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Prepare for the Costs of Home Maintenance

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Set aside money regularly for home maintenance and repairs. While small expenses can probably be paid out of pocket (a leaky faucet or a new garden hose), larger expenses will require readily available savings in a money market fund or bank account.
Aim to save 1 to 3 percent of the value of the home annually, which can be part of an overall fund for household emergencies. This figure is about what home maintenance and repairs cost per year on average. For example, the owner of a $150,000 home should plan on budgeting $1,500 to $4,500 annually for anticipated and unanticipated expenses. The older the home, the more maintenance it will generally need.
Use the report provided by the home inspector during the home buying process as a home maintenance “to do list.” For example, if the report stated that the roof was very old or the driveway needs repaving, follow the inspector’s advice and get these repairs done.
Create a “Home Maintenance Log” to keep track of the dates home improvements are made and various maintenance tasks (sealing the driveway and pumping out the septic tank, for example) are performed.


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Life Events & Financial Decisions

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Prepare for the Costs of Home Maintenance

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