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Townhouses

Owning a Townhouse / Brownstone (Manhattan)

Owning a townhouse or brownstone is a labor of love! There will always be something to repair or renovate, but it is very rewarding to have your own house. Having a backyard is a “dream come true” for many buyers. Here are a few ideas of ballpark monthly expenses for a 3-4 story, 1-4 family Manhattan townhouse:

Taxes:Taxes vary widely. They can be $4,500/year up to $75,000/year for large properties in desirable locations. Taxes do increase when neighborhood property values increase, but are generally much lower than taxes for co-ops and condos of similar size.

Heat:
This varies based on oil vs gas. Oil heat is currently more expensive than gas, but this can always change. Over the years, more owners have converted from oil to gas. Heat (and heating water) for a 3-4 story house is about $100 - $190/month year-round. This varies based on whether you have forced air / central heat, radiator heat or baseboard heating. Some companies, such as National Grid, offer “balanced billing” so that you pay the same amount every month, year-round.

Water/sewer:This is about $2 - $3.00/day depending on usage. Electricity: Varies based on how much you use it. If you are going to be a “landlord,” usually the tenant pays for their own electricity and you pay for the common hallway/basement electricity.

Home Insurance: This varies widely based on the size of the house and the amount of coverage you need/want. A rough estimate would be $2500 - $9000/year.

Pest Control:Some houses have termites, water bugs, and/or rodents. You can keep these at bay with a $125-$150 per quarter contract with Orkin or Terminex, although you may find that you don’t need them at all. They will assess your problem for free. If one of them says you have a major problem that needs $1000 to fix, get a second opinion! Since they are assessing your home for free, it is in their best interests to find a problem.

Maintenance: Leaks, new boilers, new hot water heaters, roofs, façade work, etc, add up, so please anticipate that these expenses will crop up from time to time. Boilers generally last 20-30 years and hot water heaters for around 10 years. A good home inspector can give you a sense of the useful life remaining on major systems. You will want to have a home inspection prior to signing a contract.

Owning a Townhouse / Brownstone (Brooklyn)

Here are a few ideas of ballpark monthly expenses for a 3-4 story Brooklyn home in Clinton Hill, Bedford Stuyvesant, or Crown Heights. Owning a townhouse or brownstone is a labor of love! There will always be something to repair or renovate, but it is very rewarding to have your own house.

Taxes:
Single family taxes - $950 - $2300/year
Two family taxes - $1800 - $3200/year
Three family taxes - $2000 - $4000/year

(Taxes do increase when neighborhood property values increase, but are generally much lower than taxes for co-ops and condos of similar size.)

Heat: This varies based on oil vs gas. Oil heat is currently more expensive than gas, but this can always change. Over the years, more owners have converted from oil to gas. Heat (and heating water) for a 3-4 story house is about $100 - $190/month year-round. This varies based on whether you have forced air heat, radiator heat or baseboard heating. National Grid, the gas company used in much of Brooklyn, can do 'balanced billing' so you pay the same amount every month.

Water/sewer: This is about $1.50 - $3/day depending on usage.

Electricity: Varies based on how much you use it. If you are going to be a 'landlord,' usually the tenant pays for their own electricity and you pay for the common hallway/basement electricity.

Home Insurance: This can vary widely based on the amount of coverage you need. A rough, rough estimate would be $1800 - $5000/year depending on the size and price of the house.

Pest Control: Some houses have termites, water bugs, and/or rodents. You can keep these at bay with a $125-$150 per quarter contract with Orkin or Terminex, although you may find that you don't need them at all. A one-time visit for mice/rats/water bugs is around $300. They will assess your problem for free. If one of them says you have a major problem that needs $1000+ to fix, get a second opinion! Since they are assessing your home for free, it is in their best interests to find a problem.

Maintenance: Leaks, new boilers, new hot water heaters, etc, etc, can add up, so please anticipate that these expenses will crop up from time to time.

Click Here to Download Closing Costs Document

Christine Toes Muldoon

Licensed Associate Real Estate Broker at Compass
www.compass.com/agents/nyc/christine-toes-muldoon/

Mobile: (917) 608-6973
christine@compass.com