New homeowners often struggle to know how much to save for home maintenance. One popular rule of thumb is to set aside 1-2% of the property’s value each year.
But, this figure may not be accurate in certain cases. Some areas have higher costs of living and more unpredictable weather conditions, which can increase repair and maintenance expenses.
1. Don’t Skimp on Your Insurance
As a homeowner, it is your responsibility to maintain and repair your property. It is easy to put off minor repairs in favor of more pressing expenses such as decorating or renovating a room, but these little tasks can add up to big costs in the future if left unattended.
It is recommended that homeowners set aside between 1 and 4 percent of their home’s value each year for maintenance. This amount can vary depending on the type of home and its age, as newer homes tend to have lower maintenance costs than older ones due to the fact that large systems haven’t been in service for as long, and wiring is less likely to have been rerouted by previous homeowners.
It is also helpful to create a maintenance schedule. This will help you keep on top of small chores, such as changing the HVAC filter, and prevent you from procrastinating.
2. Don’t Forget About the Roof
A roof is one of the most important aspects of a home, and it also happens to be the most expensive. For this reason, it is essential to budget money for maintenance.
Failing to repair and choice home warranty george foreman maintain your roof can cause structural damage to the rest of your house. Additionally, it can lead to costly moisture problems that will result in the need for mold remediation.
In addition, a neglected roof can lead to higher energy bills. This is because your heating and cooling have to work harder to keep your home at a comfortable temperature.
If you are having trouble finding money to budget for your home maintenance, try cutting down on other unnecessary expenses like buying coffee every day or eating out. Transfer these savings into a home maintenance fund to avoid costly repairs in the future.
3. Don’t Forget About the Gutters
A common home maintenance task is cleaning out gutters. This may seem like an insignificant task, but it can save you a lot of money in the long run. Gutter cleaning prevents water from pooling, which can lead to damage to the roof and foundation of the house.
Keeping the gutters clean also helps to prevent pest infestations. Rodents, birds, and insects are attracted to moisture and the softer wood of damaged gutters. Extending downspouts can help to ensure that the gutters are directing water away from the house, rather than into it.
The 1% rule of thumb is a good starting point for estimating home repair costs, but it’s important to consider other factors as well. The cost of living in your area, for example, can influence how much you need to set aside.
4. Don’t Forget About the Windows
Home maintenance can be hard to think about, especially when you are a new homeowner and money is tight or there is a big family expense coming up. But it is important to remember that failure to carry out the little jobs can often result in larger, more expensive ones later. For example, if you don’t change your HVAC filter regularly it will cost much more to replace it when it fails. So, if you have a little bit of cash left over after your bills and bills are paid, try to put it into a savings account that is dedicated to home maintenance tasks. This will help to prevent them from getting out of control.
Setting aside 1 percent to 4 percent of your home’s value is a good guideline.
5. Don’t Forget About the Appliances
Many of us have experienced the slap in the face of an expensive repair bill. Having money set aside helps you to avoid these unexpected expenses and can make the process much less stressful when it comes time to replace systems and appliances in your home. Look into upgrading your appliances and research top appliances like the best tankless water heater or the best washer and dryer.
Keep in mind that you can also save money on your energy costs by upgrading to ENERGY STAR appliances. Consider getting smart plugs that let you control which devices remain plugged in, and even connect your appliances to your smart home system.
Many homeowners can do small jobs themselves – for instance, put up a shelf or touch up chipped paint – in exchange for mowing a friend’s lawn or doing another household chore. This not only saves on hiring a professional, but you can also share tools and equipment with neighbors. This isn’t always the answer and that is why a home warranty is the safest bet to protect your investment.
