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San Diego's hidden cost of homeownership

Posted by The Aramco Group on Sat, Aug 5, 2017 @ 14:08 PM

That homes are incredibly expensive in San Diego is no surprise. But a new report from real estate site Zillow and service site Thumbtack reveal a hidden cost that may shock new homeowners. These costs include often overlooked items like yard care, high utility bills in the summertime or increases in property taxes.

In San Diego County, these additional expenses can be enough to cause a potential homebuyer to reevaluate their purchase. According to the analysis, San Diego's hidden cost of homeownership averages $13,488 per year. This includes commonly overlooked costs like increased insurance premiums to maintenance costs like suddenly realizing you need to buy a lawnmower.

Experts suggest anticipating these costs by checking an area to see if there is a tax revaluation in the near future and asking sellers to see a copy of their utility bills. San Diego's hidden costs ranked third in the nation behind Boston and San Francisco.

Meanwhile, conforming no-point 30-year fixed mortgage rates averaging 4 percent while 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.