Douglas Foundation Repair of Austin talks about how to save for maintenance of your home

Is there a rule of thumb when it comes to maintenance of your home? Some experts say yes.

While there is no iron-clad amount of money that should be saved toward home maintenance, such as foundation repair, roof repairs, general upkeep, etc, there is a good rule of thumb; 1% of your purchase price. So if you purchase a $400,000 home, you should plan on putting away about $4,000 per year toward upkeep.

This doesn’t mean that every year you’ll spend exactly $4,000. Instead some years you may spend more and some years less. Ultimately, it’s always a good idea to put money away toward the upkeep of your home.

According to About.com, there are other factors that should be considered:

Age – The age of the property will play a huge role. New construction (a home built within the last 5 – 10 years) will need very little maintenance. Homes 10-20 years old will need slightly more. Once a home turns 20-30, though, there’s a good chance that major components, such as the roof, hot water heater, and some piping, may need to be replaced.

Weather – Homes in areas affected by freezing temperatures, ice and snow are subject to more strain than homes in areas unaffected by cold weather. Similarly, homes in areas where termites, high winds, heavy rains and other extreme weather conditions or pest infestations will experience more wear-and-tear.

Condition – Some homes are more than 100+ years old, but are in pristine condition, thanks previous generations exercising careful maintenance. Other homes, however, have been neglected and shoddily repaired over the years. The older the home, the more impact a previous owner’s care (or lack thereof) will impact the home’s maintenance needs.

Location – Homes located at the bottom of a hill (where water drains and collects), in a flood plain, or in other areas that create environmental stresses will also impact the amount of care and maintenance it needs.

Single-Family vs. Attached – A single-family home needs a larger maintenance budget, since you need to replace your own roof, siding and gutters and maintain a yard. A condo or townhome won’t need as hefty of a maintenance budget, since the exterior is cared for by your HOA.

When we are called to look at a home that needs foundation work, it’s always helpful when the homeowners have put away funds to cover the costs of this very important upkeep.

Have questions? We’re here to help! Call us today at 512-291-0709

The post Putting Away Money for Maintenance – Austin Foundation Repair appeared first on Douglas Foundation Repair - Austin, TX.