Budget for Home Maintenance

Home Improvement

 

"If you fail to plan, you are planning to fail." - Benjamin Franklin

Home maintenance, like death and taxes, is inevitable. So what's the best way to plan for the expenses that will come along for the upkeep of your property? One recommendation is to save 1% of the purchase price of the home each year. Set it aside in a separate account, and it will be there to use when work is needed.

Another recommendation is to base your annual maintenance budget on square footage, putting aside $1.00 for each square foot of your house. Whichever way you decide to calculate, making sure you have a plan is the important thing.

Your home is usually your largest asset, so it's important to take care of it so that deferred maintenance, as we refer to it in the Real Estate world, does not detract from the value of your home. If tasks are put off, many times it can end up costing more in the end. A good example would be allowing paint to peel on the exterior of your house, opening it up to the chance of wood rot.

There are a few reasons why some homes require more maintenance than others, but remember, ALL homes need to be maintained. The following article details many of the variables in a property that you should take into consideration when planning your budget: Budgeting for Home Maintenance 

Budgeting for Home Maintenance