Dixie Summers
It's no surprise that owning a home is a big investment, so proper maintenance is essential to keep it happy and safe. However, in the hustle and bustle of daily life, it's easy to underestimate the costs associated with maintaining a home. That's why we've created this guide to help you plan for future expenses and avoid surprises. With careful planning and budgeting, you can have the confidence that you can handle any maintenance, and enjoy a home that's comfortable for you. Ready to get started? Come on in!
Why set money aside?
First of all, why should you set aside money for home upkeep? Unlike renting, as a homeowner, you are responsible for all maintenance and repairs. This means that if something breaks or needs repairs in your home, the cost falls on you. And these expenses can add up quickly. Not to mention, neglecting necessary upkeep can lead to even more serious (and costly) problems. Planning ahead and setting aside money for home upkeep can help you avoid financial stress and keep your home in good condition.
Understand the needs of your home
Before creating a budget, it's important to understand your home's specific maintenance needs. Every home is different and will require different maintenance and repairs at different times. If you've just purchased a new home, it may take some time to figure this out. But a good place to start is to make a list of all the areas in your home that need attention, like the roof, plumbing, appliances, etc.
Home needs also vary depending on your location and climate. If you live in a colder climate, you may need to budget for snow removal and winterizing your plumbing. Meanwhile, if you live in a warmer climate, air conditioning maintenance and hurricane preparation costs may be more frequent. Be sure to take these factors into account when creating a home maintenance plan.
Budgeting
Now that you have a better idea of what it takes to maintain your home, let's talk about budgeting for these expenses. The first step is to estimate how much you'll need for routine maintenance and unexpected repairs. A good rule of thumb is to set aside 1% of your home's value each year for maintenance. For example, if your home is worth $300,000, aim to save $3,000 per year, or $250 per month.
Some home maintenance tasks, like replacing your roof or HVAC system, can be quite costly. In these cases, it may be helpful to set aside a larger portion of your budget each month for these big expenses over the long term. Consider researching the average cost of these types of repairs in your area to get a better idea of how much you need to save.
Create a maintenance savings plan
Once you know how much you need, it's time to create a savings plan that works for you. Some homeowners set aside an emergency fund for home improvements, while others prefer to incorporate these expenses into their general budget and savings habits. Whichever method you choose, be sure to follow it consistently. It's also a good idea to periodically review your plan and adjust it as needed if your home maintenance needs change.
Additional tips for saving money
Aside from setting aside money for home maintenance, there are other ways you can save on these expenses.
Do regular home maintenance
Continuing with regular maintenance tasks like cleaning your gutters and changing your HVAC filters can help prevent more serious (and costly) problems down the line. Plus, regular maintenance helps your home run more efficiently, saving you money on your energy bills.
Consider a DIY project
If you're handy, you can save a significant amount of money by tackling maintenance tasks yourself. Small DIY projects that homeowners can do themselves include painting walls, replacing light fixtures and hardware, and fixing small plumbing issues. These tasks may seem daunting at first, but they're easy to accomplish with the help of online tutorials and basic tools. Doing these projects yourself not only saves you money on labor costs, but it also gives you a sense of accomplishment and pride in taking care of your home.
Find a contractor
Don't be afraid to get quotes from different contractors before committing to one. This can help you find the best deal and potentially save you money. Before hiring someone, do your research and read reviews to make sure they are reputable and qualified for the job. You need to be confident that the contractor you choose is trustworthy, dependable, and will do quality work. If you're unhappy with something about a particular contractor, don't hesitate to look for another one.
Do small repairs immediately
Ignoring small issues can lead to more significant (and more costly) problems, so if there are any issues that need your attention, address them as soon as possible – not only will this save you money, but it can also prevent further damage to your home.
Setting aside money for home maintenance costs is essential for any homeowner. With careful planning and budgeting, you can keep your home in good condition without spending a fortune. And by following some additional tips for saving on home maintenance, you may be able to reduce these costs even further. Good luck and save!