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Hidden costs in real estate that no one is talking about
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Connor MacIvor walks through hidden costs in real estate. First is extra taxes. In Los Angeles County, he says property taxes average about 1.25%, so a million dollar home runs about $12,500 a year. Special assessments can add to that, in some cases close to double, and can last for decades. Second is homeowners association dues, which can rise if the association needs repairs. He says to ask what the number is, what it has been historically, and what is proposed for the future.
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