount of work in the early years of your ownership as you catch up on deferred maintenance and put things more to you standards. You need to pace yourself and realize that everything doesn't need to be perfect.
Posted by: Boerum Hill at August 13, 2008 11:33 AM
We're having a hard time negotiating anything due to the poor upkeep of this place despite our argument that yes, everything will likely be replace within the next five years. Any tips for this? It gets tricky to renovation a 1-family house since there isn't any place you can really occupy during the renovation. Aaaah, Freedom, how far away you seem to be...
Regarding our roof, the inspector said it was at the end of its lifetime. The sellers are saying they just had it "fixed" in May and it comes with a 5-year warranty.
Can anyone tell me if such a warranty is trustworthy, or better to get a guy to come look at it? Can anyone recommend a roofer?
Posted by: helppls at August 13, 2008 1:31 PM
The roof got 'fixed'? Sounds like they dumped a can of asphalt on it.
I have to say you seem a bit over your head. Not that I'm not sometimes. But I would suggest you get an architect or engineer to come over and spend a few hours, in great detail, going over this house and estimating the repair costs. Double the estimate and you'll be in the ballpark. Of course not everything has to be done at once, but that's another thing you;ll have to decide, what to do now, and what you can do later.
Posted by: denton at August 13, 2008 4:26 PM
Hi denton, What is the difference between the home inspector I hired and getting an architect/engineer now to estimate repairs? I was under the impression the home inspector would be able to help with the estimation too. If I am mistaken, can anyone recommend an engineer for this? thx
Posted by: helppls at August 13, 2008 5:43 PM
For a 2700 square foot limestone in center of the block.
Gas heat: $270 a month for 6-7 months of the year
Gas stove: %25/mo
Electricity $74/mo in winter $125 during peak summer
Water: $30/mo
Garbage: free
Posted by: CrownGardener at August 14, 2008 8:19 AM
Crown - your property is attached and a limestone, so its a different ball game.
You can't have a loud party if you want without the neighbor banging on your wall and you certainly don't have a detached 2 car garage!
Posted by: troll at August 14, 2008 1:45 PM
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