Home maintenance can be costly, but it doesn’t have to be. You can keep costs down by learning how to do it yourself, or finding a contractor you trust to do the work.
The cost of materials and labor varies across the country, so consider your area’s rates when creating your savings plan. The 1% or $1 per square foot rule of thumb can help you get started.
- Look for bargains
Home maintenance costs can be overwhelming for new homeowners. One popular rule of thumb is to budget 1% of your home’s purchase price each year for maintenance expenses. However, that’s not foolproof.
That rule of thumb may be too low for many families. It could leave out things like roof repairs or sewer updates, which can cost several thousand dollars.
Instead, setting aside a portion of your income each month into a dedicated savings account for home maintenance. This can soften the blow when large unexpected costs arise. It can also help you stay on top of maintenance tasks, rather than skipping them entirely. A little dry rot can quickly become a collapsed deck, or an uncleaned dryer vent can cause a fire.
- Do it yourself
If you’re handy and willing to put in some time, doing the work yourself can save you money. Even tasks like snaking your drain or touching up chipped paint are cheaper than hiring a professional to do it for you.
A good rule of thumb is to save 1% of your home’s value for maintenance costs each year. That way, you can keep up with your responsibilities and avoid large-scale repairs down the road.
However, that percentage isn’t right for every situation. For example, if you’re living in a market where homes often increase in value quickly, that 1% may not be realistic for your budget. That’s why some homeowners prefer the square footage rule—which says to save a dollar per square foot of your home for annual repairs.
- Hire a contractor
A good home maintenance strategy includes a budget for routine costs like cleaning gutters, resealing the chimney, or termite inspections. Having money stashed away for these things can help you avoid costly repairs in the future.
It’s also a good idea to get pricing estimates before hiring someone to do a repair. This can help you save money by finding a contractor who is willing to do the work
at your preferred price point.
Finally, it’s important to prioritize your repairs. For example, repairing a leaky roof should take priority over a paint job. It’s best to deal with maintenance issues before they become bigger problems. Putting off repairs can cause additional damage or create safety hazards. Being a homeowner can be expensive, but if you plan carefully and shop around for services, you can save money on your home maintenance expenses.
- Ask for a discount
Homeownership comes with a lot of costs and maintenance bills can add up quickly. Many of these expenses are unexpected and can be a major stressor for homeowners, but with a little planning you can save money on your home maintenance budget.
Performing regular maintenance tasks like cleaning gutters, washing windows, and scheduling furnace inspections can help prevent costly repairs down the road. In fact, for every dollar spent on routine maintenance, up to $100 in repair costs are avoided. Some communities offer discounted or free home maintenance services. Check with your local community service department and local religious organizations to find out what options are available in your area. It’s also worth contacting your local government housing department to learn more about the types of home improvement grants and loans available in your area.
- Ask for referrals
Home maintenance doesn’t have to be a drag on homeowners and families. With a little planning, it can actually save money!
If a project isn’t DIY-friendly, ask for referrals to qualified contractors from friends or neighbors. You can also search for local licensed contractors who are connected to trade organizations or professional associations.
Another smart way to save money is to purchase a comprehensive systems and appliance home warranty. These can help to save on service call fees, hourly labor costs and parts upcharges. You can even find a home management service that includes a personal home manager who will take care of all of your preventive maintenance and repair needs. A system protect home warranty can help with budgeting and is a great way to save money on home maintenance.
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