Owning a home comes with freedom and financial responsibility. Unlike renting, you’re responsible for all of your ho🧸me maintenance expenses. It’s your job to make sure you can afford ongoing maintenance costs as well as unexpected and necessary repairs.ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ

By budgeting proactively for the 澳洲幸运5官方开奖结果体彩网:cost of homeownership, you can prevent small issues from turning into expensive emergencies. According to Angi’s 2024 “State of Home Spending Report,” the average home maintenance costs dropped to $1,750, down from $2,458 in 2023. Meanwhile, spending on emergency maintenance also fell to $978 in 2024, down from $1,667 in 2023.

While these costs may fluctuate from year 𒊎to year, you’ll want to be prepared for whatever your home throws a👍t you, regardless of its existing condition, age, or size. This guide will explain how to come up with a budget for home maintenance expenses that fits your financial situation.

Understanding Home Maintenance Costs

Home maintenance costs covers everything you need to spend on your home to make sure it’s livable. This may include typical routine maintenance, such as window washing, seasonal landscaping, appliance repairs, or gut🦹ter cleaning. Additionally, you’re bouꦿnd to face major maintenance costs as well, including replacing your roof, HVAC system, or windows.

If you're living in a 澳洲幸运5官方开奖结果体彩网:new construction home, odds are you won’t face major main♊tenance costs for a while. But living in an older home may come with more frequent (and sometimes urgent) maintenance costs, which mᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚay vary depending on where you live.

Average Home Maintenance Costs

According to research by HomeGuide, an online business that connects 澳洲幸运5官方开奖结果体彩网:homeowners with home service professionals, here are some average cost🦋s for common home maintenance needs.

Ways to Budget for Home Maintenance

Here are some smart ways to decide how much to budget for home maintenance e♏xpenses:

The Percentage Rule

Perhaps the most common home maintenance budgeting approach is the 1% rule. This rule says you should set aside a minimum of 1% and up to 4% of your home’s value in cash annually to pay for the cost of potential replacements and ꦍrepairs (whether expected or unexpected).

The Square Footage Rule

One other, less popular approach is the square footage rule. This rule says you should set aside one dollar for every square foot of your home. One reason this rule may not be as effective as the percentage rule is that it only factors in the size of your home without factoring in its age or current market value. For example, the amount you save for a 1,500 square foot new construction home versu♌s a 50-year-old home that’s equal in size likely needs to be a different amount.

Set Dollar Amount

This rule emphasizes how much you can feasibly save each month rather than the overall cost of your home maintenance needs. Picking a reasonable monthly amount to set aside that fits your budget is the smartest way to go about this.

Whether it’s $200 or $800 a month, the easiest way to save this money is to set up an automatic monthly deposit from your 澳洲幸运5官方开奖结果体彩网:checking account to your 澳洲幸运5官方开奖结果体彩网:savings account. You can align the deposit date with one of your paydays so that the money is moved over right away. Regardless of whether the total monthly amount adds up to 1% or more of your home’s value per year, saving something is better than saving nothing. You won’t want to find yourself without the funds and unnecessarily go into debt to pay for a home repair.

Budgeting Factors to Consider

For example, if you live in an older home in a 澳洲幸运5官方开奖结果体彩网:high-cost-of-living area, you’ll likely need to save more money than someone living in a new co﷽nstruction𓃲 home in a more affordable area.

Here are some general life expectancy guidelines for major home features, as per the International Association of Certified Home Inspectors:

• Air conditioning: seven to 15 years (HVAC); five to seven years (window unit)
• Appliances: gas ranges, 15 to 17 years; dryers and refrigerators, 13 years; dishwashers, nine years; microwave ovens, nine years
• Electric or gas (conventional) water heater: six to 12 years
• Furnace: 15 to 25 years
• Instant (on-demand) water heater: 10 years
• Paint/caulking: interior and exterior paints can last for 15+ years
• Roof: asphalt shingles, 20 years; fiber cement shingles, 25 years; wood shakes, 25 years
• Windows: aluminum, 15 to 20 years; wooden, 30 years
• Wood deck: 10 to 30 years

How to Create a Personalized Budget

When creating a personalized budget, you’ll need🌳 to first consider the current condition of your home, your regular maintenance costs, and the possible need for replacement or repair൲ of crucial elements such as your roof or windows.

