How Much Should You Budget for Home Maintenance and Repairs?

Constructions 01/11/2017

Buying home is considerable task whereas home maintenance is even bigger. Let’s me guide you through this calculation and lighten up some factors that how to save for maintenance and repairs.

Buying home is considerable task whereas home maintenance is even bigger. Let’s me guide you through this calculation and lighten up some factors that how to save for maintenance and repairs.

Best of all the 1 Percent Rule

Sometimes small habits prove to be very beneficial and turned bring out amazing ending results. Same is the case with 1 percent rule. The most popular rule says that set aside 1 percent of total cost for maintenance and repairs. Like if your home’s value is $500,000, set aside $5,000 per year and do not recall that amount.

There are 2 ways to follow the 1 Percent Rule.

  1.       Collect the amount in chunks.
  2.       Collect the large amount annually.

Planning is a very important factor if you are looking for a well-maintained home. People and big organizations always have a backup plan to deal with unusual expenses. Keep your side safe by keeping a slight edge so that you can be a tension free winner.

The Square Foot Rule

Another potential rule says that start gathering money according to per square foot of home. Like if your home consists of 3,000 square foot, set aside $3,000 annually. This seems to be a complex rule and most likely impossible to follow but once you are habitual of it, you will be easily be able to swipe your card at the time of home maintenance.

This rule is comparatively easy to follow than ‘1 percent rule’ and makes slightly more sense.

What Factors to Consider Avoiding Home Maintenance?

Forget about rules and saving money, there are certain factors to help you cut down maintenance charges to 50%.

Consider Buying New Home

Let’s talk about the age of property first. I would recommend you to buy newly built property and if no than go for built within the last 5-10 years. Properties of mentioned tenure will required a little maintenance whereas more than that will needs more attention and eventually maintenance cost.

Home Construct by a Removed Architecture

A good resource matters a lot, as there are countless benefits of choosing a home constructed by well-reputed enterprise architecture. People often forget asking about the home’s construction when buying home and after facing numerous issues they regret their decision. So, it’s better to think and ask before your actions you make the purchase instead of getting in trouble.

Location

Always and always consider the location of home because shifting home is not an easy task, one has to go through many challenges, plus most of the societies have gas, water and electricity issues where people keep on spending to fix them. So, try to look around and ask people about the area to avoid maintaining draining system and electric wires on daily basis.