Getting a Grip on Homeowner Maintenance Costs
So you’ve braced yourself for a hefty down payment and maybe some new furniture. But homeownership expenses don’t end there—routine maintenance costs can really add up. Imagine getting socked with a $10,000 bill for roof repair. Are you prepared for that?
It’s important to have a handle on some of the day-to-day expenses you may incur to keep a home in good repair. Keep these costs in mind as you tour prospective homes, too, so you don’t fall madly in love with a property that needs expensive TLC.
In 2009, home economics experts from the University of Illinois Extension school suggested socking away 1% to 2% of your home’s value for maintenance costs. Today, homeowners tend to save 2% to 4%, said the university’s Kathy Sweedler, a consumer economics educator. Homes without a mortgage skew higher on savings, which could be because the homes are likely older, she noted.