How Much Should Set Aside Annually for Home Maintenance?

Jan 31, 2020

Regular maintenance is essential to making sure all the components of your home are properly working. It also helps in ensuring your living space is safe and comfortable. When making a budget for your yearly home maintenance, you should consider its age and condition as well as your location.——————————————– CONTINUE READING ——————————————–So, how much you need to set aside per year for your home maintenance?The 1% RuleAccording to this rule, you should save 1% of the purchase price of your home for routine maintenance. However, this popular rule has a limitation. Your market timing won’t affect your home maintenance budget. For instance, it doesn’t matter if you bought your home with discounts or at the height of the housing bubble. The Square Foot RuleThis rule states that you should set aside $1 per square foot per year for your maintenance budget. This is sometimes more sensible than the 1% rule. The larger your property is, the more you’ll need to save to keep it in good shape. Just like other projects, you’ll have to spend more if you have a bigger home. Things to Consider The age of your home can affect the amount of maintenance it needs. Homes built within the last decade likely require minimal maintenance. On the other hand, houses that are more than 10 years old will need more care. If your home is over 20 or 30 years old, there’s a high probability that it needs a new roof or siding. Your location also matters since homes situated in areas prone to weather extremes experience more wear and tear. Need help with home repairs or upgrades? Get in touch with Master’s Home Solutions. Our team is here to help with your home improvement needs. We install high-quality and affordable windows, doors and more. Call us at (610) 228-0086, or fill out our contact form to get a free estimate. 

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