Only Dreaming and buying a home is not enough. You need to take the responsibility of that house onto your shoulders to keep it well maintained and updated. Regular home maintenance will make your property worth living and a peaceful place to live. It is essential to estimate the annual home maintenance cost to keep it updated when you buy a house. It’s not easy to estimate how much money you will need for home maintenance every year.
Doing regular home maintenance will increase the lifespan of your house, and you don’t need to think of the idea of a house for sale. As you are the house owner, you should know when your house will need updating. There is no one to tell you to do this.
Here are some rules that will help you estimate the correct amount
Practice the Rule of 1%-4% range
If you buy a home, you need continuous maintenance for its long term usage. For that, you should keep in mind that you need to save 1-4 percent of the total home’s cost every year for maintenance. Suppose that if your home price is 20 lac, you need to save 20-80 thousand for the annual maintenance.
There are some other factors too which will affect the annual cost, some of them are:
- Location of the house
- Age of your home
- The construction material of the house
The maintenance cost will be significantly affected by the age of the house. If the home is 30,40 years old, you have to keep more money to keep it updated. But if the house is new and made with good material, you need less budget. Similarly, the location significantly affects the maintenance cost as many places are in areas with extreme weather conditions, and you need more funding to keep the house up to date.
The square footage system
It has been observed that home maintenance of the larger property will be more than the smaller one. To estimate the price for a larger property, suppose to give $1 on 1 square foot. The total square foot of your home will be the estimated price of home maintenance.
People who don’t have enough budget will put the label of house for sale. No matter how much time they have spent in that house. The advantage of this method is that it doesn’t consider the estimation of your home age and location.
If you are going to use that idea of square footage, you need to keep the authentic price details of how much money you need in future.
Do home maintenance and house repairs fall in the same category?
The clear answer to this question is that both things are different. When we talk about maintenance, we mean essential annual wear and tear. But repairing is something different which needs instant repair of any household.
The things that need maintenance are:
- Lawn maintenance
- Siding clean up
- driveway seal coating
- Change the leaky faucets
- Change the heater and air conditioner filters
- Service your washing and kitchen appliances
- Change the rusted material
- Paint the house
But for the major repairs like changing the roof, heaters, air conditioners, tiles etc. You need to spend more money on it, which will cost you much more than the regular maintenance budget. To overcome this problem, people mostly go for the idea of a house for sale and find some newly constructed homes.
How much money do you need to save annually for general home maintenance and repairs?
The exact amount is not known. But you can take ideas from the different maintenance companies to estimate the cost and give you the best guidelines. Even from the sirmaya.com you can also take help by contacting our builders. The builders routinely check different homes and precisely know the effective cost for other houses. You don’t need to go anywhere; your assistance will be just one click away.
Maintenance execution tips
People always try to take shortcuts. Here we will suggest some of the essential tips which will save you from financial burden after the end of the year.
If you want to enhance the lifespan of your appliances, then you need to do the regular maintenance. Try to keep your household clean all the time. If something is rusted, replace it instantly.
Always try to repair the minor issues. Taking precautions at the initial step will be beneficial and save you from the major problems. Keep in mind that Repairs are cheaper than replacements.
So if you practice regular management of your households, your burden for annual maintenance will be minimized. Then you don’t need to buy a new house. Buying a house is easy but maintaining a home is a hectic task. We hope this article provides you with a basic idea of the home maintenance budget, which will be helpful for you in future.