Managing your home maintenance on a budget can be challenging. But it’s vital to do so, since neglecting your home’s care can cost you big bucks in the long run.
It’s recommended that homeowners tuck away between 1% and 4% of their home’s value for repair expenses. With some thoughtful planning and clever strategies, it’s entirely possible to manage your home maintenance without draining your finances. Having a home warranty can also reduce costs and save you money. Keep in mind that homeowner insurance vs home warranty is something many homeowners confuse, so be sure to check what each offers.
Create a Maintenance Checklist
Home maintenance costs can be costly, but it’s also essential to plan ahead. A commonly cited rule is to save between 1 and 4 percent of your home’s value annually for repairs and maintenance.
To help keep costs low, consider creating a maintenance checklist. Checklists provide consistency and can make assessing the success of a preventive maintenance program much easier. Plus, they can help to cut costs by making the job easier for technicians.
Prioritize Your Tasks
Managing your home maintenance can feel like a never-ending task. But, it doesn’t have to be. With proper planning and smart strategies, you can keep your home in great condition without draining your bank account.
One of the biggest mistakes that homeowners make is neglecting routine tasks. This can lead to bigger repairs in the future and increase your utility bills.
To avoid this, it’s important to prioritize your tasks based on their level of importance. For example, you should prioritize cleaning your gutters over repairing a water leak.
Invest in Energy-Efficient Appliances
Replacing appliances with energy-efficient models can help you save hundreds of dollars per year on your energy bills. Look for the Energy Star label or ask vendors about estimated yearly energy consumption and savings before making a purchase.
Investing in routine maintenance tasks such as yearly gutter cleaning or an HVAC tune-up can reduce repairs and replacement costs in the long run. Additionally, you can use online resources to estimate the lifespan of various home systems and appliances so you know when it’s time for a replacement.
Check out our appliance buying guide to learn more about selecting an efficient model. Also, consider asking your local retailers about rebates and low-interest financing options.
Keep a Supply of Basic Supplies
Homeowners need to save for routine maintenance as well as unexpected repairs, which can cost hundreds if not thousands of dollars — for example, a broken furnace or frozen pipes. In many cases, such costly surprises could have been prevented with a little planning and regular maintenance.
A widely cited rule of thumb is to set aside one to two percent of a home’s value each year to cover repair and replacement costs. While that may seem high, it is important to make small contributions often in order to build up a safety net.
Take a Do-It-Yourself Approach
A large portion of a homeowner’s budget goes toward home maintenance, and preparing for annual costs early will help you avoid expensive and unexpected repair bills in the future. Rather than setting aside thousands at once, try tucking away a few hundred dollars each month to build up your savings.
It’s important to note, though, that while many little tasks can be done on your own, some are best left to professionals. If a job could cost you exponentially more, lead to severe injury or damage to your home, or otherwise be unsafe, don’t attempt it yourself.
Hire Professionals for Complex Tasks
When it comes to complex repairs, a DIY approach can be risky. If you don’t have the proper skills or experience, you could injure yourself or worsen the problem. Professionals, on the other hand, have extensive knowledge, training, access to specialized tools, and compliance with regulations.
Hiring professionals can also save you time and stress. They will handle the task for you and often provide warranties or guarantees.
One of the best ways to keep your home in top shape without breaking the bank is to make regular contributions to a savings or maintenance fund. That way, you can pay for unexpected expenses without going into debt or putting yourself at financial risk.
Set a Budget
Whether you’re a new homeowner or settled into your home, it’s always a good idea to start saving on a regular basis. This will help you avoid the stress that comes with unexpected costs while also helping you keep your home in good shape.
The general rule of thumb is to save 1% to 4% of your home’s value each year for maintenance expenses, including repair and replacement costs. This number may vary based on your specific home’s age and other factors.
Keeping these practical tips in mind, you can easily manage your home maintenance on a budget.