Every homeowner should set aside money for home maintenance. If you’re planning to sell your home, you’ll find well-maintained properties spending less time on the listing. It always attracts buyers since it means they can move in quickly. They also don’t have to pay extra money for repairs. If you’re living there, a home with no issues is safe and healthy. But how much should you set aside for maintenance?
The One Percent Rule
The truth is there’s no exact number for maintenance costs. Many factors can affect them. These include the condition of your home prior to purchase. Experts, though, suggest following the one percent rule. This means you set aside 1 percent of the home’s purchase price for maintenance.
According to Zillow, the average home price in Utah is $247,600. One percent of that is less than $3,000. It’s something most people can afford. But here’s the problem: many maintenance costs are expensive. In fact, homes end up spending a whopping $14,000 a year.
This is because maintenance also covers insurance (e.g., home insurance) and even association fees. These payments help repair or maintain your surroundings. In turn, it keeps your home well maintained as well. These expenses are usually paid per month.
How to Work Out the Budget
The one percent rule is already a good start. It’s better than having no money to pay for AC repairs and other maintenance at all. But as your home ages, increase your budget. Moreover, don’t forget to factor all the other spending related to your home such as insurance and association fees.
It’s also equally important to pay attention to your appliances such as air conditioners. Poor maintenance can shorten its shelf life and increase utility bills. Call an AC repair Utah expert regularly. These people don’t only repair the units but also give you advice to improve its life.