So, I ABSOLUTELY know there's massive variation in this. Just want to get ahead of that.
What I'm looking for is...what do finances look like, casually, when you have a 100% paid off small (SMALL!) home. When a mortgage is out of the way, what's left to eat up your paycheck?
I suppose I'm looking for the sort of casual knowledge of expenses for this sort of life that your kids might pick up if they lived in your area with you in your home. En mass, pulled from multiple lemmy folks, so I can get an idea of general trends. I'm partial for info from the USA, but others reading this might appreciate statistics from other areas. :)
(People mistake how valuable this sort of "general idea" info is, I always see people going into the weeds on how every situation is different without bothering even giving a crappy signpost so I can see if I'm looking at a $5 expense or $500 or $5000. Knowing if something is going to be $5 or $5000 is very valuable, even if it's not some exact precise number. But I don't need to know if it's going to be exactly $392.29 if I wiggle my ears and tug my nose to get the right loophole, I just need to know that closer to $500 is correct, or whatever.)
I don't have family, so I missed out on "casual learning" opportunities, and don't have anyone to talk to IRL to get this info, so it's really hard to apply my city-living experience to try to extrapolate what life might be like if I make a goal to buy a small home in Nowheretown, USA to retire in 20 years down the line.
Anyway. So what do expenses look like if you have a small paid off house? What range do utilities run in for you (in your particular climate), what's home insurance like, what sort of unexpected expenses pop up when you own instead of rent?
What's utilities like for sewer and trash, especially? Those have always been rolled into my rent. Is rural internet still limited to DSL or satellite (or Starlink I guess these days), or has better infrastructure been rolled out in places over the past 20 years since I last looked for this info?
Edit: Also...talk to me about well water and well expenses, and septic tanks instead of sewer lines, and oil heating. I promise I'll listen!
Edit 2: Also talk to me about how propane works.
Thanks everyone. :)
I'm having a well drilled at our offgrid property in Montana. Quoted at $60/foot and expect water at about 150 feet. Add in a pump, pipe, wire, pressure tank etc and I expect to pay about $15k. But keep in mind, the only cost you'll have going fwd is electricity. Pump/ pressure tank should last 10+ yrs. Your mileage may vary.
Property taxes are super cheap now because we dont have any services yet ($75/yr on 20 acres) I'll answer more questions if you gottem.
Septic vs sewer: septic is self- reliant and completely on your property. Might have a small pump or not depending on your lot. Call in a truck every 5 yrs or so at maybe $300 to pump your tank out. Sewer is a monthly fee to city, forever and ever. Maybe $40/mo?