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Home Maintenance Rules You Should Know

By
Real Estate Broker/Owner with Keller Williams Realty

Home Maintenance Rules You Should KnowBuying a home can be a huge financial expense and the expense doesn't stop there.  However, ongoing home maintenance doesn't have to be a huge expense when you do it on a regular basis.  We have some home maintenance rules for homeowners to follow regularly that will help them keep the cost of home maintenance down.

A good rule to follow for normal home maintenance is the 1% rule.  The 1% normal home maintenance rule suggests that you should spend around 1% of the value of the home per year.  For example, a $150,000 home would need $1,500 per year in maintenance. 

There is also the 3% rule, which experts use for home buyers.  This rule suggests that home buyers should plan on spending around 3% of the value of their home within the first year of homeownership.  This rule covers household items such as blinds, drapes, stove, refrigerator, etc.  And, many new homeowners like to customize their new home to their taste.  So that goes in the 3% rule, too.  However, be sure to budget for repairs and other maintenance.

In addition to annual home maintenance and repairs, homeowners must remember that some home components have a limited life cycle.  Although furnaces and water heaters last several years, they will eventually have to be replaced.

Always have a home inspected before buying.  A home inspector will be able to tell you whether the components are still in good condition or if they will need to be replaced soon. 

Sticking to a good home maintenance plan will help you be prepared for large repairs and other big home maintenance items that can be costly.

Comments (5)

William "Bill" and Karen Farragher
EXIT Blue Water Realty, Matawan, NJ 07747 - Matawan, NJ
SFR

Mary & Bill, great info to pass along to customers and clients.  People often forget to budget for maintenance and decorating when buying or selling a home.  I like the 1% and 3% rule.  Thanks for the post.

Jan 11, 2010 08:37 AM
Anthony Stokes-Pereira
Better Homes and Gardens Rand Realty - Nanuet, NY
Realtor

Hi Mary & Bill; Buying a home can be a huge financial expense and the expense doesn't stop there.  However, ongoing home maintenance doesn't have to be a huge expense when you do it on a regular basis.

Jan 25, 2010 11:32 AM
Hans Ziegenbein
@properties - Chicago, IL
Illinois Realtor, Chicago Residential Real Estate

Great info, thank you for the post.

Feb 08, 2010 05:58 AM
Trisha P Realty Group
Realty Executives - Leavenworth, KS
"Holding the Keys to Your Dream Home"

Great info to give my buyers, thanks!

Feb 25, 2010 05:32 AM
Mike Woods
M.S.WOODS REAL ESTATE, LLC - Indianapolis, IN

Great advice, many home buyers are not financially prepared for what might happen to major appliances, HVAC, etc. A thorough inspection is a definite must.

Mar 09, 2010 08:07 AM