The True Cost of Keeping Your Home in Cypress, TX
Before buying their first property, many homeowners believe that a monthly mortgage will be the only cost of home ownership. If you were one of these buyers, you likely quickly realized that there are several hidden costs to owning a home. These financial obligations are a big reason why you may want to sell your house fast in Cypress, TX. Let’s say you purchased your home for $250,000. Here are the surprise costs you might be paying too much for.
The average property tax1 rate in Cypress, TX is 2.26% — that’s double the national average. In fact, the state of Texas is home to some of the highest property tax rates in the nation. That means that Cypress Hill residents are paying $5,648 annually in property taxes for a $250,000 home.
Home insurance is crucial for protecting your home and belongings when the unpredictable (such as hurricanes or fires) occur. However, Texas homeowners are paying too much each month for their home insurance policies. Texas is the seventh most expensive state in the country for home insurance2, and the average policy is $1,945 — $717 more than the national average.
Repairs and Maintenance
Long gone are the days where you called your landlord with a repair request. Nearly every homeowner has been faced with the job of replacing a broken appliance, fixing a leaking toilet, or making other repairs around the home. This doesn’t include an ever-growing list of chores, from pool cleaning to landscaping work. Repairs and maintenance can’t be avoided, and they are something that homeowners should budget 1% for each year. This might not seem like a lot, but for a $250,000 home, this means you’ll be paying $2,500 each year towards these costs each year.
The Final Cost
The numbers don’t lie. For the average $250,000 home, owners can expect to pay $471 in property taxes, and $104 in home insurance each month. When you factor this into your estimated $984 mortgage payment, as well as monthly utilities, and regular maintenance costs, it’s easy to see why owning a home can force your budget to stretch uncomfortably thin. Thankfully, it’s possible to sell your house in Cypress, TX. In fact, you don’t even have to spend time searching for a real estate agent or juggling showings. HomeGo eliminates all that.