You’re officially a homeowner and now have a personal interest in maintaining your investment. You’ll want to plan for routine maintenance with annual checkups, as well as unexpected expenses such as a broken appliance or leaky pipes. Make a list of routine maintenance tasks for yourself to inspect or a professional when needed, and establish a separate home repair savings account.
Try these tips for starting a home repair budget:
- Build a reserve. A recent HGTV article recommended setting aside 1 percent to 3 percent of your home purchase price each year into a specific Home Repair savings account. For example, if your home costs $300,000, set aside at least $3,000 each year through one large deposit or by spreading it our monthly.
- Plan for the future. The average lifespan of an AC unit is 12-15 years so if you know your AC unit is beginning to age, increase your reserve early to help pay for a new unit when it becomes time. Know the average life span of your furnace, ac unit, roof, windows, and appliances.
- Prioritize projects. Determine what may be necessary repairs and what is a personal cosmetic update. If you’re looking to renovate a bathroom or kitchen be sure to create a separate account or increase your contribution to your Home Repair Budget.
- Be your own handyman. If you’re comfortable with a toolbelt and drill consider making minor repairs or renovations yourself.
Call 208.893.5555 to be matched with a NextHome agent to guide you through your home purchase or selling experience.