Budgeting For Home Maintenance

Most homeowners will need to spend 1 to 2 percent of what they paid for their home every year for routine maintenance projects. Homeowners really want to maintain their property, so it is very important to plan for the annual checkups as well as the things that can happen unexpectedly. There are a few things you will need to do in order to accomplish this including:

  • You will want to build a reserve. Just put aside 1 percent to 3 percent of your home’s purchase price every year. Do this in a separate savings account that will be used only for your home maintenance and repair needs.
  • You will need to assess your needs. Decide which projects are the most important to you and make sure to work within your budget. You will need to increase your budget for bigger things that need to be done.
  • Try to save energy costs. You can lower gas and electricity costs many ways. One thing that is worth investing in is energy-efficient appliances and light bulbs. This small change will help a lot.
  • If there is anything toy can do yourself, do it. Whatever you feel comfortable enough to do, just go ahead and repair it. You do not always need a professional.
  • Last you need to smartly use your credit. Always save money first. Try to avoid opening new credit cards or getting loans.