Home Maintenance Rules You Should Know

Buying a home can be a huge financial expense and the expense doesn't stop there.  However, ongoing home maintenance doesn't have to be a huge expense when you do it on a regular basis.  We have some home maintenance rules for homeowners to follow regularly that will help them keep the cost of home maintenance down.

A good rule to follow for normal home maintenance is the 1% rule.  The 1% normal home maintenance rule suggests that you should spend around 1% of the value of the home per year.  For example, a $150,000 home would need $1,500 per year in maintenance. 

There is also the 3% rule, which experts use for home buyers.  This rule suggests that home buyers should plan on spending around 3% of the value of their home within the first year of homeownership.  This rule covers household items such as blinds, drapes, stove, refrigerator, etc.  And, many new homeowners like to customize their new home to their taste.  So that goes in the 3% rule, too.  However, be sure to budget for repairs and other maintenance.

In addition to annual home maintenance and repairs, homeowners must remember that some home components have a limited life cycle.  Although furnaces and water heaters last several years, they will eventually have to be replaced.

Always have a home inspected before buying.  A home inspector will be able to tell you whether the components are still in good condition or if they will need to be replaced soon. 

Sticking to a good home maintenance plan will help you be prepared for large repairs and other big home maintenance items that can be costly.