How Much to Set Aside for Home Maintenance Budgets

How much should you set aside for your yearly home maintenance budget? There’s no exact amount – it depends on several factors, such as the location of your home, its age and general condition. There are several ways, however, to get an estimate.

Estimating Your Home Maintenance Budget 

1. The 1% to 4% Rule 

According to the 1% rule, your yearly home maintenance budget should be equivalent to 1% to 4 % of your property value. That means if your home is worth $300,000 on the property market, you should set aside $3,000 to 12,000 for your home maintenance budget. However, this rule doesn’t take into account the age of your home. The newer a house is, the less maintenance it needs, at least in the first decade or so.

2. The Square Foot Rule 

Size is another factor that can increase maintenance costs. It’ll take a lot more manpower to maintain a large property. The square foot rule, which says you need to set aside a dollar for every square foot of your home, takes into account this fact. What the square foot rule doesn’t take into account is the age of your home, which as said before, can affect the frequency of maintenance work.

Calibrating Estimates 

Of course, these are just methods to come up with an estimate for your home maintenance budget. You’ll still need to calibrate them down the road. Familiarizing yourself with how the aforementioned factors can affect your home’s maintenance needs can help. Listed below is an overview:

• Location – Homes in areas with harsh winters and humid climates need more maintenance than those located in mild climates. That’s because the freeze-thaw cycle places added stress on your exterior while humidity levels create an environment that’s conducive to the formation of mold and mildew.
• General condition – Infrequent home maintenance is just as bad as doing no maintenance at all. Your home will need a lot more maintenance work – and quite possibly some repairs as well – if it wasn’t properly maintained.

For a more accurate estimate, you can consult an experienced contractor.

Handyman Connection® of Grapevine,a contractor with more than 25 years’ worth of experience, offers a wide range of professional home improvement services. To request an estimate, call us at (817) 527-3600, or fill out our form here.