Homeowners spend up to $6,000 on average in repairs and maintenance

Homeownership comes with its own ups and downs. One of the downsides of homeownership most of us don’t enjoy are the repairs and maintenance costs. According to one report, last year homeowners spent on average $6000 on repairs and maintenance. 

While some of the costs may be unpredictable, there are some things you can do to help mitigate …..

1. 1% to 3% Rule - As a rental home owner, aim to set aside at least 1% to 3% of the home value to cover for repairs, maintenance and improvements annually. So if you own a $400,000 home, we suggest that you keep aside approximately $4,000 to $12,000 for repairs, maintenance and improvements. The older the home the higher the expense will be. Also if you have a tenant in the property for 10 years and they moved out and the home is dated, you can expect to spent about $12,000 in painting, flooring, new light fixtures, countertops to bring the property to today’s rent-ready condition. 
2. Maintenance is Savings - Regular preventative maintenance can help to reduce some of the unexpected repairs. Especially if you have an older home, regular maintenance can help in protecting your investment. One survey of homeowners indicated that most unexpected expenses could have been prevented with regular maintenance. For example it's better to check on the roof to make sure you don’t see missing or curled shingles that could be repaired before a leak into the house occurs. Deferred preventative maintenance of the roof can lead to extensive water damage. 
3. Service systems - It's good to do regular maintenance on HVAC systems. Most furnaces today have an average lifespan of 20 years and hot water tanks have an average lifespan of 13 years. Its worth getting furnaces cleaned and maintained on a regular basis. Most appliances today are not built to last. In rental properties we recommend you to get the basic appliance that can be easily repaired and not too expensive to replace. 

Unexpected expenses are never good and can bring lots of worry and stress. Taking a proactive approach to home care can save not just money but time and anxiety as well.