When buying a Columbus home, think beyond the prices and mortgage rates! Long-term, successful home ownership includes budgeting for ongoing expenses. You can get an idea how much it costs to operate a home by reviewing the property taxes and the seller’s utility bills, but there’s more to the picture.
Homeowner’s insurance premiums vary widely depending on the location, age and condition of the home, and the individual risk assessment of the policy holder. The average homeowner’s insurance premium in Columbus is $960 per year.
Utility bills are affected by a home’s insulation, efficiency of heating/cooling system and the energy efficiency of its appliances. Utility bills will vary dramatically depending on the size of the home, size of the household and individual energy consumption habits. In Columbus, the average monthly electric bill is $193 per month. The average gas bill is $105 per month.
Home maintenance costs are affected by a home’s age, size, condition, quality of construction, type of materials and mechanicals, etc. As a rule of thumb, you should budget annual maintenance costs to run about one percent of your home’s current market value. Home maintenance isn’t always big-ticket repairs; lawn care, tree management, snow removal and cleaning gutters requires equipment – or, the hiring of service providers.
Property taxes in Ohio tend to be higher than the national average, and the effective tax rate varies by location and taxing authority. For example, if your effective tax rate is 1.48%, taxes on a home valued at $100,000 would be $1,480 per year. You can learn more about Franklin County property taxes at https://treasurer.franklincountyohio.gov/About-Taxes/Tax-Rates.
We can help you evaluate your purchase power, and tell you where it goes the farthest! As Exclusive Buyer’s Brokers, we serve your best interests at all times. Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
