So, you've just become a new homeowner, or you're thinking of becoming one..... now, what is it going to cost to maintain it?
First, there's the one per cent rule, which claims that normal maintenance on a home is about one per cent of the value of the home per year. This means that a $250,000 home would cost about $2,500 per year to maintain. This would cover normal replacement of worn out components such as a failed water tank one year, roof repair another year, and the furnace the next.
Then there's the three per cent rule; some experts say that home buyers should plan on spending three per cent of the value of the home in the first year. This is because new homeowners will likely purchase blinds and/or drapes, change some or all of the decor and maybe buy some appliances.
A Home Inspection (before you buy) will give you an idea of what is wearing out and what will last for a while. For example, because the high efficiency furnace was installed a just a year ago, you likely won't be buying a new furnace for at least 15 years, since they last, on average, 15-20 years. Or you know the shingles have never been replaced, they're looking a little rough and the house is 18 years old; count on getting up on the roof (or hiring someone) in the next year or so. Asphalt shingles last approximately 12 -20 years. This is not a reason to not buy the house, not a defect, just a something to be aware of.
Here are the typical life cycles of the most common home components:
- Furnace > 15-20 years
- Air conditioning system > 12-15 years
- Water tank > 12 years
- Sink garbage disposal > 10 years
- Appliances > 12-20 years (varies substantially)
- Asphalt shingles > 12 - 20 years
- High-end asphalt shingles > 20-30 years
- Cedar shingles > 20-35 years
- Garage door opener > 10-15 years
Care and maintenance is the key. Generally anything will last longer if it is not abused, kept clean and dry, and used only for the purpose it was intended.
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