Home Maintenance: Budgeting for Peace of Mind

Home maintenance is a phrase that may not excite, but it is an essential aspect of homeownership. Neglecting maintenance, repairs, and improvements can lead to unexpected expenses. This is why it's crucial to include home maintenance in your budget and set aside funds for an important.

Finding the Right Amount

Experts recommend setting aside between 1% and 3% of your home's value for maintenance and repairs. The exact amount will depend on various factors, including your home's age and location. Older homes often require more significant investments. To be on the safe side, consider saving more than the minimum recommended amount. If you ended up budgeting more than you need each year, you can adjust your savings for the following year accordingly.

Tips for Saving

To ensure you are prepared, make it a habit to save regularly. Set up an automatic monthly transfer to a dedicated account for home maintenance. This will give you a financial safety net for unexpected repairs or improvements.

For example, in Jupiter, where median home prices hover around $1 million, experts suggest homeowners save approximately $10,000 to $30,000 annually. Home repairs can be costly, and not many of us have thousands of dollars readily available for such expenses. By planning, you are better prepared to handle the unexpected.

Remember, proper budgeting for home maintenance can save you from financial stress down the road. Don't wait until an emergency strikes; start budgeting for your home's well-being today.

Kyle Camerlinck

Taiter Realty, LLC.

561-371-5143