How to Budget for Home Maintenance: What to Expect as a Homeowner
Buying a home is exciting, but it’s not just about your mortgage payments. Once you own your home, there are ongoing costs that come with keeping everything in tip-top shape. From fixing leaks to regular cleanings, home maintenance is part of the package.
Let’s break down what you need to budget for to keep your home running smoothly and avoid any unexpected surprises down the line.
1. General Maintenance (Annual Inspections & Small Repairs)
Every year, it’s a good idea to have professionals take a look at things like your heating system, air conditioning, plumbing, and roof. Inspections may cost a few hundred dollars, but they’ll save you much more in repairs later. It’s also smart to budget for small repairs—like fixing a leaky faucet or patching up drywall—as these will pop up now and then.
Estimated budget: Around $500-$1,000 per year, depending on your home's size and age.
2. Lawn Care & Landscaping
If you’ve got a yard, keeping it looking good requires regular attention. From mowing the lawn to fertilizing and trimming bushes, you’ll need to either hire professionals or DIY. Landscaping services typically charge between $40-$100 per visit, or you can handle it yourself if you enjoy outdoor work.
Estimated budget: Around $1,000-$2,000 per year for lawn care and landscaping, depending on your yard’s size and maintenance frequency.
3. Home Systems & Appliances
Over time, appliances and home systems like water heaters, HVAC units, and fridges will need repairs or even replacements. Appliance breakdowns can happen unexpectedly, so it’s crucial to have a fund set aside for these big-ticket repairs.
Estimated budget: Set aside around $300-$600 per year for small appliance repairs or larger replacements down the line.
4. Emergency Repairs & Unexpected Costs
Sometimes, no matter how much you plan, the unexpected happens—like a burst pipe, an electrical issue, or a broken appliance. Having an emergency fund of at least $1,000-$2,000 will give you peace of mind knowing you can cover these surprise costs without going into debt.
5. Exterior Maintenance
Things like pressure washing your home’s exterior, cleaning out gutters, and repainting (every few years) all require maintenance. Regular upkeep helps prevent costly damage to your home’s exterior.
Estimated budget: Plan to spend about $300-$500 per year on exterior upkeep.
6. Renovations & Upgrades
While these aren’t yearly costs, renovations can add value to your home and improve your comfort. Kitchen remodels, bathroom upgrades, and even flooring replacement can range from a few thousand dollars to much more.
Estimated budget: You should set aside at least 5-10% of your home’s value each year for future renovations and upgrades. This is a long-term goal but will help when you decide to renovate.
7. Pest Control & Prevention
Don’t forget about the pests! Regular pest control services or DIY measures (like sealing cracks and checking for infestations) can save you from much bigger problems later on.
Estimated budget: Expect to spend around $200-$500 annually for pest control services or treatments.
How Much Should You Budget?
As a general rule of thumb, many homeowners recommend budgeting around 1-3% of your home’s value annually for maintenance costs. For example, if your home is worth $400,000, you should set aside about $4,000 per year for maintenance.
Home maintenance might seem like a lot of work (and money), but keeping your home in great condition is well worth the investment. By planning for regular upkeep and setting aside funds for unexpected repairs, you’ll ensure that your home stays comfortable and valuable for years to come.
Need help navigating homeownership? Whether you're buying your first home or your next one, I’m here to help! Let’s chat about how to keep your dream home in perfect shape.