A home is one of the biggest investments you’ll ever make. For this reason, you should give your property proper maintenance, especially if you want it to serve you for years. But how do you decide how much you should spend on your annual maintenance? This article discusses methods that will give you a better idea of how much you should set aside for your maintenance projects. Let’s jump in.
The 1% to 4% Rule
The 1% rule of thumb suggests that you should set aside at least 1% to 4% of your home’s value for repair and maintenance. For instance, if your home is worth $300,000, you should budget for at least $3,000 for upkeep costs. However, other factors may come into play and affect the maintenance cost. If you have a new or smaller house, you may safely spare 1% of its value annually for maintenance.
A 2% to 4% range would be better to channel to maintenance costs if you have an older or bigger house. Also, if the previous homeowner wasn’t up to date with regular maintenance tasks, you may spend more on property maintenance. The choice of the amount within this range should depend on the condition of the house.
The Square Footage Technique
Another proven way of approximating how much you should save for home maintenance is by calculating the size in square footage and saving $1 for every square foot. For instance, if your property has 2,000 square feet, the average maintenance cost will be $2,000 per year. To calculate how much you need to save monthly, divide $2000 by $12 and you get $166.7. $166.7 is the amount you should set aside for monthly home maintenance. This method is simple to follow, but it doesn’t cover other factors like age, location, materials used for building, or landscaping costs.
The Home Maintenance Checklist
1. Pay Attention to the Plumbing System
Regularly checking your plumbing system is vital for house maintenance. Ensure you always look out for visible damage, like rust buildup, metal discoloration, or leaks. These damages may cost you more money if left unattended for a long time.
In the US, 10% of households have leaks in their plumbing system that waste up to 90 gallons of water daily, according to the EPA. These leaks can occur in various places, such as faucets, toilets, shower heads, and pipes. Ensure you identify and fix leaks in the plumbing as soon as possible by calling a professional.
2. Maintain your Roof
Caring for your roof can help ensure it lasts long and exceeds a full lifespan. Regardless of the type of roof in your home, thoroughly inspect it for water leaks, wind damage, and other problems. Early maintenance of your roof will prevent the need for costly roof repairs or replacement in the future. However, when a roof has reached the end of its life span, installing a new asphalt shingle roof can increase the return on investment (ROI) by 62%.
3. Foundation Repair
Many homeowners only bother about foundation repair once a problem occurs, and it’s mostly too late. According to Home Advisor, foundation repair issues will set you back $4640 on average. This cost can vary depending on the severity of the problem and the materials required to fix it. The most common signs that indicate the need for foundation repair include cracks, leaning walls, doors, and windows that stick, and gaps between your foundation and framing. If any of these signs occur, ensure you get the necessary repairs done to avoid further damage to your home.
Did you know homeowners spend an average of $6000 yearly on maintenance and repair costs? This is a fact, per Hippo reports. Budgeting for maintenance projects is a great way to properly maintain your home and stay ahead of common problems. Ensure you track your expenses, set a budget, and consider the long-term cost of each project, to ensure that you are always prepared for future projects. The ball is now in your court, budget accordingly.