Question

Calculate the costs of these home improvement and maintenance costs.

Annual real estate taxes on a property are $2046. Insurance premiums total $1236. Required flood insurance protection premiums are $380 annually. The county assesses an annual special assessment landfill fee of $125. Trash collection costs $65 quarterly. Annual homeowner's association is $720 for common area maintenance of the subdivision. The pool company charges $45 quarterly to maintain the pool. Ongoing termite and pest protection costs $39 monthly. How much should a buyer save each month to cover these fees?

Answer 1

Answer: To calculate the total amount a buyer should save each month to cover these fees, we need to add up all the costs and divide by 12 (the number of months in a year).

Annual real estate taxes = $2046

Insurance premiums = $1236

Flood insurance premiums = $380

Annual special assessment landfill fee = $125

Quarterly trash collection costs = $65 x 4 = $260

Annual homeowner's association fee = $720

Quarterly pool maintenance costs = $45 x 4 = $180

Monthly termite and pest protection costs = $39 x 12 = $468

Total annual costs = $2046 + $1236 + $380 + $125 + $260 + $720 + $180 + $468 = $5405

Total monthly costs = $5405 / 12 = $450.42

Therefore, a buyer should save $450.42 each month to cover these fees.

Explanation: