As a general rule, you should expect your annual home maintenance costs to represent between 1% and 4% of the value of your home. Of course, that's a pretty substantial range. Porch then interviewed 200 homeowners and asked them how often they completed these tasks. Porch calculated average home maintenance costs by multiplying the average cost per maintenance task by the average project frequency.
Beyond regular home maintenance, homeowners must perform major repairs from time to time. A recent Porch survey found that 88% of homeowners perform at least one major repair a year. Too little can cause concern more quickly than an unexpected home repair. From the roof to the oven (and every appliance in between), repairing or replacing the main components of a home can cost several hundred or thousands of dollars.
While homeowners can't avoid home maintenance or upgrades, they can help prevent those financial surprises by preparing ahead of time for the inevitable solutions. Here are some important things to consider and plan for. It's one thing to know how long something will last, but quite another to know how much to save. In general, it helps to prioritize according to age.
For example, if your roof is 20 years old, it's probably only a few years old before you need to invest in a replacement. When it comes to a 5-year-old oven, on the other hand, you may not need to save for another decade. Average repair and maintenance costs can be minimized in older homes by hiring professionals to regularly check your appliances and systems. Unfortunately, the cost and access to the supplies and tools needed to perform that maintenance have increased due to problems in the supply chain.
Finally, if you live in an area with natural disasters, the average annual maintenance of your home may increase due to related repairs. If you're wondering how to calculate property maintenance costs, the square foot rule can be useful and is another very easy way to save money for home repairs and maintenance. Fall home maintenance tasks can be dangerous, be aware of the risks and follow these safety tips as you prepare your home for fall. Once you've created a priority list, set some savings goals based on these average home maintenance costs for replacement.
Your total home maintenance budget is made up of many separate expenses, some of them quite small, such as gasoline for the lawnmower or boiler filters. A little knowledge and planning go a long way in understanding how much to budget for home maintenance. While you should only need to do a full cleaning once every five years or so, smaller maintenance and filter replacement make it easier to breathe at home. While the average annual cost of home maintenance varies widely from study to study, you can estimate your annual expenses based on the specific needs of your property.
Many housing experts believe in the 1% rule, according to which 1% of the value of a home is spent each year on home maintenance. For example, if your home is newer and in good condition, you may decide that you will likely spend between 1 and 2% of its value on maintenance. You're more likely to be caught off guard by expensive maintenance costs when major home systems are neglected. HomeLight did research for days and compared three of the main studies on average home maintenance costs to bring you this comprehensive guide.
Leave a Comment