How Much Should You Budget for Home 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.
Buying a home is a considerable task whereas home maintenance is even bigger. Let 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 to bring out amazing ending results. The same is the case with the 1 percent rule. The most popular rule says that set aside 1 percent of the 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.
- Collect the amount in chunks.
- Collect a 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 the home. Like if your home consists of 3,000 square feet, 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 easily be able to swipe your card at the time of home maintenance.
This rule is comparatively easy to follow than the ‘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 the newly built property and if no then go for built within the last 5-10 years. Properties of mentioned tenure will require 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 a 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.
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 the draining system and electric wires on a daily basis.
If you have plans to prepare your house for sale in the near future or you just want your home to be the way it is for a very long time, visit ilaan.com and subscribe to our blog to receive valuable tips.