Home Ownership Costs

Closing Costs: Taxes and escrow payments, legal fees, recording fees and title insurance (between 3-4% of the purchase price), and of course the down payment.

The mortgage: the average mortgage payment per month on a 30-year fixed mortgage in New Jersey is $2,458.

Ongoing property taxes, which could be between $500 and $700 a month, especially in the state of New Jersey.

Condo fees for co-op HOA, which can work out to be at least $700 a month. But it includes such things as garbage disposal and maintenance issues around the property.

Homeowner insurance, which can translate into up to $2,500 a year. And if you live in a flood zone, there is also flood insurance that you will probably be required to carry.

Utilities, which can translate into $300 or $400 a month between electricity and gas. In the summer there is air conditioning, and in the wintertime, there is heat. Comfort has its price.

Lawn and garden care, which can translate into $150 to $200 a month in the summer, and in the winter snow removal.

General maintenance, which includes the electrical system, the HVAC system, the roof, plumbing and even such things as dishwashers and boilers.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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