Probaby the most amazing house Ive ever seen

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Re: Probaby the most amazing house Ive ever seen

Postby triguy128 on Thu Aug 23, 2012 12:21 pm

romenahez wrote:I am eager to know maintenance cost of these houses. Can any one give some clues?

1% of a homes value is a descent estimate. But I'd use 1.5% to cover further repairs on a older home. But you have to use home prices in a average region. Better yet is to use repalcement cost and maybe use 1.5%. What it would cost to rebuild if it was destroyed in a fire. The value you insure the home for, but not the value of the land. Now this is basic maintenance, not restoration costs, but may include some rennovations, lawncare, landscaping, driveway maintenance, major appliance repalcement and other wear and tear like carpet repalcement, paining, siding, etc.

So for example our home was appraised at $225,000, so figure $3400/year on average as a minimum. But as mentioned above, for repalcement value, we figure more like $500,000, so figure $7500 on our home. Right now we're averaging 3-4X that the last year... but we're making up for deferred maintenance.

For that home, figure a repalcement value of oh... 2.0MM to match that crafsmenship. SO that's abotu $30k minimum. Keep in mind, that you spend maybe $20k most year but every 10-15 years you have a big fat $100k or more project like a roof, major plmbing, HVAC, etc.
1925 Neo-Classical

Previous home - 1968 single story Ranch/Colonial, 1200sqft - 11 windows
Current home - 1925 2 story Beaux Arts Neo-classical overlooking the Mississippi River, 3200sqft - 48 Windows
Posts: 708
Joined: Mon Sep 12, 2011 9:41 pm
Location: Keokuk, Iowa


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