Maintaining the home can be pricey but it’s something we often overlook when we’re writing out our monthly or yearly budget. Home maintenance tasks often pop up when you least expect them, so aside from having emergency funds in your back pocket, what can you do to save money on home maintenance costs?
Make a Budget for Home Repairs
Of course, your home’s condition, location etc. will affect your budget. A popular rule of thumb is that one per cent of the purchase price of your house should be saved each year for ongoing maintenance tasks. If your home cost $500,000, then you should factor in $5,000 per year for maintenance costs. Obviously, that doesn’t mean you need to spend that much each year but over a long time span, this is what it’s likely to cost. Some years you’ll spend far more, while others much less. But keep it in the kitty for when the inevitable happens and you need to replace your roof or pipes.
Do It Yourself
When you want to save money on home maintenance, the easiest way is to DIY whatever you can. There are countless DIY blogs, YouTube channels, etc. to follow to maintain some of the easier and often pricey repairs yourself, including cleaning your gutters, resealing drafty windows, painting exteriors, simple plumbing and air conditioner tasks. Of course, this does not mean to try and undertake every repair job yourself. A botched repair job could end up being a costly mistake if all goes wrong when not only will you need to get someone in to fix what was broken in the first place, but also fix the damage you caused. Only attempt easier repairs at first. You’ll learn along the way and likely be able to start DIYing harder tasks soon.
Of course, from time to time, even when trying to save money on home maintenance you will need to shop and buy new things for your home. This includes decorating costs etc. as well as upkeep costs. Always shop around and buy quality goods when buying tools or other items to help repair your home. In your home maintenance budget you should also factor in interior decorating costs, including paint, carpeting, furniture items etc. While you should always shop around, a good idea is to buy second-hand whenever possible to reduce costs and maintain your budget.
Do It Now
Home maintenance tasks shouldn’t be put off for a rainy day. Many repair jobs are small and easy to fix in the beginning, but over time can turn into ugly repair jobs with hefty price tags. According to Get Rich Slowly’s, JD Roth, every dollar spent on home maintenance can help you avoid up to one hundred dollars’ worth of repairs later. Similarly, JD’s home inspector, agrees that homeowners could have avoided thousands of dollars’ worth of damage with only ten dollars and a few minutes of time. Start working on your home maintenance tasks right now, to avoid future costs.
Subscribe to get the free Master Your Money course!
Join the free email course and finally learn how to manage your money better, pay off debt, save more money, and reach financial freedom. Get our newsletter and get access to the freebie: