Question

giulianas non-mortgage costs
giuliana has recently purchased a home in a suburban neighborhood
for $300,000. she is trying to budget for all the non - mortgage costs of
owning her new home. here are the details of her annual expenses:

• property taxes: 1.5% of the property value annually
• homeowners insurance: $1,500 per year
• hoa fees: $100 per month
• utilities: $250 per month for electricity, $75 for water, and $100 for

gas

• maintenance and repairs: 1% of the property value budgeted

annually for general upkeep

• landscaping: $1,200 per year
• pest control: $300 annually

how much does giuliana budget for maintenance and repairs each year?

Explanation:

Step1: Identify the property value

The property value is \( \$300,000 \).

Step2: Calculate maintenance and repairs cost

Maintenance and repairs are \( 1\% \) of the property value. So, \( 1\% \times 300000=\frac{1}{100}\times300000 = 3000 \).

Answer:

\( \$3,000 \)