{"id":1778,"date":"2021-11-16T10:00:39","date_gmt":"2021-11-16T10:00:39","guid":{"rendered":"https:\/\/www.discoveryhomes.com\/blog\/?p=1778"},"modified":"2025-02-19T18:11:36","modified_gmt":"2025-02-20T01:11:36","slug":"how-much-should-you-budget-for-home-maintenance","status":"publish","type":"post","link":"https:\/\/www.discoveryhomes.com\/blog\/how-much-should-you-budget-for-home-maintenance\/","title":{"rendered":"How Much Should You Budget for Home Maintenance"},"content":{"rendered":"\n

Homeownership involves more than just paying the mortgage\neach month. Unlike renters, homeowners are responsible for handling repairs and\nevery homeowner knows that maintenance costs can add up quickly!<\/p>\n\n\n\n

But how do you know how much you should set aside to cover\nmaintenance costs? Here are some ways you can calculate your ideal home\nmaintenance budget.<\/p>\n\n\n\n

Importance of home maintenance<\/h3>\n\n\n\n

Maintaining your home can feel like a never-ending task list\nbut staying on top of these tasks is worth your time and effort. Routine home\nmaintenance is the best way to keep your home running efficiently and save\nmoney. It allows you the chance to address small repairs before they turn into\nmajor and expensive issues. Staying up to date on your home maintenance increases\nyour home\u2019s value, improves the living experience, and keeps your home safe.<\/p>\n\n\n\n

How home maintenance funds help<\/h3>\n\n\n\n

Planning for home maintenance costs is a smart move. While\nyou won\u2019t need to dip into your savings every month, you\u2019ll have a reserve\navailable for big-ticket repairs. This will eliminate the stress and worry\nthat\u2019s common with unexpected problems.<\/p>\n\n\n\n

Factors that affect home maintenance<\/h3>\n\n\n\n

There are a few important factors that impact your average\nmonthly maintenance costs. Here are a few key factors:<\/p>\n\n\n\n

Location of home: <\/strong>the home\u2019s physical location within\na given region. Is your home located at the bottom of a\nhill? You could face drainage and flooding issues. If you\u2019re near\nwaterways, mold could be a factor.<\/p>\n\n\n\n

Age and condition of home: <\/strong>as your home ages, you\u2019ll\nneed to do more upkeep and repairs to maintain its condition. Newly built homes\n(0-10 years) will require less work compared to those built 30 to 40 years ago.\n<\/p>\n\n\n\n

Local climate: <\/strong>weather can have a big impact on your\nhome. Thankfully temperatures in Northern California remain fairly moderate\nyear-round. Cold weather, especially freezing temperatures, can affect a home\u2019s\nstructure \u2013 pipes are more likely to burst in freezing temperatures. Likewise, coastal\nareas and humid regions often experience mold and mildew.<\/p>\n\n\n\n

Calculating how much to budget for home maintenance<\/h3>\n\n\n\n

So how much should you budget for home maintenance costs?\nThere are a few rules of thumb you can use as a guide for planning your\nmaintenance budget:<\/p>\n\n\n\n

The 1% Rule: <\/strong>this is the simplest method to remember. In short, this rule recommends saving between 1-3% of the purchase price. This percentage range depends on the age of your home; the older it is, the higher the percentage should be. For a $500,000 home, this works out to $5,000 per year or $417 per month.<\/p>\n\n\n\n

The Square-Footage Rule:<\/strong> the square-footage rule is a helpful way for estimating maintenance costs that also works for new construction homes. This rule recommends budgeting $1 for every square foot of livable space each year. In this example, a 2,528 square foot home would need $2,528 for maintenance or about $211 per month.<\/p>\n\n\n\n

The 10% Rule: <\/strong>the 10% Rule recommends budgeting 10% of your main monthly expenses, like mortgage, taxes, and insurance, each month. Suppose you spend a total of $3,500 each month. That would mean you should be prepared to save $350 monthly.<\/p>\n\n\n\n

Remember, these calculations are suggestions and should be\nused as a baseline to customize your own budget. The average maintenance cost\nwill vary based on a number of factors, including the age of the home,\nmaterials used, location of the home, and the\nlocal climate.<\/p>\n\n\n\n

Plan for home maintenance<\/h3>\n\n\n\n

Homeownership is a big responsibility. Most people plan for\nthe obvious costs like the down payment and monthly mortgage payments, but\nunexpected home repairs catch them off-guard. Figuring out how much you should\nbudget to handle repairs and create a savings plan, you\u2019ll be better prepared\nfor what life brings.<\/p>\n\n\n\n

One of the benefits of buying new is enjoying delayed\nmaintenance. Discovery Homes provides a One-Year Fit & Finish Warranty for\nthe basic components and manufactured products in your home. Here are some\nperiodic Home Care Tips<\/a>\nyou can follow to keep your Discovery home in its best shape.<\/p>\n\n\n\n

Discovery Homes builds new homes throughout the Bay Area.\nVisit us at DiscoveryHomes.com<\/a> to\nlearn more about our new home communities, view virtual tours, and more. We\nlook forward to welcoming you home.<\/p>\n","protected":false},"excerpt":{"rendered":"

Homeownership involves more than just paying the mortgage each month….<\/p>\n","protected":false},"author":1,"featured_media":1779,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[287,118,141,299],"class_list":["post-1778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeowner-tips","tag-home-maintenance","tag-homeowner-tips","tag-maintenance","tag-maintenance-tips"],"yoast_head":"\nHow Much Should You Budget for Home Maintenance - Discovery Homes Blog<\/title>\n<meta name=\"description\" content=\"But how do you know how much you should set aside to cover maintenance costs? 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