![]() ![]() Why the range? As homes get older, notes Bodrozic, more repair costs tend to consume a bigger portion of your overall maintenance costs. Homes between 5 and 25 years old might vary between the 1-4% budget.” If your house is 25 years or older, then 4% is a good number. “If your house is less than five years old, then 1% is the appropriate range. “A good view of annual maintenance and repair budgets for your house is between 1-4% of the purchase price of your house,” says John Bodrozic, cofounder of HomeZada. Of course, you can’t budget a specific amount for every single conceivable problem, says New York City-based real estate analyst Julie Gurner, but it’s still wise to set aside a couple thousand dollars in a specific savings account to cover whatever does come up. Other items on the list, per Hopkins: having your HVAC inspected and cleaned, fixing plumbing leaks, pruning trees, pest treatments, repainting siding to keep moisture, and so on. While it may seem like you shouldn't have to, there are things that you will need to buy-installation of garage door openers, garden hoses, downspout extenders, door mats, furnace filters, refrigerator water filters, light bulbs, extension cords, batteries, cleaning equipment and supplies.” “Start off budgeting 5-10% of your net pay towards a home maintenance fund. “If you've purchased a new home, structural, system, appliance and even landscaping warranties may be in place,” explains Sharon Lang, a real estate agent in Northern Virginia. However, there’s a big difference between big-ticket items often covered under a home warranty, like a furnace or water heater or new roof, and routine home repairs and maintenance. I always recommend you put aside around 2% of your home’s purchase every year in a savings account to deal with routine maintenance issues." “It’s easy to focus on the cost of the home purchase and forget about what needs to be saved for routine home maintenance. “Buying a home is a big investment,” says Des Moines-based realtor Sara Hopkins.
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