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How Much Should You Budget for Home Maintenance?

The Importance of Home Maintenance

Of course, you want your home to look nice. Balancing that ideal with your finances can be another story. That is why a solid budget is so important when it comes to managing house maintenance costs. If you have put aside cash to spend on upcoming projects — and saved up with every paycheck — you will likely have the ability to get the work done.

What Is Included in Home Maintenance Costs?

By saving a certain percentage of your home’s value every year, you will have a reserve for big-ticket items when the time comes to make a major purchase. Because appliances will eventually need replacing, and sooner or later the roof will need replacing, having that savings in place can make a big difference. You’ll be better prepared for unexpected issues as well.

What Impacts Your Average Monthly Home Maintenance Costs?

Home condition. Homeowners who take pride in their home and do what they can to keep it impeccable benefit in many ways. They may spend a bit more up front, but their yearly home maintenance costs are more predictable as a result. When older homes have been well-maintained, they typically have furnaces that last longer, too.

How old your home is. Older homes will require more upkeep and repair than newer ones. Hiring professionals to check on your appliances and systems regularly reduces the average amount of money you will spend to maintain your home. Homes built 30 to 40 years ago usually require more money spent to maintain than homes built within the last decade.

How Weather Impacts Your Home Repair Budget

The winters in South Carolina can quickly accelerate home maintenance expenses. Physical stresses on your home like temperature changes, ice and snow can impact your home’s structure. If insulation around your home’s foundation is lacking, pipes are more likely to burst in frigid temperatures. If your gutters aren’t cleaned out after the leaves have fallen, they are more likely to create ice dams.

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