Having your very own home can be an investment of a lifetime but managing it is not a piece of cake. Home ownership entails expenses that starts by the time of purchase and continues on to keep the property always in good condition. Being responsible and consistently keeping up with home maintenance cost will let you enjoy maximized comfort, appeal and functionality each and every day; and a good payback by resale time.
No two houses are exactly alike making their needs and attributes different. With this, how much you pay to keep your home liveable and working for your family will not be the same with another homeowner. To guide you on this matter, this article lays out crucial questions that will help you understand home maintenance cost with insights.
Why allot a budget on home maintenance cost?
Though this should already be an A-B-C for homeowners, many still overlook the importance of maintaining their homes. Basically, your house and everything in it ages. This and its constant use will eventually take their toll resulting to lowered efficiency. If your home is not properly maintained, inefficiency will cause a decrease in the quality of living for your family and damages to your house and property. Left unattended, these damages can balloon and cause more related problems. Thus, not budgeting on home maintenance cost is one of the most unsound financial decisions you could ever make.
How much does home maintenance cost?
It is said that for a median house, expect to spend about 1% to 3% of its overall value every year for upkeep and this figure also changes depending on the age of the house. As your home increases in age, so should your home maintenance cost.
Knowing precisely how much to budget for home maintenance cost is not an easy task. Other than scheduled maintenance, there would also be unexpected repair issues that might arise any time of the year. For every repair and maintenance project, the actual cost will depend on factors like the quality of materials to be used, size and scope of the project, and whether you will DIY or acquire qualified help from a contractor. There are also free online tools that give estimates, but the actual cost would still differ from this so to be on safe financial grounds, use these estimates as guide but still add extra to your budget to cover unanticipated expenses.
How to save on home maintenance cost?
Probably the simplest but highly effective way to save on home maintenance cost creating a home maintenance checklist. Indicate weekly, monthly and annual chores and tasks. Religiously stick to scheduled repairs, cleanings and tune-ups as per your manufacturers' advice. It would also be beneficial that you conduct regular inspection of everything in your home and property. Spotting problem areas and attending to them earlier will prevent them from snowballing into serious and more expensive damages. Another money saving tip to live by is to resist the temptation of improving the look but sacrificing functionality. Prioritization is key to avoid a busted home maintenance cost budget.