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Hidden costs in real estate that no one is talking about · Connor with Honor: AI, Real Estate and Real Life

• 0:02
  SPEAKER_00: There are hidden costs in real estate.
• 0:05
  SPEAKER_00: It's not just Santa Clarita that has them.
• 0:07
  SPEAKER_00: But let me familiarize you with something that you should watch out for, whether it's in our market or somewhere else.
• 0:13
  SPEAKER_00: A couple things that come to mind that could be a hidden cost really up front is going to be extra taxes.
• 0:19
  SPEAKER_00: There could be special assessments or Melaruz taxes with regard to a residence.
• 0:25
  SPEAKER_00: Whenever you buy a house, you have property taxes.
• 0:28
  SPEAKER_00: In Los Angeles County, it averages out about 1.25%.
• 0:33
  SPEAKER_00: So if you buy a million dollars worth of real estate and that's the value of the house, your property taxes are going to be$12,500 a year or thereabouts.
• 0:42
  SPEAKER_00: Of course, you're going to have pennies on either side of that equation, but still that's about approximate.
• 0:49
  SPEAKER_00: When you get into markets that have mellow roost tax or special assessments, it's going to depend on the level in which they've been set how much that fee is going to be.
• 1:00
  SPEAKER_00: In some cases, you could end up paying close to double taxes.
• 1:06
  SPEAKER_00: So mellow roost could be that much and it's sustained for a number of years.
• 1:12
  SPEAKER_00: And sometimes these are 30 and 40 years into the future.
• 1:16
  SPEAKER_00: You want to make sure that if the property has it, you know how much it is because that could be a hidden cost.
• 1:23
  SPEAKER_00: The other one to talk about is going to be homeowners association dues.
• 1:28
  SPEAKER_00: Most of them are going to be set.
• 1:29
  SPEAKER_00: You'll probably see them online at websites like mine at www.santaclarita openhouses.com.
• 1:36
  SPEAKER_00: On my system, you'll see the homeowners association fees, but did you know that they could increase?
• 1:42
  SPEAKER_00: So while you're buying into the residence at a particular amount, maybe later on the homeowners association needs to do some kind of repair or fixing and they increase that fee.
• 1:53
  SPEAKER_00: What does that number look like?
• 1:54
  SPEAKER_00: And historically, what has it been and what do they propose for the future?
• 1:58
  SPEAKER_00: These are good questions to keep yourself safe.
• 2:01
  SPEAKER_00: I'm Connor with Honor, realtor here in Santa Clarita Valley.
• 2:05
  SPEAKER_00: Find me online at Santa ClaritaOpenhouses.com.
• 2:08
  SPEAKER_00: We'll talk to you soon.
• 2:09
  SPEAKER_00: Thank you very much for watching.