A home requires maintenance to make it more livable, safe, and appealing. Hence, you need to have a budget for maintaining your home. Among the things that you need to maintain in your home include painting, plumbing system, electrical system, HVAC, walls, and flooring, among others.
Recognizing how to budget for house maintenance is very important. You may examine the following points on how to create a monthly home maintenance budget:
1. Set aside a percentage of money
You must save money based on the purchase price of your home for home maintenance. Experts stated that if your home is less than five years old, you may save around 1% of the purchase price of your house. Meanwhile, if your house is between 5 and 25 years old you may set aside around 1 to 4 % of the price of your home. For example, if you purchase your house for $400,000 then you must save around $4,000 to $16,000 each year. This may amount to $333.33 to $1,333.33 each month.
2. Get a home maintenance plan
The home maintenance plan is ideal for saving money for home repair and replacement. There are some home repair companies that offer around $50 to $100 each month. Besides, it will ensure a home repair service for your damage plumbing and electrical system including your appliances. One such service is the Yeobuild HomeUnited Maintenance Plan, which is a repair service subscription at an affordable price. This plan allows you to call them to fix your damage home systems and appliances. It comes with an Econ Plan and Super Plan that can be purchased in full or monthly installment. You can even have free labour cost for minor repairs for the Econ Plan. And free major and minor repairs for the Super Plan. With these home maintenance plans, you can keep money more and use it for other functions.
3. Do some DIY projects
Doing some home projects by yourself is impressive as well as you can save money a lot. These DIY home projects include repainting your wall, ceiling or your furniture, installing lights, replacing broken tiles in the bathroom or living area, and replacing damaged glass window panes. You can also install wallpaper and laminated and hardwood flooring by yourself. However, most plumbing and electrical damages must be fixed by reliable professionals to avoid more damages and surge of damage cost.
4. Opt for discounted materials
If you need equipment and materials for your home or any damaged system or parts of appliances, you look for discounted items. You must buy during sales of any local hardware in your community. All you need do is pay the labor of the repairman or the contractor. If you can do the project, you can save more.
5. Determine the lifespan of the home system and appliances
To prepare the right budget for your home maintenance, you must know the lifespan of some parts of your home including your home appliances. In this way, you will know when to engage a contractor or an experienced repairman. The following are some of the home appliances and parts of your home and their lifespan:
- Plumbing system (drain pipes) – 50 to 70 years
- Circuit breaker- 25 to 40 years
- Copper electrical wiring- 100 years
- Roof- 20 to 25 years
- Fridge – 20 years
- Cooker – 18 years
- Heating system – 25 years
- Freezer – 20 years
- Washing Machine- 13 years
- Central air conditioner- 12 years
- Water heater- 13 years
- Clothes dryer- 18 years
- Dishwasher – 12 years
6. Conserve energy and water
The utilities that you have to pay monthly include electric and water. For this reason, you have to save energy and water so as for you to keep the money for home maintenance. To conserve energy, you must use appliances that are energy efficient. Also, take into account replacing your old bulbs with LED lightings that are energy and cost saving. For conserving water, make sure that you do not have fixture and plumbing leaks. In one case, you have plumbing leaks, you call a reliable plumber right away to fix the damages. Also, make sure that you turn off all your appliances, and lightings when not in use. You must also close tightly your fixtures including water tap to prevent leaks and save water.
Home maintenance is a must thing to do and you must set a budget for it. Indeed, saving for the home maintenance budget is light and will not be a burden to you if you do the above ways.