What Is An Adverage Home Repair Per Year

You only walked away from the endmost table with the keys to your new home — yay! The domicile purchase might be done, only your expenses have just just begun. When you're figuring out your new homeowner's budget, don't forget to factor in the almanac cost of maintaining a dwelling house.

What's included in annual habitation maintenance? Commencement of all, there's routine maintenance such every bit backyard intendance, pest control, and minor repairs (similar fixing a leaky faucet). Exterior of your maintenance costs, yous besides accept to leave room in your budget for potential major repairs (similar replacing the roof).

This guide volition help you figure out how to set your almanac home maintenance budget based on your habitation's value, age, size, and other factors.

How to Budget for Home Maintenance

woman holding a stack of fanned out $100 bills — Photograph Credit: Sasun Bughdaryan / Unsplash

Maintenance and repair costs are different for each individual home. There'due south no way to predict exactly how much y'all'll spend every year, merely these pop methods will help yous come up up with an thought of how much you should set aside in your savings account each calendar month.

The one% to four% Rule of Thumb

The most common method of estimating home maintenance costs is to presume you'll spend between 1% and 4% of your home's value each year. For instance, if your house is worth $200,000, you should programme to spend $2,000 to $viii,000 on maintenance every year.

Of course, that'south a very wide range. Many factors volition touch on the cost of maintenance for your home, and you can use those factors to figure out if you lot should upkeep closer to the low end (i% of your dwelling house's value) or the high end (four% of your dwelling house'southward value) of that range.

Yous're probably fine setting aside closer to 1% of your dwelling house's value every yr if:

You lot take a newer home (x years old or less).
Your home is located in a mild climate where information technology doesn't freeze in winter, there isn't a lot of rain, and the humidity isn't high.
Your home is small to average in size.
You or the previous owner (if there was one) take taken good care of the home.

You should prepare aside closer to iv% of your habitation'south value every year if:

You have an older home (30+ years old).
Your dwelling house is located in an area that gets severe conditions or that'south nearly water.
Your home is large in size (3,000+ square feet).
You or the previous owner haven't kept up with regular maintenance tasks (similar changing HVAC filters, cleaning gutters, or getting regular roof inspections).

If your habitation has a mix of these features or falls somewhere in the middle, you can budget in the 2% to three% range. Keep in mind, yous're better off budgeting too much money toward home maintenance than not enough.

Hither's how to employ this method to summate your monthly home maintenance budget:

Step one: Catechumen the percentage to a decimal (1% would exist 0.01, 2% would be 0.02, and then on)
Step 2: Home value 10 0.01 to 0.04 = Annual home maintenance upkeep
Step three: Almanac home maintenance budget ÷ 12 months = How much to set aside each month

Every bit an example, let'southward say your dwelling is worth $200,000, and you make up one's mind based on the factors listed higher up that you desire to upkeep ii% of your home's value toward maintenance each yr. The calculation would look like this:

$200,000 x 0.02 = $4,000 (your almanac home maintenance budget)
$4,000 ÷ 12 = $334 (how much you should ready aside for maintenance each month)

Only plug in your domicile'southward value and the per centum you recall best fits your situation to find out what your annual and monthly maintenance upkeep should look like.

The Square Footage Method

Another way to figure out approximately how much money you should save for home maintenance is to use your home'south foursquare footage. Every yr, you should relieve $1 for every foursquare foot of your home.

For example, the boilerplate size of a new abode in the United states in 2022 was 2,261 square feet. That ways, according to this method, the boilerplate home maintenance cost would be about $2,261 per yr.

Hither'southward how to use this method to calculate your monthly home maintenance upkeep:

Domicile foursquare footage ÷ 12 months = How much to set aside each month

In the ii,261-foursquare-foot case, the calculation would look like this:

2,261 ÷ 12 = $189 (how much yous should set bated each calendar month for dwelling maintenance)

This method is very simple, which makes it easy to follow. On the other paw, information technology'due south not as accurate. The square footage method doesn't take into account factors like your home'south historic period and location. It as well leaves out the cost of outdoor services such every bit lawn care and landscaping.

Still, if you're merely looking for a ballpark number of what to put in your savings account each month to embrace home maintenance coss, your home's square footage can requite yous an judge goal.

Ask the Previous Owner

Recall that the price of home maintenance depends on many factors specific to your business firm. If you're ownership a pre-owned house, the previous possessor tin can give you a more detailed and accurate maintenance cost estimate than any of these calculations.

If possible, sit downward with the previous owner and go over which repairs your home has needed over the years and how often it needed those repairs. This volition give you a expert idea of how oftentimes you'll need to pay for the aforementioned repairs in the future.

This method volition only work if the previous owner of your home was responsible about keeping up with routine maintenance and minor repairs. Yous don't want to base your budget on someone who skipped the necessities of keeping a home in good shape (which you would never do, correct?).

Factors That Affect Average Home Maintenance Costs

Every bit we mentioned before, there are many factors that will brand annual habitation maintenance toll more or less. Now, nosotros'll go into more than detail about the virtually important factors and how yous can employ them to tweak your maintenance upkeep and make it more accurate for you.

