Only 36.4% of Americans 35 years old and younger own their home. People have their own reasons for why they want to rent vs. buy their home, but many people are afraid of the maintenance costs of owning a home.
If you are one of the people that are afraid of owning a home because of how much it will cost to keep it up, we are going to give you an idea of what it takes to keep up your home. Continue reading this article to learn about house maintenance costs, and what to keep in mind as you’re looking into buying a house.
Setting Aside Money for Home Maintenance
Don’t assume everything is going to go perfectly with your home. Things are going to break. You’re going to have unexpected expenses come up, and if you don’t have a special fund set aside for home maintenance, you’ll likely put these costs on your credit card.
A good rule of thumb when you’re determining how much money to put aside for home maintenance is about 1% of your home’s value per year.
If you have an older property, you need to put aside more money than if you’re living in a new construction property. Don’t try to get away with no fund for home maintenance because you have a newer home because there might be unexpected issues that arise no matter the age of the home.
Don’t put your home maintenance savings in a vehicle that isn’t liquid. You want to be able to get to your money right away, so you can fix your home without waiting.
You should consider putting these funds into various “buckets” in a savings account to make it easier for you to keep from dipping into your home maintenance funds for other purposes.
What Plays Into Home Maintenance Costs?
Now that you’ve got a plan to set some money aside, it is important you understand what plays into home maintenance costs.
If you haven’t bought your home yet, you need to know there are some things that might increase the amount of money you pay each year.
Where your home is positioned will play a big role in how much maintenance you’ll have to do on your home. If there are a lot of floods in your area, and your home is in a valley, you’re likely to have to repair flood damage. If you live in an area that experiences high winds, you might have to repair your roof a lot.
If you’re in an area that has severe winter weather, the temperature changes will cause stress on the house, which can create problems in the home’s structural integrity.
If your home hasn’t been maintained well before you bought it, you’ll come up against quite a few problems. The worse it was maintained, the worse it is going to be when it comes to how much money you’ll sink into the house.
This is why it is so important to have your potential new home looked over by a home inspector to see if there are any issues. You want to have the seller take care of any repairs that need to be done before you take ownership of it. You don’t need to inherit problems from the previous owner.
The older your home is, the more likely it is for you to have problems. Older homes aren’t built the same way as newer homes, which means you might need to do some repairs to bring your home up to code.
If you want to keep the cost of your home maintenance to a minimum, hire professionals to keep a check on your home. Having a regular checkup done on your home, appliances, and systems will allow you to catch problems early before they turn into something bigger.
While it does cost money to hire professionals to look at your home and keep it running well, it’s nothing compared to the costs of an issue that is left unchecked for years.
If you have a hole in your roof that isn’t taken care of for a long time, you will start to notice severe damage to your roof, which will cause other problems throughout the house.
If you don’t want to pay people to do the work for you, DIYing can be a less expensive option. Keep in mind that some projects are best left to professionals since not repairing things properly can result in major damage.
If there are simple projects you want to DIY, you can order appliance parts, lumber, or other things that you need online and have them delivered as needed.
When you’re trying to save money with DIY projects, keep in mind that your time is valuable. Give yourself an hourly rate, and figure out how much money you’re spending in your own time by doing the project.
Get Ready for Maintenance Costs
Now that you know more about maintenance costs for your home, you’ll be able to prepare for upcoming expenses. Being ready for the costs of owning a home will help you avoid financial pitfalls.
Do you need more help with home maintenance and other similar topics? Our site is full of articles that can help you as you’re learning to become a better homeowner.
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