HOME MAINTENANCE ON A BUDGET
There’s no escaping the need for a home maintenance and repair, so you may as well budget for it. Assume some aspects of your house will need work and put money aside each year to cover the costs. When you’re a homeowner, there’s no landlord. It’s up to you to fix or otherwise address whatever breaks and needs maintaining. It’s one of the responsibilities that many new homeowners tend to under-estimate. Even those who have owned a home for decades are often guilty of putting off necessary maintenance projects until the proverbial “next year”.
The daily- lift disruption these projects can cause is one reason why homeowners tend to delay or ignore the work. However, the money involved is often the major hurdle. The best solution, say experts, is to create a budget – plan ahead by putting money aside each year.
How much should you budget? That depends on your home, its size, age and condition. However, as a general rule, experts recommend you set aside between 1% and 4% of your home’s purchase price. For a house that cost $350,000 to buy, that means the maintenance/repair budget should be between $3500 and $14,000 per year. The lower amount would be appropriate for a new home or condominium; owners of homes 50+ years old should target the high end of the scale.
To develop a custom budget based on the cost of specific projects, see the “cost guides” provided for free on the ImpoveNet.com website. But remember, your budget must also include funds for unexpected repairs (e.g., broken appliance, broken window, leaking toilet), not just the known maintenance projects.
DO IT YOURSELF
Because labor makes up most of the cost of many home repairs and maintenance projects, you can save significant money by doing some of the work yourself. YouTube has become famous for its how-to videos. And the big-box home-improvement stores (Home Depot, Lowes, etc) offer all of the necessary tools and supplies.
REGULAR CONTRIBUTIONS ARE KEY
The best way to manage your maintenance/repair money is via a separate savings account. Try funding it by making regular contributions: for example, contributing $300 per paycheck until you reach your budget amount for the year. If you don’t make the contributions a common practice, it’s too easy to spend the money elsewhere.
Not only is a well-maintained house less expensive to operate, it will also sell for more money. When it comes time to list it, you’ll be glad you saved, budgeted and quickly tackled maintenance problems. For more suggestions that could increase your home’s value, contact me directly.
Source: Windermere Home Update December 2016.
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