If you’ve been a property owner for some time, you know of the reoccurring costs associated with home ownership. In fact, some Pittsburgh homeowners pay more than $10,000 each year to maintain their homes!
In this blog post, our seasoned cash home buyers in Pittsburgh explain the hidden costs of homeownership that you should know. And when you’re done with this one, consider reading: Surprising Expenses When Selling Your Pittsburgh Home.
Property Taxes
These vary from county to county and are based on the home’s actual value—not its market value. The average rate in Pennsylvania is 1.5%, which is greater than the 1.07% national average.
Utility Costs
Utility costs have jumped in recent years due to inflation. Also, factors like location and the size of your home can determine the overall cost of utilities. The typical monthly cost of utilities was between $500 and $6,000 last year.
Homeowners Insurance
On average, US homeowners pay $1,336 annually for insurance. In Pennsylvania, the average is a bit lower at $730 per year or $60.83 per month. However, with climate change and natural disasters being more frequent, rates are rising. In 2024, expect to pay around $2,522 annually—a 6% increase!
Appliances
In Pittsburgh, your heater will run constantly in the winter and your air conditioner will work hard in the summer. And since they’re always in demand, these pieces of equipment eventually become expensive to maintain or repair.
And if you want your kitchen appliances to be as high-tech as possible, upgrading your fridge, stove, or microwave can costs thousands of dollars.
Plus, you’ll have to pay for maintenance, as even the best equipment wears down over time. The same goes for your washer and dryer—they’re pricey appliances that won’t last forever!
HOA Dues
In communities that have homeowners associations, maintenance costs for shared spaces fall on the shoulders of residents. These fees can amount to $100-$1,000.
General Upkeep
It’s advised to set aside 1% of your home’s value for maintenance. That works out to about $2,000 a year, or $170 a month, for a $200,000 property. Use this money to pay for carpet cleaning, lawn upkeep, and gutter cleaning.
Make The Smart Move
When it comes to owning a home, the mortgage isn’t the only thing you have to keep up with—there are a bunch of other costs too.
If you feel like you’re paying too much, think about selling your place to 412 Houses. We’re Pittsburgh’s top cash home buyers, so we know how tough upkeep and repairs can be. That’s why we buy houses in Pittsburgh in any condition for cash. Call us today and get a fair cash offer within 24 hours. Close in less than 14 days!