“”We have to possibly look at losing this house,” said Colin Elston, who is 71 and bought the home for $575,000. “We’re not rich, we’re comfortable. We had a very good plan for retirement. We’ve been very financially responsible.”
If the Elston’s can’t afford a $10,000 hiccup, then they most likely bought a property above their financial situation. We can’t fix stupid.
Property taxes on a $575,000 house in Florida are around $12,000 per year and can increase 3% or more per year.
Regular fire and theft and wind insurance on $575,000 house is around $6,000 per year.
Property taxes on a $575,000 house in Florida are around $12,000 per year and can increase 3% or more per year.
Regular fire and theft and wind insurance on $575,000 house is around $6,000 per year
Flood insurance will cost them $10,000 per year.
The mortgage on a $575,000 house at 4% or more will cost $24,000 per year.
Electricity will cost $3,000 per year.
Other utilities will cost $2,000 per year.
These folks are looking at a house that will cost them $57,000 per year to live in. The view might be nice, but can they afford it?
$10,000 annual increase is not "a hiccup." It is a recurring expense.