1. Add up current routine maintenance costs. These typically include HVAC tuneups, landscaping, lawn care, painting, gutter cleaning, and more.
2. Assess your home for repair needs this year. Whether it’s your hot water heater, your roof, or your HVAC system, determining replacement or repair needs for major appliances, home structure, and home systems is important when formulating your yearly budget.
3. Take your home’s current condition into account. If you live in a high-cost-of-living area, your home is old, or you’ve identified that your home will need major repairs soon, consider increasing your savings rate to keep up with the costs.
4. Create and maintain a separate savings account for home costs. Keeping a separate 澳洲幸运5官方开奖结果体彩网:high-yield savings account designated for home maintenance costs is a smart idea. You’ll earn interest along the way, and the money will be there whenever you need it.

Tips for Managing Home Maintenance Expenses

With life’s seemingly never-ending expenses, it might be difficult to save extra for home maintenance costs. However, t꧃here are a number of strategies that can make it easier to save.

• Prioritize repairs and maintenance. When dipping into your budget to pay for repairs and maintenance, it’s best practice to prioritize. For example, if your hot water heater is on its last legs and needs to be replaced this year, and your roof is aging but might still have another year or two of life left, it’s best to prioritize the hot water heater before the roof.
• Look into 澳洲幸运5官方开奖结果体彩网:home warranties. If you’re an existing homeowner, a 澳洲幸运5官方开奖结果体彩网:home warranty provides coverage for maintenance, repair, and replacement of major systems and appliances in your home at a reduced cost, in exchange for a monthly or annual premium. This might be a good idea if your home is quite old and you don’t want to go over budget due to surprise maintenance costs.
• Don’t put off necessary repairs. Delaying necessary routine or emergency maintenance can lead to a worsening problem. For example, if there’s a small leak from your old roof, you’ll want to get it checked out right away. If the leak becomes a bigger issue over time, it could cause further damage to your home and compound your maintenance costs.
• Check product warranties. A number of home systems and appliances may be covered by a product warranty. It’s worth checking to see if any of these elements are still under warranty in case they need replacement or repairs.

Alternative Ways to Pay for Home Maintenance

If you don’t have sufficient savings to cover home maintenance costs, you’ll be forced to 澳洲幸运5官方开奖结果体彩网:borrow money to pa🍒y for replacements or repairs. Here are several oওptions:

Home Equity Loans or Lines of Credit (HELOCs)

Both a home equity loan and a 澳洲幸运5官方开奖结果体彩网:home equity line of credit (HELOC) allow you to borrow against equity in your home. However, they carry risk since you’re essentially putting your home up as collateral in case you’re unable to pay back the loan. While you’ll have to fill out an application and meet the lender's requirements, either of these two options may offer more favorable 澳洲幸运5官方开奖结果体彩网:interest rates compared with other forms of borrowing.

Personal Loans

In most cases, 澳洲幸运5官方开奖结果体彩网:personal loans allow you to borrow a lump sum of money, which needs to be paid back in fixed payments within a determined ✤period. Personal loans can be used for virtually anything, including home maintenance costs. However,𝓰 if you don’t have a top-tier credit score, you could face steep interest rates, making your borrowing costs higher.

Credit Cards

澳洲幸运5官方开奖结果体彩网:Credit cards should be a last resort to pay for home maintenance costs since they tend to carry higher interest rates than other financing options. However, if you’re eligible to open a new credit card, you may consider applying for a 0% 澳洲幸运5官方开奖结果体彩网:annual percentage yield (APR) introductory pဣeriod credit ca💖rd to allow yourself more time to pay off the maintenance expense without incurring interest charges. 

The Bottom Line 

Home maintenance costs often trꦏip up new꧒ homeowners who haven’t planned for them. You can keep home maintenance costs manageable, however, by taking proactive steps to manage your home’s upkeep and saving consistently to set aside money for larger repairs should they arise.