Facts and Figures of Maintaining a Home

 Posted by Jennifer Novak on July 6, 2017 at 11:35 AM

During a Home Transition, there are many costs to consider.  For most Americans, their home is their largest asset, and also their largest expense. There are many nuances that factor into a late-life move, and many times families find themselves overwhelmed and short on time and resources. Hiring a professional to guide and plan the process not only eliminates stress, but eliminates expense and allows the family to take advantage of their large asset- the home.

 

Costs to Maintain Average American Home

Property Taxes                                                $174           

Homeowners Insurance                                  $79     *Vacant Property Insurance is $400+

Utilities                                                              $190

Lawn Care, Snow Removal                          $106

General Maintenance                                    $291

HOA Fees                                                        $200

Total Monthly Expense                            $1,040                       

Source: GoBankingRates October 2015

 

Average Timing

According to A Place for Mom, it takes the average family 4-12 months to prepare for a move to senior living. In addition, 50% of families live in other states causing additional time and expense to be able to get in town to take care of the project.

  • Cost to maintain the home during that time is $4,160 to $12,480
  • Caring Transitions can take care of the downsizing, floor-planning, packing and unpacking in 1-2 weeks

It can take the average family 9-18 months to take care of the possessions left in the home and get the home cleaned out.

  • Cost to maintain the home during that time can be $9,360 to $18,720
  • Caring Transitions can liquidate the home via an estate sale or online estate auction and have the house cleaned out in 2-3 weeks