Owning a home comes with a full set of responsibilities, including maintenance and repairs.

While some repairs can be planned, others arise unexpectedly, making it essential to have a well-planned budget.

Here are some helpful tips to be financially prepared for those moments.

1. Create an Emergency Repair Fund

• Aim to set aside enough to cover 3-6 months of expenses in an emergency fund.
• Begin with small contributions, such as $50 to $100 per month, and gradually increase your savings over time.
• Keep this fund separate from your main savings account to avoid unintentional use.

2. The 1% Rule

A practical guideline for budgeting home maintenance and repairs is the is the 1% rule, which recommends saving at least 1% of your home’s value annually for potential repairs.

For instance, if your home is valued $300,000, you should aim to set aside $3,000 per year (or $250 a month). While this may not be enough for major renovations, it can help cover routine maintenance and unexpected repairs.

3. Plan for the Long Term

Regular upkeep helps prolong the lifespan of your home’s systems and appliances. Below is a simple yearly maintenance schedule:

☑️Monthly: Clean/replace Air Filters, check for moisture, test smoke and CO detectors, check for any sign of plumbing leaks.

☑️Quarterly: Service your HVAC system, check windows and doors for potential leaks, pressure wash exterior surfaces to avoid mildew, test your sump pump (if any), trim trees and shrubs.

☑️Annually: Check for termite damage, have your roof professionally inspected, clean gutters and downspouts, drain and flush your water heater, service your pool equipment.

Staying on top of maintenance can prevent minor issues from escalating into costly repairs!

#HomeMaintenance   #HomeRepairs   #RepairTips   #AssetFieldPro