As a homeowner, it’s a good idea to set aside some money each year just for maintenance. It’s not always easy, but keeping up on maintenance will save you time and money in the long run. If you’re not sure where to start, how much to put aside, or what to expect to spend the money on – read on!
How much to budget each year
There’s a few pretty simple calculations when it comes to home maintenance budgeting.
First, take 1% of the cost of your home. Then, calculate $1 per square foot.
Finally, average them together. The Balance said for example, “If 1% of your purchase price equals $3,000, and the square foot rule equals $2,000, then your average is $2,500. Next, add 10% for each factor (weather, condition, age, location, type) that adversely affects your home. If you have an older home, in a floodplain, and in an area that experiences freezing temperatures, increase the total by 30%: $2,500 x 1.3 = $3,250 (or $270.83 per month).”
What to spend your budget on
Having this money set aside could be extremely helpful in case you need an emergency fix.
Discover said, “As long as you determine how much you should budget for home repairs and come up with a game plan to save, you can enjoy your home stress-free—no scrambling when an unexpected home repair creeps up.”
You might need to spend the money on a new fence, electrical updates, or insulation. It all depends on the age of your house and what has already been done.
If you need help with home maintenance or making sure you’re staying up to date, download our app to connect with an expert.