Six Lakes Realty

Estimating Costs of Ownership for your Northwestern WI Home

home ownership costs

When choosing your Northwestern Wisconsin home, you should consider the costs of ownership along with the purchase price and mortgage interest. The costs of ownership will vary for each home depending on condition, construction quality, age, and so on. Here are basic estimates to keep in mind!

Home repair and maintenance costs can be hard to predict, so it’s better to be prepared than surprised. A rule of thumb is to set aside one percent of your home’s current market value every year. If your home is worth $170,000, try to save around $1,700 a year, or $141 per month, for a maintenance fund.

Utility costs in Wisconsin average about $164 per month for electricity, and $120 per month for natural gas. The quality and thickness of insulation, and the energy-efficiency of appliances and mechanical systems, will affect your monthly utility costs. So will the size of your household and your energy use habits.

The median costs of property taxes in Wisconsin are about $3,000 per year for a home valued at $170,000. It’s a bit cheaper in Northwestern Wisconsin, where Barron County median property taxes run $2,242, and Rusk County property taxes have a median of $1,572.

Homeowner’s insurance costs in Wisconsin will vary depending on the home, the location, and the individual risk factors considered in your policy. Policy premiums range from $525 per year to $928 per year, on average. Larger, more expensive homes will have larger premiums.

When comparing homes for sale, it doesn’t hurt to ask for copies of the utility bills, and have your agent research the most recent tax bills. We’ll be happy to help you!

Ready to find your new home in Northwestern Wisconsin? Start right here! Six Lakes Realty is a locally-owned family business with over 40 years of experience. Contact us today for friendly, hometown service!

John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com

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