Unknown Facts About Utility Costs
There. You’ve done it. You’re now a homeowner. And while this is really exciting new adventure for you, there are probably several things that haven’t even crossed your mind yet that you will need to be aware of now that you’ve bought your own home. Yes, you’re very much aware of the moving costs that are associated with buying a new home. After all there’s the expense of a moving company, packing supplies, cheap moving boxes, and of course furnishing your new home.
You know the effort that it takes to make a move. You know how much time it’s going to take to pack all your items in the cheap moving boxes, load them on the truck, and take them to your new home. You know what it’s going to take to get your home ready for you to live in. But, have you stopped to consider the one small detail, or not so small detail, of utilities? After all its utilities that allow you to have your water, electricity, Internet, cable, and all the other wonderful things that keeps your house running. But, are you aware of the changing costs that you might incur because of your new location? In this article, we will explain to you the importance of understanding utility costs, and how you can better prepare for the expense when you move.
First of all, utilities are a covert cost and should never be pushed aside. Yes of course, you’ve already dealt with paying utility bills for pretty much as long as you can remember. But, depending on the area you are moving to, utility costs can have a major impact on the housing affordability. In fact, utility bills can represent up to nearly half of a household’s monthly housing costs in certain areas. For instance, in Detroit an average resident will spend about $277 on a mortgage payment, while spending $227 per month on a utility payment. When you start to see it like that, you begin to realize how much you are actually paying for utilities.
And unlike what most people believe, utility costs don’t even necessarily have to do with weather or extreme climates, rather they have to do more with where you live. For instance on the East Coast in places like Boston, New York, and Washington DC, where you’ll get your freezing cold winters. You’ll actually pay far less on your ratio of utilities on total home value than you do in a place like Oakland, San Diego, San Jose, or San Francisco, which are much more mild climates. . For example, in Washington DC, an average resident will expect to pay only .77% of the total value in utilities. Which is far below the national average.
Therefore, this is something that should be taken into consideration when looking at where you’re going to move. Because before you know it utility costs can wind up sneaking up and costing you far more than you ever had originally intended. However, like with anything else it’s just important to research and understand the area to which you’re moving. If you can get a clear grasp on the different costs and expenses of your area, you can better prepare and budget for your new life that’s to come. Good luck!