Historic period of Your Abode

Older homes with older systems and appliances commonly need more frequent repairs than newer homes. Plus, those older systems can be more expensive to repair because the parts aren't readily available.

For these reasons, y'all should leave more than room in your budget for home maintenance if yous're buying an older home. The following table shows some general guidelines to follow when budgeting based on the age of your home.

Historic period of Home	Recommended Annual Habitation Maintenance Budget
30+ years	4% of home value
20 – 30 years	three% of dwelling house value
10 – 20 years	2% of domicile value
Less than ten years	ane% of home value

Location of Your Domicile

Your dwelling house's location affects the price of maintenance in two ways: climate and price of living.

Here are some climate characteristics that volition result in more than frequent home repairs and necessary maintenance services:

Severe winters: Homeowners in regions with heavy snowfall and extreme freezing temperatures volition take to deal with flare-up pipes, ice dams on the roof, warped dwelling construction from temperature changes, and increased risk of wildlife hiding inside the walls or cranium during winter.
High humidity: Homes in humid areas or coastal regions are more likely to go mold or mildew. Pest infestations (including termites) are also more common where it's humid.
Heavy rainfall: Lots of rain, high winds, and hail are difficult on your home's outside. If you live in a particularly stormy region, you can expect more frequent roof and siding repairs, not to mention outdoor services like tree removal and 1000 cleanups.

On the other manus, if you alive in a region with a dry climate where temperatures don't driblet too low, your home will probably need fewer repairs.

The general cost of living is another gene to consider in your upkeep. If y'all live in a metropolitan surface area or a state with college taxes than the usual (such equally California), your contractors will charge more for their services than those in other parts of the country.

The following tabular array shows how you tin can adapt your annual home maintenance budget based on your abode's location.

Add i% of your home'due south value to your yearly budget if any of these apply to your expanse:

Temperatures consistently stay beneath xx degrees* in winter

Typical relative humidity is 60% or college**

A large body of h2o (such every bit an sea, lake, or river) is nearby

Prone to heavy rainfall or astringent weather events (hurricanes, tornadoes, snowstorms, etc.)

Toll of living is generally high compared to the rest of the country

*The temperature at which pipes tend to freeze .

**Humidity at this level encourages mold growth .

Size of Your Home

In a larger house, you lot have more than infinite to take intendance of. Pressure washing the roof and walls takes longer, preventive pest control treatments have to cover more than ground, and HVAC systems have to work harder to continue rooms heated or cooled. There are also more things that can become wrong and require repairs in a larger house.

So, the larger your firm is, the more y'all'll spend every yr on maintenance and repairs. That's why calculating your upkeep based on your home's square footage can be a proficient idea. Just brand sure to arrange that figure according to your dwelling'southward age, location, and condition.

Condition of Your Home

If you or your home's previous owner have kept upwardly with regular maintenance, your dwelling should be in pretty good condition. Keeping up with regular maintenance ways:

Mowing the lawn every ane-2 weeks
Keeping trees and shrubs trimmed so they don't become overgrown
Cleaning out the gutters at to the lowest degree twice a year
Pressure washing the outside of your habitation and having the roof cleaned once or twice a twelvemonth
Getting a roof inspection one time a year
General indoor cleaning (floors, bathrooms, kitchen, etc)
Getting preventive pest control treatments on a regular schedule
Irresolute HVAC filters at least every 3 months
Checking water fixtures for leaks regularly
Inspecting the foundation regularly for cracks, warping, sinking, or other issues

When you keep your home in good condition with tasks like the ones listed here, yous reduce the chances of your home needing repairs. These maintenance tasks cost money, yep, but if you slack off, you could terminate upwards spending a lot more on major repairs.

If your home'due south maintenance has been neglected for a long fourth dimension, you should set aside more money in your yearly budget to prepare for the frequent repairs likely coming your manner.

Dwelling Maintenance vs. Home Repairs

When we talk about home maintenance, here's what's included:

Routine maintenance: Regular services your dwelling house needs every few weeks or months (i.e. backyard mowing, preventive pest control treatments, or replacing HVAC filters)
Minor repairs: The kind of small, relatively easy fixes a home may demand every few months (i.e. fixing a leaky faucet, replacing a cracked tile, or installing a new calorie-free switch)

Major dwelling repairs, which are not a part of regular home maintenance, are more unpredictable and far more expensive. These big-ticket home items include things like replacing a water heater, repairing a sinking foundation, or purchasing a new refrigerator because the old one finally gave out.

Even if yous don't spend your whole home upkeep budget on maintenance every calendar month, information technology'southward a expert thought to put any leftover coin into a savings business relationship. Then, y'all aren't caught unprepared when major repairs pop up in the futurity — and something volition popular up sooner or afterwards. That'southward an inevitable part of homeownership.

Breakdown of Routine Maintenance Costs

The following tabular array shows the typical cost of mutual dwelling house maintenance and repair services. These costs are what your yearly maintenance budget has to encompass.

The price estimates listed below reflect how much you lot would spend to hire a professional person for each job. Y'all can save money by doing simple jobs yourself, such as mowing your ain lawn or cleaning your ain gutters.

