After spending thousands on a mortgage down payment, fees, and closing costs, it’s good to know how to properly plan to take care of the property you just paid so much to purchase. The expenses of homeownership don’t stop after you receive the key to your new home.
As a homeowner, you have a vested interest in the maintenance of your property. It’s vital to keep a structured schedule, and you need money for part of your home’s regular maintenance.
Take a moment now to read through a brief look at some tips to help you budget for the yearly home maintenance costs you will face being a homeowner.
Build a contingency reserve for maintenance
The most important thing you need to do to provide for the proper maintenance of your home is to start building a contingency reserve.
You can’t always predict when things might go wrong in your home, as weather, wear, and other variables can suddenly change the amount of money you will need to properly care for your property.
Set aside one to three percent of the total value of your home in a home maintenance savings account, and rest easy at night.
Invest in the efficiency of your home
When you invest in the efficiency of your home, you’re investing in the future of your home. You’re investing in more affordable energy bills.
Research the various ways in which you can make changes to create a more energy-efficient home, and utilize some of your contingency savings to upgrade.
Do the work yourself when it’s possible
You can save on saving by equipping yourself with the skills necessary to do some of the home maintenance work yourself. Getting your hands dirty working on your own home is a rewarding way to work your body and really take ownership of your place.
There are numerous home improvement jobs you can do around the house without placing the safety and structure of your home at risk. It’s best to shy away from electrical and plumbing work, unless you really know what you’re getting yourself into.
Use the square foot rule to estimate
There’s a known rule called the $1 per square foot rule that helps set a standard for homeowners to save for their annual home maintenance expenses.
Save a buck per square foot, and don’t forget to consider the actual pricing averages in your area. You may need to up the stakes a bit to adjust for the area in which you are living.
Don’t forget about the yard
Depending on the size of your yard, you’ll need to add something to the budget for maintenance. If you have a pool, there’s more to the cost of maintenance. Just don’t forget to consider the financial variables of keeping up with the land surrounding your home as well as the home itself.