We've had so many threads about housing and so many differing opinions. Let's talk about costs here.
I stated our city home and mountain cabin are $1200/month all-in. What is included in that? We have been mortgage free since 2010.
Insurance Property Tax Electricity Gas Snow Removal Cell Phone Internet Dish (hubby must) Water Sewer Trash Pellets (cabin heat)
And I have a miscellaneous column for our homes where household items are included: towels, spatula, an appliance replacement etc. I consider these the cost of our home maintenance even though we would have them anywhere we lived. This is part of the $1200 average.
Electricity at the cabin is a bit costly in winter. We have to run our baseboards at 50 degrees when we're away so the pipes don't freeze. No choice when it can be -29F. Water lines are 40 inches deep there but they froze one winter. We fortunately did not have broken pipes likely due to running our heat at 50.
I do not include big maintenance costs in the average: furnace/AC, major kitchen appliances, We're renovating our mudroom at the cabin this year-the last room to touch so a 15 year process, all cash as we go which has been slow but awesome. So no more gross rooms left.
Our city home is stated at 1634 feet according to current records (1850 stated when we bought it?) and our cabin is 1250 feet plus a loft space large enough for a double mattress set on the floor and that's all but it's a 3rd sleeping space for guests with kids.
Housing prices have gone up 35% in the last year. It's not good to be the fastest growing city in the USA with housing availability at an all-time low. Well, not for us. Our prop tax bill is something I don't look forward to in November. Our cabin is holding steady so that's good.
We have a good size fund set aside for majors: If we live another 30+ years we'll need: 1 new roof (cabin is metal and new 5y ago so it's good for the long haul), 2-3 furnace/AC units, 1 pellet stove, major kitchen appliances 1-2 times, washer/dryer 2-3 times....based on the current life projection of these things.........we don't use appliances near as much as a large family so I expect twice the life.
How about you?