Oh yes – we still have a few more resolutions to keep up with! It’s still January! Based on the most-common top-ten resolutions gathered by “Time” magazine, USA.gov, and other sources, here is #3 on an inspiring list of home management goals.
3. Get out of debt (budget for improvements)
Creating a yearly budget for home improvement and maintenance helps prevent overspending, and encourages you to put aside money for major replacements — such as new roofing or a kitchen appliance — that come up every few years.
Protect your home finances by knowing how much you’ll probably spend each year. Data from the U.S. Census Bureau says that average annual maintenance and home improvement expenditures are about $3,300 per household. Leading lending institutions agree; HSH Associates and LendingTree.com place average costs of yearly maintenance and upkeep at 1% to 3% of your home’s initial price.
That means the owner of a $250,000 home should budget between $2,500 to $7,500 each year for upkeep and replacements. Have extra at the end of the year? Save it for more costly upkeep and replacement items down the road — you’ll probably need it then.
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