Home maintenance is important both for your safety and comfort but also to protect the investment you’ve made. Skimping on these costs may lead to the depreciation of your home’s value. Proactive maintenance is essential—without it, your home could lose 10% of its value.
Budgeting for Home Maintenance
Many people don’t know how to budget for home maintenance. One popular rule of thumb says that one percent of the purchase price of your home should be set aside each year for ongoing maintenance. For example, if your home cost $200,000, you should budget $2,000 per year for maintenance. It just means that on average, over a span of a long time period (10 years or more), you’ll spend around $2,000 annually, according to this rule of thumb. Some years you’ll spend far more like when you have to replace the roof and some years you’ll spend far less.
Home Warranty Options
If it is the first year of home ownership for you, you may want to consider a home warranty like one from American Home Shield. A few hundred dollars for a warranty at closing could save you thousands if something breaks. It will also give you time to rebuild your savings.
July To Do List
Outside Your Home:
- Maintain lawn growth
- Trim trees, bushes and shrubs
- Weed garden beds
- Spray for ants, insects and wasps
- Test garage door auto-reverse feature
- Organize tools and garden equipment
- Repair and paint / seal fences
- Inspect and repair driveway
Inside Your Home:
- Inspect and change furnace filters, if needed
- Test carbon monoxide and smoke detectors
- Clean garbage disposal
- Check water heater, add salt if needed
- Rotate and flip mattresses
- Inspect entire plumbing system for leaks
- Flush out all interior drains
- Dust refrigerator coils
- Vacuum upholstered furniture and decorative pillows
- Repair any interior wall damage / touch up or re-paint as necessary
Did I miss any maintenance tasks for July? Please share your tips in the comments below.