Expected Maintenance Costs: Build It into Your Budget

As a homeowner, you should expect to spend one percent of the purchase price of your home every year to handle a variety of maintenance tasks, including painting, tree trimming, repairing gutters, caulking windows, and routine system repairs and maintenance. An older home will usually require more maintenance, although a lot will depend on how well it has been maintained over the years.

Tell yourself that the upkeep of your home is mandatory, and budget accordingly. Otherwise, your home’s value will suffer if you allow it to fall into a state of disrepair. Keep in mind that there is usually a direct link between a property’s condition and its market value. The better its condition, the more a buyer will likely pay for it down the road.

Also, adopt the attitude that the cost of good home maintenance is usually minor compared to what it would cost to remedy a situation that you allowed to get out of hand. For example, unclogging and sealing gutters may cost a few hundred dollars-but repairing damage to a corner of your home where gutters have leaked can potentially cost several thousands dollars.

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