How to estimate maintenace costs on a home

Here is some food for thought.

I'm always in search of the "Perfect House", and as an experienced Home Inspector I haven't found one yet.

Every home has something to report.

So, since perfection is not an option, what should you expect?

I use the 1% RULE
When you consider the life cycle of every component of a house, a reasonable yearly estimate of normal maintenance costs are about 1% of the value of the home.

•·         One year you may replace the furnace;

•·         A few years down the road you may re-surface the roof.

•·         Throw in the odd unexpected repair in between and you average 1% per year.

It's incredible but this rule is not far off even for very expensive and very inexpensive houses.

NORMAL MAINTENANCE
If you strip away the cosmetics, a house is made up of the structure, roof, exterior envelope and the "systems" of the house. The "systems" are things like heating, plumbing, electrical and cooling.

All components and systems eventually wear out. Thankfully not all at the same time.

Different components have different life cycles. Houses tend to settle into what you might call a "normal maintenance patterns".

WHAT'S THE MESSAGE HERE?
A homebuyer should arrive at the home inspection with realistic expectations. If you are buying a 12-15 year old home, let's face it, you may need a new roof covering. If you are buying a 60 year old home, you may have to update some plumbing or electrical.

"Don't let that scare you away from a perfectly good home. Even if components are at the end of their serviceable life span they may well be performing just fine"   

SO, HOW LONG DOES IT LAST?
Here is a short list of typical life cycles of the most common components of the home.

Please keep in mind as always, there will be exceptions in every category.

I hope this helped.
Matt~