How Much will it Cost to Maintain this Home?

By
Real Estate Broker/Owner with House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786

 

We just closed on our first home and wondering how much we should put aside each year for home maintenance or upgrades each year?

 

So glad you are thinking ahead, as you do need to keep up home maintenance to keep your home in good condition.    This can depend heavily on the age of your home!

~ Have furnace and A/C cleaned and serviced

~ Blow out your sprinklers in the fall and possible replacement of sprinkler heads

~ Exterior paint and caulking - usually every 5 years

~ Change the batteries in the smoke alarms & CO detector, and change out smoke alarms every 10 years (there are smoke alarms now that last for 10 years without changing batteries)

~ Seal granite countertops every year

~ Carpet every 8-10 years (depending on how it is maintained)

~ Wood flooring can use screening and sealing every 5-8 years (depending on how it is maintained)

~ Interior paint (baseboards) every 5 years

 

These are just a few items to think about, but there are times the garage door spring breaks when it is the worst timing!     Kitchen appliances will need to be replaced after a few years, and hopefully not all at the same time.    Washer/Dryer also are appliances that don't last forever.    On occasion faucets and toilets need to be repaired/replaced as they age.    Keep an eye out for leaks, as it doesn't take long, and water can do a lot of damage!    Windows are a huge expense, and will push up the budget A LOT!    If you have to have trees cut down and removed, this can be pricey.  Water heaters usually last 12-15 years.

 

A conservative amount per year would be $8,000, but nice to have a cushion for those years it seems like everything is falling apart, and you want to be prepared.    If you are wanting to do upgrades, I would increase this amount to $12K per year or more.   Everything is more expensive nowadays.

 

All remodels and upgrades do not equate to dollars on your bottom line.   It is assumed homeowners will maintain their property, but most kitchen and bath remodels will reap about 60-70% when you sell the home.    Be careful about how much is done on landscaping.   This makes a home desirable, but little will result in your home value.  

 

If you have questions when contemplating a remodel or upgrading, give me a call.

 

Posted by

Joan Cox
Broker/Owner, REALTOR®
House to Home, Inc.

Serving the Denver Metro area including all suburbs


Helping Buyers and Sellers achieve their real estate dreams, one house at a time!

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Comments (42)

Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Hi Joan- excellent post. There's more to buying and owning a home than your mortgage payment. Appliances have a shelf life. I liked Nina Hollander, Broker's recommendation to her buyers..set aside a little each year for these kinds of items. 

Jul 06, 2022 07:55 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I enjoy your perspective here and always like your point of view Joan 🙂

Jul 06, 2022 10:14 PM
Norbert Fabre, MRSA
Indoor Microbial Specialist IMS - Fort Lauderdale, FL
Mold Inspector & Mold Assessor

Hi Joan, great blog post. Thanks for sharing this is something for me to keep in mind as a future homeowner I will make sure I can set aside that money for maintenance and upgrade purposes. 

Jul 07, 2022 05:07 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good advice to share.

I hope you are having a very productive week.

Jul 07, 2022 05:20 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Kathy, I so agree with Nina!

Jul 07, 2022 07:25 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks, Paul! 

Jul 07, 2022 07:26 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Norbert Fabre, MRSA that is a GREAT idea!

Jul 07, 2022 07:26 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks Roy.

Jul 07, 2022 07:26 AM
Larry Brewer - Benchmark Realty llc
Benchmark Realty LLc - Nashville, TN

Hi Joan - This is one of the things that prevent busy people from buying a home. But  I have a contract with a local maintenance provider here that checks out the most common maintenance issues. It cost a few dollars but keeps me on schedule and they know more than I do how to maintain the HVAC system and look for plumbing leaks under the home. 

Jul 07, 2022 09:11 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Larry, I do believe this does stop some buyers from buying a home.   It is easier for someone else to do the maintenance.  But they sure are missing out on lots of equity.

Jul 07, 2022 09:46 AM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Jul 09, 2022 07:48 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Putting money aside to take care of maintenance issues is a smart move!

Jul 10, 2022 05:06 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joan. "You can pay me now or pay me later"! The saying became famous on an oil commercial. It applies to real estate as well. Perform routine maintenance or face a major project! Choose the first one! Enjoy your day.

Jul 10, 2022 05:23 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks for featuring this week Kathy Streib .

Jul 10, 2022 07:21 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Kat, unless you have a pile of cash, and doesn't matter what goes wrong, it is a good idea to stash some cash for maintenance items.

Jul 10, 2022 07:24 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Wayne, you got that right! 

Jul 10, 2022 07:24 AM
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

Great post!  One of my agents actually wrote a business plan for a home maintenance company based on anticipated life cycles costs of a home during his masters program in college.  For example, how long does the paint last (inside and out), roofing, windows, flooring, appliances, HVAC, etc., then projected the costs out on an annualized basis including routine maintenance.  Is was kind of like doing an HOA budget for a single property.  I thought it was genius and a workable business plan for investors and people needing help budgeting.  If you scaled it large enough, you could hire out the work and monetize that too.

Jul 10, 2022 09:23 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jim Paulson that is a good idea, and a great tool for homeowners!

Jul 10, 2022 09:30 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Joan,

I read your post when you first posted and so glad that Kathy Streib featured it in her "ah-ha" moments for the week. Great comments especially the one from Jim Paulson . What an awesome tool for homeowners he should write a post on it!

Jul 11, 2022 02:17 PM
Jim Paulson

Dorie Dillard Austin TX I will reach out to him and see if he still has his work to share.  It truly would make a great business model!

Jul 11, 2022 07:20 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Dorie, I loved what Jim wrote too, and hope he does a separate post!

Jul 12, 2022 06:24 AM