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Painting a wall
Don't let home repairs sneak up on you.
posted in: Financial Wellness
by Jenna Allen

Budgeting for home repairs

If you're a homeowner, then you know that home repairs cannot be avoided. However, some repairs can be quite expensive. Here are some budgeting tips to make these fixes more affordable.

  • Home repairs can be predicted and planned for. Every major life appliance has a life span. Your roof and air conditioner may need to be replaced every 20 years. Your furnace and dishwasher may only last ten. If you know these items will need to be replaced in the next few years, you should start saving today so you're not taken by surprise when they stop working.
  • Perform regular maintenance each month. Be sure to replace or clean your heating/cooling air filters frequently, check your water heater for leaks and corrosion, and paint and repair windowsills and frames as necessary. By keeping up with your home maintenance, you can keep small problems from turning into big ones and save yourself money in the long run.
  • Set money aside. Typically, you will spend 1-3% of your home's purchase price on annual maintenance and repairs. For example, on a $350,000 home, set aside at least $3,500 annually, or $290 a month.

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