Whether you’re a new homeowner or have been living in your home for a while, it’s always important to keep up with routine maintenance. This can save you from a big repair bill in the future.
Many experts recommend setting aside 1 to 4 percent of your home’s value each year for repairs and replacements. Having a home warranty will help reduce the overall cost of repairs. If you do not have a system protect home warranty put in place, see if you can still add one to your purchase.
1. Do It Yourself
Home maintenance costs can be expensive, especially when you’re dealing with an unexpected issue. Experts recommend saving between 1% and 4% of your home’s value each year for maintenance costs.
To keep costs low, try to do as many of your home maintenance tasks as possible yourself. This can help you save money on routine projects like refinishing floors or painting.
It can also save you money on more expensive home maintenance tasks, such as cleaning your gutters or vacuuming refrigerator coils. Just be sure to prioritize quality over cost when deciding on DIY projects. It’s better to invest in a well-made tool than to buy a cheaper one that will break down sooner.
2. Schedule Regular Inspections
Although performing and paying for home maintenance may not be as much fun as renovating with the help of HGTV, it’s an important part of being a homeowner. Skipping routine maintenance can backfire, like when a little dry rot turns into a collapsed deck or the dryer vent you forgot to clean catches fire.
Fortunately, you can save money on home maintenance by starting an annual savings plan. A common method is to set aside 1 percent of your home’s value, though experts recommend leaning more toward 4 percent if your house is older. This will give you a cushion to soften the blow of unpredictable expenses like roof replacements or water heater replacements. Getting ahead of these expenses can also help you avoid costly borrowing fees.
3. Look for Sales and Discounts
Many common home repair items are inexpensive and can be purchased at a discount if you shop around. Look for seasonal promotions, clearance sales, and discounts on materials that are in good condition.
Replacing appliances with energy-efficient models can save you money on your utility bills. Using recycled materials for home repairs can also save you money. For example, reusing old towels as rags or purchasing cheap paint can save you money over buying the high-end brand.
Some experts recommend setting aside 1% to 4% of your home’s value each year
for maintenance costs. The money can be saved in a savings account or invested. A home maintenance membership service is another option for homeowners that offers a single-source service provider to take care of all the routine home repairs and chores.
4. Set a Savings Goal
Home maintenance costs can be unpredictable. That’s why it’s important to save money to cover these expenses each year.
The general recommendation is to save between 1% and 4% of your home’s value each year. However, this amount can vary depending on your location, the condition of your home, and other factors.
Whether you’re working on routine tasks, such as cleaning your gutters or scheduling an HVAC tune-up, or more significant repairs, like replacing your roof, it’s important to set a savings goal and stick to it. That way, you won’t be forced to borrow money or use your emergency fund when unexpected expenses arise. You can even set up a separate savings account just for home maintenance expenses to make it easier to stay on track.
5. Hire a Professional
If you aren’t handy or you simply don’t have the time to handle a home maintenance task, hiring a professional is a smart option. They may cost more than doing it yourself, but they will save you money in the long run by preventing costly repairs later.
In addition, many professionals offer seasonal promotions, limited-time offers, and discounts on materials that can help you save even more.