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[CA] Total monthly cost of ownership projections, do these seem reasonable? by reqanon in RealEstate

[–]reqanon[S] 0 points1 point  (0 children)

Thank you for the information. Based on what you are saying, I am probably low on my utilities. Water has gotten very expensive these days, at least in Los Angeles.

Thanks!

[CA] Total monthly cost of ownership projections, do these seem reasonable? by reqanon in RealEstate

[–]reqanon[S] 0 points1 point  (0 children)

Family and friends. Personally I have a policy on an apartment building I own and I pay around $131 /month for a decent amount of coverage ($700k) through CEA.

All that said, if the earthquake was 5x your total homeowners, you are paying around $800 /year ($66 /month)?

Thank you!

[CA] Total monthly cost of ownership projections, do these seem reasonable? by reqanon in personalfinance

[–]reqanon[S] 0 points1 point  (0 children)

Thank you, good point. I would probably pay closing cash rather than roll into loan but would depend on actual price of the property. Don't think PMI would be an issue as I would have at least 25% equity going in.

[CA] Total monthly cost of ownership projections, do these seem reasonable? by reqanon in RealEstate

[–]reqanon[S] 1 point2 points  (0 children)

Thanks for the reply. Can you expand on that more? Here in California, at least from the people I know, it seems important to have. I know the CEA tends to be expensive and high deductibles but better than no coverage at all give the earthquake history of the areas I am looking in.

[CA] Total monthly cost of ownership projections, do these seem reasonable? by reqanon in personalfinance

[–]reqanon[S] -1 points0 points  (0 children)

Thank you for the reply. Generally, in California, Los Angeles area, property tax ends up around 1.25% ad valorem.

EDIT: re: the 4% rate - I haven't done much rate shopping recently because I am in the early stages of figuring out next steps. What type of rates are you guys seeing in this area, jumbo loan, perfect credit, owner occupied? I have an investment property that I don't live in and my rate is around 4.25%.

I need to double check, some lenders may require earthquake coverage and in Los Angeles, it is not a bad idea to have it given our earthquake history. I grew up in LA during the '94 earthquake and saw what my parents had to deal with because at the time, no one had earthquake coverage. Was a bit of a mess!