Home Maintenance Budget
You sacrificed and saved for years. Finally were able to buy that new home. According to Zillow.com, the average median home value of a home in Arizona is $219,000, which means a 7.8 percent increase over the past year. Since the value is expected to rise by a little over 3 percent, you bought your home at a good time. All of that is a bonus. In addition to having the home you love, you made a good investment. Purchasing the home was just the beginning. Now you have to make sure you protect your investment. One of the things new homeowners often don’t think about is the money needed to keep up with the maintenance on their new home, which is understandable. If you’re like most people, you put every penny you have into the down payment and closing costs. Your next thought was how much you have to pay for the mortgage. If you’re fortunate, your mortgage includes the taxes and insurance. After all, it’s a new home, what type of maintenance could possibly be needed? The answer to that question is perhaps, none right now. However, by next year or maybe even the next few months that will all change. There will be no apartment manager or maintenance man to call like there was when you lived in an apartment or your parents to call, like it was when you lived at home. This is new and exciting time for you. This house belongs to you, as well as all of the home maintenance expenses that come along with it. This is your oasis in the middle of the desert.
Home Maintenance Budget
Some experts recommend that homeowners set aside at least 1 percent to 3 percent of the cost of the home each year to cover expenses for maintenance. That means if you paid $219,000 for you home, then you should set aside between $2190.00 and $6570.00. You can accomplish this by saving between $182.50 and $547.50 each month. That’s a lot of money. Saving that much money might not seem necessary for a new home, but if something major happens you will be glad you did.
Just like the regular maintenance that has to be done on your car to keep it running smoothly, there is regular maintenance that must be done on your home. Some of the home maintenance is things you will be able to do. For example, my roof leaks. Do I need to have it totally replaced? When you find water coming into your home, you need professional repair, for which you will ready if you have the budget for maintenance.
Others will be more extensive and you may have to hire a professional.