Get out the more than specialized jobs, like anything related to your domicile's roof, wiring, or plumbing, to the pros. In many cases, DIY attempts lead to safe risks and expensive repairs.

Service	What Most U.S. Homeowners Spend
Backyard mowing	$29 – $65 every i or two weeks
Mural maintenance	$133 – $370 per month
Gutter cleaning	$120 – $203 two to four times per twelvemonth
Force per unit area washing	$183 – $379 once or twice per year
Roof cleaning	$374 – $606 once a year
Roof inspection	$100 – $450 in one case a twelvemonth
Modest roof repairs	$348 – $1,186 depending on the size and type of repair
Preventive pest control treatments	$110 – $250 every three months
Replacing HVAC filters (DIY)	$10 – $30 per filter every three months
Small-scale HVAC repairs	$159 – $525 depending on the type of repair
Modest plumbing repairs	$158 – $417 depending on the type of repair
Small electrical repairs	$146 – $442 depending on the type of repair
Appliance repairs	$100 – $415 depending on the appliance and type of repair

Toll of Major Repairs

These major repairs aren't things you should expect to pay for every year, but you should nevertheless exist prepared. You never know when a large storm is going to hitting or your heater is going to stop working suddenly.

When you put leftover money from your monthly maintenance budget into a savings account, these are the kind of repairs you're saving up for. Keep in mind, this list past no means encompasses every major repair a home could peradventure need.

Blazon of repair	What Almost U.S. Homeowners Spend
Roof replacement	$5,706 – $11,185
Siding replacement	$5,630 – $17,388
Septic tank replacement	$3,138 – $viii,518
H2o heater replacement	$876 – $2,054
Furnace replacement	$ii,383 – $half dozen,110
Air conditioning unit replacement	$3,787 – $9,125
Mold remediation	$1,373 – $3,325
Termite removal	$135 – $1,390
Foundation repair	$2,075 – $7,250

FAQ About Abode Maintenance Costs

1. What is a home warranty?

A home warranty helps encompass the cost of things that homeowners insurance doesn't encompass. The typical domicile warranty pays in part for repairs and replacements of a home's major components, such every bit:

— HVAC systems
— Plumbing
— Electrical
— Appliances

Your home warranty would exist a contract between you and a habitation warranty company.

Co-ordinate to Investopedia, a dwelling house warranty comes with an annual premium of several hundred dollars and a service call fee of about $75 to $125 every fourth dimension you request service from a contractor.

two. What does homeowners insurance cover?

Homeowners insurance can cover many unlike things, all depending on the specific policy y'all sign upward for.

Here are some examples of what homeowners insurance can aid pay for (provided the deductible is met):

— Structural repairs as a effect of fire, wind, lightning, hail, or other natural disasters
— Replacing personal holding inside the home that gets stolen or damaged
— Medical and legal expenses if someone gets hurt while in your home or on your holding

Homeowners insurance does Non comprehend routine maintenance and repairs.

3. How do you find a adept contractor for home maintenance and repairs?

Letting a stranger into your dwelling can be nervus-wracking, and you desire to brand sure you find a contractor yous tin trust. Here are some tips to follow when y'all're looking for a new plumber, electrician, handyman, etc:

— Get quotes from at least three different contractors in your area for cost comparison
— Look for positive reviews on third-party sites (such every bit Google or Nextdoor) instead of on the company'southward ain website
— Inquire for proof of up-to-date licenses
— Make sure the contractor has insurance
— Look for longevity. If possible, choose a company that has been in business for ten+ years

Regular Dwelling house Maintenance Saves Money in the Long Run

Yous wouldn't try to skimp on your mortgage payments or property taxes, right? And then don't endeavor to skimp on home maintenance costs, either. Being able to beget the almanac toll of maintaining a habitation is simply as essential for a potential homebuyer as beingness able to pay the bills.

Don't believe us that regular home maintenance is essential? Let's wait at an instance of the price of maintenance vs. the major repairs you're looking at if you decide to let maintenance fall by the wayside.

Professional gutter cleaning costs almost $162 on average, and you should ideally have your gutters cleaned twice a year, which means an almanac cost of about $324. An annual roof inspection costs on average $275.

If you let your gutters get clogged, water and ice can build upward on your roof over time and cause major structural damage. Without your yearly roof inspection, yous won't find this damage until information technology's manner too late for an like shooting fish in a barrel fix. At that time, you'll spend $v,706 to $11,185 for a new roof.

Would y'all rather spend almost $600 per year or potentially $11,000 all at once? That's most xviii years' worth of annual maintenance costs. As you can see, a picayune maintenance now tin can relieve you a major spending spree in the future.

While you're thinking almost habitation maintenance, take the stress out of maintaining your lawn with help from ane of LawnStarter's local pros .

Primary Photo Credit: Sandy Millar / Unsplash

Jordan Ardoin

Jordan Ardoin is a writer and indoor establish enthusiast hailing from Florida. In her spare time, she enjoys chasing her ii cats around the house and trying to keep her houseplants live.