What is a money-sucker?
A money sucker is a house that is empty, but is costing money every month in taxes, insurance, utilities, lawn care, etc. Many times the money sucker is an inherited house, a house that the owner moved out of, a house that tenants have destroyed, or that weather has caused costly damage to.
A lot of times the updates and repairs are much to costly for the individual to pay for so the house sits empty. Sometimes it is used as a storage unit in an attempt to justify keeping it, but the average storage unit only costs $40-50 a month.
How much does a money sucker cost each month?
- Taxes: $50-200
- Insurance: $50-350
- Utilities: $300-$450
- Lawn care: $100-150
Based on these averages (Oklahoma City prices), a money sucker sucks money at a range of $500-$1150 a month.