Budget For Home Maintenance And Upgrades
It’s not always easy to set a budget for home maintenance. That you should save annually for repairs to your home. But there are a few basic fundamental rules that can help you create a budget. To take care of your home.
How To Create A Budget For Home Maintenance
There are two common rules – of – thumbs in terms of budgeting for home repairs and maintenance. And it depends on the size of your home. The rule of budgeting for home maintenance is to set aside one dollar per square foot of your home. Then use that money for annual maintenance, upgrades and repairs.
This way you can behave in a way that you can budget for the maintenance of your home. Part of this budget should also take into account what needs to be tackled. Whatever could arise or is planned in the coming months and years, as well as the annual maintenance costs.
For instance, if the square footage of your home is 3,000 square feet. You can set aside $3,000 a year for repairs and maintenance of your home. Saving $250 a month towards this annual amount would be adequate.
Another way to budget for home maintenance is by percentage. As a rule of thumb, set aside 1% of the purchase price of your home each year for ongoing maintenance.
Putting aside money for home repair and maintenance. Helps you avoid having to resort to your emergency fund. Which should be used only for emergencies that you know will happen at some point.
There is no single one size fits all amount that helps homeowners finance their maintenance costs. But by taking the preceding considerations into account. You get a general idea of what you could spend each year.
In Conclusion
While there is no way to budget for the right amount should the need for an urgent repair come up. The best thing that you can do is to be prepared. Use these budgeting tips to help you create a repair and maintenance fund to help keep your home looking good and operating as it should.
