How Much Should You Budget for Home Maintenance?
Owning a home is a considerable investment. Not only do you have to pay the mortgage every month, but you also have to budget for things like insurance, property taxes, and utilities. On top of all of that, you also need to set aside money for home maintenance and repairs. But how much should you budget for home maintenance?
Below, we’ll provide a well-known rule of thumb for home maintenance budgeting and explain some additional factors you should consider.
A Rule of Thumb When Budgeting for Home Maintenance
A general rule of thumb is to set aside 1%-4% of your home's purchase price each year for maintenance and repairs. So, if your home costs $300,000, you should budget at least $3,000 per year for maintenance and repairs. Of course, this is just a broad guideline, and your actual costs may be more or less depending on your home's age and condition.
Your Home's Age and Condition Should Guide Your Budget
As we mentioned above, the age and condition of your home will significantly affect how much you need to budget for maintenance and repairs. If your home is relatively new and in good condition, you probably won't have to spend as much as someone who owns an older home that needs more work.
On the other hand, even if your home is newer, there are still some maintenance tasks you must regularly complete. For example, you'll still need to take care of things such as:
- Changing your HVAC system’s air filter every one to three months
- Scheduling annual tune-ups for your air conditioner and heating system
- Cleaning your gutters
- Having your chimney and fireplace professionally cleaned
- Seasonal pest control
- Pool or jacuzzi maintenance
- Tree trimming or other landscape maintenance
These are just a few examples, but many other things need to be done regularly regardless of your home's age or condition.
Your Location Can Also Increase the Need for Maintenance
Another factor that will play a role in how much you need to budget for home maintenance is your location. If you live in an area with extreme weather conditions (like sweltering summers or freezing winters), that can put extra strain on your home's systems and lead to more repair costs if maintenance isn’t kept up. This is especially true of HVAC systems, which should get yearly tune-ups to operate at their best.
Homeownership is a huge investment but it can be very rewarding. As long as you budget accordingly, you won’t be nearly as stressed when it comes to maintaining your home. You’ll have peace of mind knowing that you’re prepared for repairs and that your property is kept up as it should be.
At Rescue Air Heating and Cooling, our club membership makes HVAC maintenance simple. Plus, members enjoy exclusive discounts on our services! Learn more here.