Sooner or later, something in your home will need to be repaired. It’s just a fact of life. Many of us are sent into a bit of a whirlwind trying to figure out how to cover these repairs, especially when it’s a big project like a roof replacement. Since it’s something we see every day while helping our customers throughout the Raleigh, NC area, we wanted to share some tips on how to budget for the inevitable home repairs.
Here are some of our best home repair budgeting tips:
- Set aside some cash: The most practical thing to do is to create a line item in your monthly budget for home maintenance and repairs. This way, the money is there before you even need it.
- Cost of home: One rule of thumb when setting a home maintenance budget is to set aside 1% of the purchase price of the home. So, for a $300,000 home, homeowners would set aside about $3,000 per year for repairs.
- Square footage: Another rule of thumb for budgeting for home repairs is to save $1 per square foot of the home. With this strategy, for a 2,000 square foot home, the owners would need to set aside $2,000 per year for home repairs.
- Stay on top of maintenance: It should go without saying (even though we say it a lot) that minor home repairs cost less than major ones. Stay on top of home maintenance so that small issues don’t turn into big repair problems that end up costing more.
Setting money aside for home repairs can be difficult, but it’s well worth it in the long run. When the repairs come, the peace of mind that comes with having the funds saved up rather than trying to figure out how to pay for the job when already stressed is priceless. When the time for roof repairs comes, contact Accurate Renovation.