A Guide To Budgeting For Home Maintenance
Figuring out a plan for unexpected repairs and maintenance is the key foundation to a successful home. You should always factor in things such as the age of the home, the climate the home is situated in, the years of all appliances, and if possible, the history of the up-keep that was done. Other things to consider are: was the home a rental investment or did previous owners have pets? These can ultimately cause more wear and tear than normal.
When calculating your budget for home maintenance, it's best to have at least 1% to 4% of your home's value saved in order to be on the safe side. For example, if your home was $300,000, then plan on having roughly $3,000 in savings.
A lot of people often confuse home maintenance with home repairs. Maintenance are things that should be done on a normal schedule to prevent bigger issues in the long run.
- Power washing your patio or deck
- Fixing leaky faucets
- Servicing your appliances when recommended
- Seal coating your driveway
- Treating your grass, as well as keeping up with the weekly cutting
- Cleaning your gutters
- Keeping water softeners replenished with salt
In conclusion, when buying a home make sure that you are looking at ALL aspects that are involved besides the taxes and the price of the home. It is always better to be prepared than not!