Owning a home comes with ongoing responsibilities, and maintenance is one of the most important. Regular upkeep protects your property’s value and prevents small issues from turning into expensive repairs later.
A common rule of thumb is to budget 1 percent of your home’s value per year for maintenance. For example, if your home is worth $900,000, set aside around $9,000 annually. This covers routine items such as HVAC servicing, lawn care, roof repairs, and appliance replacements.
The age and condition of your home play a big role. Newer homes may have minimal maintenance costs early on, while older homes may require more attention. Seasonal upkeep such as cleaning gutters, sealing driveways, and servicing furnaces keeps your home in top condition year-round.
Condos require less hands-on maintenance since common areas are managed by the condo corporation, but owners still pay monthly maintenance fees that fund building upkeep and repairs.
Having an emergency fund for unexpected issues like plumbing leaks or furnace breakdowns is also wise. Proactive maintenance saves money, protects resale value, and ensures your home remains safe and comfortable.
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