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How much should I budget for home maintenance each year?

How much should I budget for home maintenance each year?

Home Depot has been saving American’s money on home maintenance for a long time.  We Are Coupons has been saving Americans even more money at Home Depot with the best Home Depot Coupons available.  It is all well and good saving money on home maintenance but how much should you budget for?  We attempt to answer the question

The Average Home Maintenance Spend

Every home and property is different and to say there is an “average”  spend on home maintenance is not quite true. Different construction materials on properties in differing climates across the United States can see home maintenance bills fluctuate considerably. Various reports suggest that the average spend on home maintenance is approximately $1200.  More than one-third of homeowners admitted to undertaking emergency repairs at an average cost of another $1200. 

Factors Impacting Home Maintenance Costs

As mentioned, there is not really such a thing as average. There are many factors that impact the cost of home repairs.  High on the list the age of your property. Older properties generally require more maintenance and in some cases repairs or upgrades can be costly. Climate, geographical and geological factors can increase home maintenance costs. Wet areas, dry areas, homes built on sand, homes built in rock, harsh winters, long hot summers all play a part in determining how much home maintenance will cost.

The Rule of 1%

To give a fair estimate of what you could expect to spend on home maintenance over the course of a year the rule of 1% is a good measure. The well-known rule of thumb allowing for 1% of property value as a budget for home maintenance can be very generous as property prices increase.  However, the 1% rule has been used by many homeowners over the course of a few years it is quite accurate.

The Rule of $1 per square foot

The alternative to the rule of 1% is the $1 per square foot rule. Some homeowners prefer this calculator as it is directly proportional to the size of the property.  The downside to this calculation is that is often doesn’t account for the rising costs of construction and maintenance materials. 

The Middle Ground

In many cases, it makes sense to use a combination of the rule of 1% and the rule of $1 per square foot. This gives a very general price and allows for a secure budget to be set.  Being prepared for home maintenance costs is the most important thing, neglecting home maintenance can eventually cost you more than you bargained for.

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