Are you thinking of purchasing a home in Kansas City, or maybe you already own property but don’t know all of the costs associated with homeownership? As a homeowner, there are many expenses you will come across and it’s important to be aware of them. We’ll explain all of the costs you’ll encounter as a homeowner in Kansas City, Missouri.
As a homeowner, you will pay recurring costs such as a mortgage, property taxes, homeowners insurance, and if applicable, HOA fees. You will also be responsible for paying expenses that fluctuate, such as bills, as well as maintenance and upkeep on the property. If you find yourself unprepared for these costs or an unexpected situation happens, you may need to sell your home for cash fast. KC Home Buyer Group is here to talk about your options.
Costs Associated With Homeownership
If you plan to buy a home, you need to know the expenses consistent with owning one. Maybe you already own property, but you want to learn more about the costs you can run into. We’ll start with the basic expenses you can expect to pay each month:
- Monthly mortgage – Your mortgage is the most prominent and important payment. When buying a home, you will likely obtain a loan from a mortgage lender. This is why you have a monthly mortgage payment. In addition to paying back the money you borrowed from the lender, you’ll also pay any interest that accumulates every month.
- Property taxes – Each year, you will pay property taxes on your home. These taxes can vary significantly based on the location. The average amount paid for property taxes in Kansas City, Missouri is $3,200 annually.
- Homeowners Insurance – If you have a mortgage on your home, you will most likely be required to have homeowners insurance. It’s a good idea to have insurance. It saves you money in the event of something disastrous occurring.
- Homeowners Association (HOA) fees – These don’t apply to everyone, but some neighborhoods require a homeowners association fee to cover expenses paid for community areas in the neighborhood. These fees vary based on where you live.
While these are costs that come to people’s minds first, we can’t forget about the other costs you’ll come across as a homeowner. If you live in an apartment, your monthly rent likely includes your utility bills. As a homeowner, you are responsible for paying utilities, such as water or electricity. All of these costs will vary based on different factors.
A huge factor that can affect the cost of utilities is the condition of your home. For example, if you have old windows that need to be replaced, this lets in hot or cold air, depending on the season, and can increase your bills. This example is one of many instances where a needed house repair can make your cost of living higher.
Cost of Living as a Homeowner in Kansas City, Missouri
Now that we have broken down the costs of homeownership in general, we’ll get specific with the costs of owning a home in Kansas City, Missouri. According to Zillow, the typical home value in Kansas City, Missouri is around $220,000-$230,000, which has increased approximately 16.5% over the past year. The average amount paid for property taxes in Kansas City, Missouri is $3,200 annually. Regarding homeowners insurance, Missouri is one of the most expensive states for homeowners insurance; the average cost being $2,251 a year. Below are average utility costs in Missouri:
|Average cost per month
Other Costs That Come With Homeownership
You can’t forget about the costs of maintaining your home. A house doesn’t just stay in good condition, and it takes a lot of time and money for upkeep. Parts of your home are going to need routine servicing because if they go unattended, it can lead to huge problems. The price of fixing or replacing these items could be much more costly if they are broken. Here are the areas you should routinely check and the maintenance involved to preserve a home’s condition:
- Roof – A roof should be replaced every 15-20 years. It’s crucial to know when your roof is due to be replaced and get it done on time. A leaky roof can cause water damage or structural issues to your home. Roof replacement in Kansas City, Missouri varies by the size of your roof and the quality of the shingles but can cost anywhere from $3,400 to $20,700.
- Heating, ventilation and air conditioning (HVAC) system – The HVAC system controls heating and cooling, as well as circulating air through your home. It would be best to have your HVAC system inspected at least once a year. Because of the complexity of the system, this is not something you will be able to inspect, repair, or replace yourself unless you are a professional. To service your HVAC in Kansas City, Missouri, you will look at paying $1,759 – $1,920.
- Electrical system – Having a basic knowledge and understanding of the electrical system in your home is beneficial, but always know when to call the experts. Faulty wiring or electrical issues in your home can be unsafe and cause serious harm.
- Plumbing – While some plumbing issues are no big deal to fix, they can be pretty costly if you need to replace a whole system of pipes. The cost to install or replace the plumbing in a residential home ranges from $357- $1,992 in Kansas City, Missouri, depending on how much piping needs to be replaced. If your entire home needs new piping, you could be looking at up to $7,500.
- Pests – Termites and other pests can get through the smallest openings or cracks in your home and can cause severe structural damage if you’re not careful. The price range for pest control in Kansas City, Missouri is around $275-$400.
Be sure to budget for routine maintenance on your home or an unexpected cost of something breaking or malfunctioning. Sometimes these expenses add up and you can struggle to keep up with the costs. Maybe life threw an unforeseen curveball at you and you can’t keep up with the laundry list of repairs that have built up. If you find yourself in this situation, you may be thinking, “What’s the cheapest way to sell my home?” You may want to sell your house for cash.
Sell Your House Fast for Cash with KC Home Buyer Group
What if you’re not prepared for the costs involved in homeownership? What if you’ve found yourself in a challenging circumstance? What if there has been an unexpected change in your situation and you’re no longer able to afford your home? Consider selling your home for cash in Kansas City to KC Home Buyer Group. We’ll buy your home for cash and guarantee that you’ll quickly sell your house.
We know how the costs of owning a home can add up, and we understand the need to get rid of troublesome properties. There’s no need to worry about the repairs needed or the condition of your home. KC Home Buyer Group buys your home as-is for cash. If you want to find out more, give us a call at 816-892-2132 or contact us at email@example.com.