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.
May To Do List
Outside Your Home:
- Apply preservative sealer to deck
- Wash and clean window sills
- Check exterior drainage
- Clean gutters
- Have air conditioning unit serviced
- Repair/replace damaged window screens
- Check tress for interference with power lines
- Inspect roofing for damage or leaks
- Pressure wash exterior
- Clean and set up exterior furniture
- Touch up peeling or worn paint
Inside Your Home:
- Test garage door opener
- Test all GFCI (ground fault circuit interrupter) outlets
- Vacuum the refrigerator coils underneath the appliance
- Clean garbage disposal
- Check for leaks on supply lines to sinks and toilets
- Seal grout
Did I miss any maintenance tasks for May? Please share your tips in the comments.