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.
MARCH TO DO LIST
Outside Your Home:
- Regularly check for ice dams and icicles
- Clean A/C system and have it serviced
- Inspect exterior of home
- Inspect roofing for missing, loose, or damaged shingles and leaks
- Check exterior drainage – make sure all water is diverted from the foundation
Inside Your Home:
- Inspect and change furnace filters, if needed
- Test carbon monoxide and smoke detectors
- Clean garbage disposal
- Clean baseboards and doors
- Clean door jambs, door handles and light switch covers
- Dust tops of cabinets / refrigerator
- Empty and clean out inside of refrigerator and freezer
- Clean food trap in dishwasher
- Sweep and mop under appliances
- Sweep and mop under washer and dryer
- Vacuum dryer lint buildup
- Remove lint from dryer exhaust vent