Factors to Consider For Home Maintenance Budgeting.
Home Maintenance costs can n some cases add up fast. Before purchasing any house, you need to take this factor into account. There are two rules you can use to budget for home maintenance and repair. The first rule is the 1 percent rule which claims that one percent of the cost of your house ought to be put aside each year to accommodate for ongoing maintenance. The square foot rule is the second rule and it states that you budget one dollar per square foot per year for repair and maintenance costs. Below are some of the factors for how much your property will require maintenance.
You should consider the location in which the property is situated. It is crucial to know the terrain in which your property sits on. As an example, if the property is near a water system and sits at the base of the mountain where water is very likely to collect, this might be a massive issue. It’s wise to understand the suitable house insurance to purchase. You should also have it in mind that wetter regions tend to attract termites. You and I know how much destruction termite I able to cause. Therefore, it is fairly evident that place is not a issue to sweep under the rug as it’s a great impact on the budgeting to your property maintenance.
The Other aspect to think about is home type. Is your property a large family home, condo or a residential apartment? Normally, single family homes require high costs of upkeep especially if it is palatial. On the other hand, apartments require the lowest maintenance one of the 3 examples . A number of those maintenance activities in family homes that makes the maintenance budget slightly higher than the rest include, replacing shingles on the roof paving driveways and cleaning the gutters.
Weather Is another factor that should be taken seriously. Properties located in areas of the nation that experience cold weather especially during freezing temperatures often require more upkeep when compared with the properties which are in areas with different climatic conditions. Cold weather set more strain on possessions compared to warmer weather. You need to be armed with plans to stop properties from wearing out because of the harsh weather conditions.
The State of the property should also be ascertained. It is important that you know how previous owners of the home have been taking care of it. When the owners had good care records, then you’re on the safe side.
In Conclusion, if you take into account the variables above, you may not encounter any Difficulty in budgeting for the maintenance of your property. You need to come Up with a strategy and choose on which thumb rule you will use to save for your property’s maintenance.