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repair woman creating a list of home maintenance and repair items to do

Homebuyer Tip #27: How Much Should You Budget For Home Maintenance and Repair?

Posted on April 11, 2023 by Laura Sinclair

Home maintenance and repair are a huge part of owning a home. Whether you are purchasing a new home, renovating, or just maintaining your current one, it’s important to understand how much it costs to keep it up. Fortunately, there are some things you can do to reduce your monthly expenses. But if your house needs more than minor repairs, it’s best to consult an expert.

First, you’ll want to decide how much you can afford to spend on home maintenance and repair each month. This will depend on the age, condition, and location of your home. For example, homes that are older will require more maintenance than newer homes. In addition, you’ll likely need more repairs if your home is in an area with severe weather.

You’ll also need to budget for major repairs. This includes things like roof repair, touch-up paint, and replacing appliances. It’s also a good idea to stock up on extra batteries, alarms, and other safety devices.

Batteries for Home Maintenance

Home maintenance and repair items to consider for your budget.

Cups for holding touch-up paint for maintenance repairs

There are plenty of online resources that offer home repair and maintenance services. A good rule of thumb is to budget 1 percent of the value of your home for these repairs. That’s because the average maintenance cost can be reduced by hiring professionals. However, this isn’t a perfect measure for everyone. To find a more accurate figure, you should also consider other factors.

Some of these factors include the amount of space you have. Homes that have larger square footage will require more maintenance. Another factor is the climate where you live. Homes in a humid area have a higher risk of mold and mildew and are more prone to pest infestations.

You might not be able to budget for home maintenance and repair every single month, but you should still have a general idea of what you can afford. If you’re unsure, consider taking a course in home maintenance and repair. These courses will teach you about the different tools and areas of your home and how to avoid costly mistakes.

Other factors that can affect your home’s maintenance and repair budget include the size of your home, the age of your home, and the general cost of living. For instance, metropolitan areas often have higher taxes and contractor costs than other regions.

Besides setting a reasonable budget for home maintenance and repair, it’s also wise to save up for bigger projects. Homeowner insurance is a great way to cover routine maintenance, as well as occasional surprise repairs.

Before you make your next purchase, it’s a good idea to do a full inspection of your home. Even small repairs can add up. Make sure to check that the alarms are working, the locks are secure, and all the safety devices are in good working order.

Security Locks

Door Security Bar

Remote Control Door Locks for Your Home

Keeping your home in tip-top shape can be a daunting task, but it’s something you’ll need to do to enjoy your home and stay safe. While it can be overwhelming, there are plenty of ways to do it.

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