Buying luxury real estate in Las Vegas might seem like a one-time expense (albeit a huge expense), but just because you now own a home doesn’t mean you’re out of the wind just yet. Now comes the real cost of home ownership.
From property taxes to Homeowners’ Association (HOA) fees, routine maintenance, utility bills, and amenities; they all combine to become a huge and rather depressing pile of bills. Here, we’ll discuss some maintenance costs you can expect to pay after you’re a proud owner.
The first few expenses you’ll have to face after home ownership include fixed expenses. These aren’t really hidden costs, per se, but they can be surprising in terms of the amount. For example, the property taxes alone can go as high as $2,000 per year.
Some fixed expenses to keep in mind include;:
- Property taxes (~$2,000 per year)
- Utility (~$3,000 per year)
- Homeowners’ insurance (~$1,000 per year)
- Regular maintenance (~$2,000 per month)
- HOA fees (~$210 per month)
Moving on to the variable expenses, these can keep on raking up depending on the luxuries you indulge in. For example, housekeeping staff will cost you roughly $300 per month with something as simple as lawn maintenance costing $200 per month, not including new plants or landscaping.
Some variable expenses that you can expect to pay include:
- Home security systems
- Pool care
- Yard maintenance
- Lawn care
- Tree/bush/grass care
- Home décor
- New furniture
- Accent tiles and pieces
- Carpets and curtains
- Kitchen/bathroom makeovers
- Natural disasters
- Seasonal Maintenance
- Spring cleaning
- Summer maintenance
- Pest control
- Interior pest control
- Exterior pest control
- Animal control
These are just some basic costs that you will have to incur. There are also several optional costs that may include subscription to newspapers or streaming services, entertainment, food, events, and more to consider.
It’s not just yourself or your home you’re going to have to spend money on, but on others as well. This may include having to spend a few extra for privacy issues, dealing with neighborly disputes, and more. Some expenses to consider here include:
- Property boundary lining
- Pet problems
- Noise issues an noise suppression systems
There is also the remote possibility that you may be subjected to a fine on something. Of course, the more luxury real estate you invest in, the more these fines will be and therefore the more expensive home ownership becomes.
Maintenance costs are one of the biggest considerations to make when investing in a house. These costs do go down slightly if you’re in the military, law enforcement, a first responder, veteran, fire fighter, or other serving or retired personnel, but they can still put a major dent in your bank account.
If you’re looking to buy real estate and need someone to help you consider all ends before investing, The Vegas Group can help you out. Give us a call to discuss your issue and let us help you find a home!
Disclaimer: There are numerous factors to consider in every investment, including real estate. The information provided above is just a matter of opinion and can change with time. It shouldn’t be construed as legal or tax advice; neither does the report constitute a financial promotion or investment advice. It is general information and before making any such decision, you should seek out licensed professionals and see all ends clearly.