What Does It Cost To Maintain A Home?
You’ve saved for a down payment and you’re ready to start looking for a home to buy, but have you also calculated the costs of maintaining your new home? Here are a few expenses to keep in mind when setting your annual budget.
Trash collection. If your city does not provide collection service you’ll need to hire a waste management company. Average cost is $20 - $40 a month.
Gardener. If you have a black thumb, or just don’t have the time or desire to do your own landscape maintenance, a gardener will cost $50 - $100 for an average size suburban yard, 2 visits a month. Large trees may need trimming every 3-5 years by a trained arborist.
Security system. Installing a security system will save you money on your homeowner’s insurance. Monthly monitoring fee is $40 - $60.
Furnace and AC. Your heating and cooling system should be serviced once a year at a cost of roughly $160. The AC unit will last about 7 – 10 years, and the furnace slightly longer. Cost to replace both is roughly $4,500.
Hot Water Heater. These units generally last about 12 years and cost about $1,200 to replace. Tankless models cost about $4,000 but last up to 20 years.
Roof. Your roof will last 25-30 years, depending on the type of roof and how much sun, rain, ice and snow it is exposed to. A tile roof on a 3000 square foot home will cost $13,000.
Painting. A fresh coat of exterior paint will be needed every 10 years at a cost of $3,000. Interior paint may last slightly longer if walls and woodwork are kept clean. Cost to re-paint the interior is about the same.
Chimney. Depending on how much use your chimney gets, and if it is also venting the furnace and hot water heater, it should be inspected and cleaned approximately once a year at a cost of $400.
Driveway. If your home has an asphalt driveway it should be sealed every 3 years at a cost of $550. The driveway will last about 15 years. Cost to replace is $6,000.
Pool. An in-ground pool will boost your electric bill about $40-$60 a month, depending on how much you run the pump and filter. If you use a pool maintenance service it will run about $85 a month. Chemicals alone cost approximately $250 annually.
Obviously, all of these costs will vary according to the age, size and location of your home, but I think it’s a good reminder that homeowners should save and plan for the big ticket repairs and the month-to-month maintenance. Also, know when to call a professional. It’s nice to save money but you don’t want your home to scream DIY! Figures are courtesy of First Tuesday Journal.