How much should you set aside for repairs? Every part of a house has a relatively predictable lifespan, so plan accordingly.
If you’re a homeowner and haven’t faced a big repair bill yet, just wait. Even in the best-maintained homes, stuff will wear out or break.
Budgeting for these inevitable bills isn’t always easy. One commonly cited rule of thumb — to save 1% to 4% of your home’s value each year for maintenance and repairs — can give homeowners sticker shock as real estate prices soar. How well you maintain your house also can have a big impact, Wessling says. Many homeowners don’t notice window caulking that dries out and splits, for instance, but the water that seeps in can cause enormous damage.
Fisher recommends homeowners set aside up to 5% of their incomes for home maintenance as well as $10,000 to cover emergency repairs and system replacements. Alternatively, hire a home inspector to conduct a home maintenance inspection, Wessling says. Like the inspections that precede a home purchase, a maintenance inspection can estimate when various home systems likely will need to be replaced. Wessling says he typically charges $400 to $500 for inspections.
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