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.
October To Do List
Outside Your Home:
- Rake leaves and shred to use as mulch or dispose of them based on local guidelines
- Close or install storm windows
- Remove hoses from spigots and drain and store indoors, coiled and flat
- Store outdoor furniture and cushions
- Test snow blower and have it professionally serviced if necessary
- Clean chimney
- Clean garage
Inside Your Home:
- Inspect and change furnace filters, if needed
- Test carbon monoxide and smoke detectors
- Clean garbage disposal
- Check water softener to see if salt is needed
- Check radon system
- Check windows and doors for weather-tightness and install weather stripping where it’s needed
- Have furnace professionally inspected
- If needed, set traps for rodents
- Clean window blinds
- Clean kitchen and bathroom cabinets and throw away outdated food, medicine and cosmetics
- Change the direction of ceiling fans
- Dust / wash air vents
Did I miss any maintenance tasks for October? Please share your tips in the comments below.