Homeowners understand the need for routine home maintenance. This maintenance keeps repair costs down while protecting the owner’s investment in the residence. They have peace of mind knowing items will work when needed. Establishing a schedule that will ensure these items aren’t overlooked is essential. What should homeowners know when creating this schedule?
Home Maintenance Costs
Experts recommend setting aside one percent of the home’s value for yearly maintenance expenses. If the house is valued at $500,000, $5,000 should be saved for maintenance. Homes worth $250,000 would need $2,500 set aside for maintenance. However, these are just guidelines, as many other factors determine the amount of maintenance a home needs.
Older homes, like those not cared for properly, often need additional maintenance. Consider setting aside extra funds for unexpected expenses. Another way to calculate these expenses is to take ten percent of the monthly mortgage payment, including property taxes and homeowners insurance, and set aside that money for maintenance tasks. When you need to get roof repairs or any repair or maintenance work done, the funds will be available. Consider creating a separate savings account to ensure these funds aren’t used for other purposes.
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Saving on Home Maintenance
Having funds set aside for maintenance tasks is one of many ways a homeowner can budget for these expenses and keep costs down. Learning to do simple tasks like fixing paint blemishes goes a long way to controlling repair and maintenance costs. Search for online videos to see if a repair or maintenance task can be handled independently. After watching videos on the same topic, attempt to do the work. However, if there is any doubt, call for professional help. They will be able to fix the issue quickly and efficiently.
Only hire licensed and insured professionals to handle tasks around the home. While these individuals charge more for their services, homeowners can have confidence the job has been done right and will save them money over time. When they visit the home, ask for preventive maintenance tips, such as gutter cleaning and pest control, to keep costs down.
Many wonder how they can keep heating and cooling expenses down, as these expenses account for approximately 50 percent of their monthly energy bills. Changing system filters monthly is one way to do so. Programmable thermostats help keep energy costs down and minimize wear and tear on the system. Ask electric companies if they offer off-peak plans. These plans allow people to schedule their energy use during off-peak hours and save money.
Focus on immediate needs rather than cosmetic projects. The goal is to prioritize those projects that will lead to more significant issues and safety hazards. Finishing those projects first will save money over time. Cosmetic projects can wait or be done gradually once the big problems have been resolved.
Owing a home comes with a lot of responsibility. Individuals must recognize this and plan for maintenance and repairs above and beyond what they spend on their monthly mortgage and utilities. By doing so, they can have funds available to handle problems as they arise and protect their asset. Routine maintenance and timely repairs help build equity in the home, so the owner benefits by having a home that functions as intended and one that helps them build wealth.
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