www.RobBurtonFRI.ca Top 10 Buyer Secrets | No 6 Know About Extra Costs?
Home ownership is an avenue to wealth.
Instead of renting, a monthly mortgage payment is paid down & builds equity & after 20 years or so you’ll have the equivalent of a big bag of money! But, there are extra monthly costs getting there. For example, there are property taxes & maintenance.
In St. Johns, the ‘mil’ rate is 7.7. To calculate taxes, one divides a mil rate by 100 & multiplies that number by the City’s assessment value. And, there’s a annual water tax, $605 in St. John’s.
Taxes on a St. Johns home assessed at $300,000 is .0077 x 300,000 = $2310, plus $605, $2915/yr or $242.92/month.
Note the newer the home the less maintenance costs. Look at the condition of things – like the roof, windows, doors, trim, and siding.
Make sure you budget for the extra costs of home ownership! And you’ll be all set for a solid investment.
Call a great REALTOR® & be guided safely today!
Rob Burton FRI REALTOR® (709) 682-2345
Fellow of the Real Estate Institute
Award Winning #TeamBurton Top 5 in Atl Can