Ohio insurance costs & utilities - your experience
I am about to buy my first investment property in the Cleveland area. For those with properties in the area, what are your average costs for the following expenses (if you cover them for the tenant):
Property insurance
Water
Sewer
Garbage
Trash
Other monthly or common utilities
I am likely buying a SFR, 3 bed 1.5 bath. I know these costs vary depending on usage, property location, etc. Just trying to get an overall sense of these local costs. Thanks all!
Most Popular Reply
Property insurance depends up property valuation, location and condition and the kind of coverage you are seeking. Some policies are very inexpensive, but simply do not pay out. It can be $500 or $1500, or you might not even be able to get some companies to write the policy. I have one client who has to pay almost double because his property has nob & tube wiring.
Garbage and trash are free in some cities. Others charge. Water & sewer depends entirely on usage. Typical water might be $80 per month. Typical sewer 50% more. Keep in mind that a family of six in a house with outdated plumbing is going to use a lot more water than a single guy. For the record, I always require SFR tenants to pay their own water & sewer. Likewise, almost all tenants pay their own gas and electric, unless they live in a multi-family building without separate meters.
Sorry for the somewhat vague answers to your legitimate questions.