Home maintenance is important both for your safety and comfort but also to protect the investment you’ve made. Skimping on these costs may lead to the depreciation of your home’s value. Proactive maintenance is essential—without it, your home could lose 10% of its value.
Budgeting for Home Maintenance
Many people don’t know how to budget for home maintenance. One popular rule of thumb says that one percent of the purchase price of your home should be set aside each year for ongoing maintenance. For example, if your home cost $200,000, you should budget $2,000 per year for maintenance. It just means that on average, over a span of a long time period (10 years or more), you’ll spend around $2,000 annually, according to this rule of thumb. Some years you’ll spend far more like when you have to replace the roof and some years you’ll spend far less.
Home Warranty Options
If it is the first year of home ownership for you, you may want to consider a home warranty like one from American Home Shield. A few hundred dollars for a warranty at closing could save you thousands if something breaks. It will also give you time to rebuild your savings.
JUNE TO DO LIST
Outside Your Home:
- Maintain lawn growth
- Trim trees, bushes and shrubs
- Weed garden beds
- Clean garage
- Check with local government regarding waste disposal of old paint, solvents, and other toxic substances you might have.
- Clean outdoor furniture
- Clean and inspect outdoor lighting
- Clean welcome mat
- Clean sliding patio door tracks
- Mulch garden beds
Inside your Home:
- Inspect and change furnace filters, if needed
- Test carbon monoxide and smoke detectors
- Clean garbage disposal
- Inspect water heater for leaks
- Install window air conditioners
- Clean oven, stove, microwave and dishwasher
- Clean coffee maker, toaster, blender, etc.
- Scrub kitchen tile floor grout and along baseboards and cabinet kickboards
- Polish fixtures and stainless steel appliances
- Freshen front-load washing machine, if needed