Milvionne Chery Copeland, Writer
@milvionne_copeland
You should budget 1% - 4% of your home’s value for maintenance every year. That means if your house is valued at $400,000, you should save $4,000 to $16,000 per year for things like lawn care, home upgrades, and emergency repairs for plumbing or electrical issues.
Other methods to determine how much to budget for home maintenance include the square footage rule and the 10% rule.
- Square footage rule:This rule requires you to save a dollar for every square foot of your home. So, if your house is 2,500 square feet, you’ll set aside $2,500 per year for maintenance.
- 10% rule:This involves you setting aside 10% of what you spend on your mortgage, property taxes, and home insurance for home maintenance. For example, if your mortgage is $2,000 a month, your property taxes are $300 per month, and your home insurance is $250 per month, you’ll need to save $255 per month or $3,060 per year for home maintenance.
You can use WalletHub’s budgeting tools to figure out how much you can budget for your home maintenance costs, along with your other living expenses, and then track your performance over time.
Average Cost of Home Maintenance
To figure out how much to budget to maintain your home, it’s a good idea to look at some typical upkeep costs and how often you can expect to pay them.
| Task | Frequency | Cost |
| AC tune-up | 1 to 2 times a year | $70 - $200 |
| Landscaping | Monthly | $100 - $300 |
| Exterior house painting | Once every 5 to 10 years | $1,900 - $6,900 |
| Roof replacement | Once every 15 to 20 years | $5,700 - $16,000 |
| Water heater replacement | Once every 8 to 20 years | $600 - $5,600 |
| HVAC system replacement | Once every 15 to 25 years | $5,000 - $16,000 |
*Source: HomeGuide
How to Save on Home Maintenance Costs
Don’t skip routine maintenance. Doing routine maintenance can save you money since you may be able to catch minor issues early before they become bigger and more expensive problems. Performing maintenance regularly also elongates the life of your household systems.
Get multiple quotes. Comparing quotes from several companies lets you see which one provides the most comprehensive service at the cheapest cost. For example, one lawn care company may charge you $150 a month to just cut your lawn, while another company may also include spraying for weeds for the same price.
Factor in warranties. Many appliances and home systems, such as your HVAC unit, come with a manufacturer’s warranty that will cover repairs or replacement due to defective parts or poor workmanship. These warranties typically are effective from the purchase date of the appliance or system and can be valid for a few months to several years.
Go DIY. You can save on the cost of labor for certain tasks, like cleaning the gutters and landscaping, if you do it yourself. However, there are some tasks, like wiring electrical or replacing the HVAC system, which may be better suited for licensed professionals.
For more information, check out WalletHub’s guides on budgeting and the best ways to save money.
People also ask
What are the benefits of budgeting?
The benefits of budgeting include helping you avoid overspending, minimizing debt, having a plan for emergencies, and making progress toward retirement. Having a budget can also lead to credit score improvement and increase your overall financial knowledge.
We’ll detail some more benefits of budgeting below. You can also check out WalletHub’s budgeting tools to see the benefits first-hand.
7 Benefits of Budgeting
Helps prevent overspending.
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read full answer by Milvionne Chery Copeland, WriterWhat are the best ways to save money on a tight budget?
Some of the best ways to save money on a tight budget include avoiding impulse buys, using free budgeting tools, comparison shopping, negotiating bills and automating your saving. These steps prevent you from paying more than you have to and help you save money for more important things.
Best Ways to Save Money on a Tight Budget
1. Avoid impulse purchases
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read full answer by Milvionne Chery Copeland, WriterHow do I budget for non-recurring expenses?
To budget for non-recurring expenses, make a list of all your expenses that don’t occur monthly (such as gifts, travel, and home repairs), add up what you spent on them in the past year, and divide the amount by 12. This is roughly the amount you will need to save each month to cover non-recurring expenses for the year.
How to Budget for Non-Recurring Expenses
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read full answer by Milvionne Chery Copeland, WriterDid we answer your question?
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