Home maintenance is one of the major expenses experts will advise setting aside some funds to handle.

For new homeowners, there is a rule of thumb that recommends setting aside 1% of the home purchase price for maintenance. Literally, this could have made a lot of sense, but according to a research result, many American homeowners do not know the specific maintenance their home needs.

Irrespective, to avoid being caught unaware by maintenance expenses, create special savings account for the purpose. Prioritize the maintenance you may be needing soonest. A roof might need replacement any time after 12 years of installation depending on the material used. Metal roofs may last for about 50 years before they need replacement.

A furnace may last for about 30 years but could start developing issues after 15 years of usage.

The bottom line is that you should evaluate your home features and appliances to estimate when they might need replacement or repair.

Owner-occupant vs Renters Home Maintenance

Studies have indicated that homes with owner-occupant are usually well maintained when compared with those occupied by renters.

Some of the studies argued that the owner-occupant spends more on maintenance and they are also more engaged in maintenance activities.

Researchers regard health and safety, market values, and neighbourhood dynamics as conditions that significantly affect property maintenance.

A 2021 study published in the Urban Studies journal evaluated the three conditions in the City of Rochester, New York. Code violations were recorded most for absentee-owned properties.

Owners according to the study were more likely to neglect the maintenance of a property once they moved out of it. New owners were also observed to perform better than the old.

Intending new homeowners usually leverage home warranty to save cash. It safeguards against maintenance issues caused by previous owner’s neglect, especially for old homes.

What is home warranty? It is a residential service contract that covers the repair and maintenance of household systems or appliances usually for a period of one year.

Factors that affect home maintenance cost

When calculating the amount to budget for proper home maintenance, certain factors need to be considered.

Purpose

The size and purpose of a home usually impact the maintenance cost. Occupier of luxurious residential building for instance demands specific amenities and appliances.

It has been observed that maintenance requirement by the tenant is responsible for about 25 percent of the overall expenses.

Home age

Building age, height and function will also determine the cost of maintenance. Old buildings for example will likely demand more maintenance and frequent repairs compared to new ones, thus an expensive maintenance cost.

Location and building materials are some of the major contributing factors to aging of a building.

The type of structure and height of the building will also influence the overall maintenance cost.

Maintenance history

Delays in maintenance can complicate the repair issue. Theoretically, a well-maintained home will require lesser subsequent maintenance expenses.

For instance, an ignored repair from last year will be included in the maintenance for the new year and the state of the issue will likely have gotten worse. Therefore, the cost of maintenance will significantly increase.

Also, keeping a record of the home maintenance history will surely impress prospective buyers when the time comes to sell.

Duration of maintenance

The complexity of maintenance will determine the time it would take to finish it. This will invariably affect the total charges quoted by the repairmen.

Plumbers for example charge between $25 and $200 per hour. This means a repair job of two hours will obviously cost lesser than one that would cost 5 hours.

Quality of maintenance material

The quality of building material will affect how often it needs repair. Using quality materials in your home might be expensive, but it will make up for maintenance costs over time. Also considering the possibility of inflation, the cost of the cheaper material could be equivalent to that of the quality one in a few years.

Likewise, high-quality materials usually require high maintenance costs because if there is a need to change anything, you will need to get something of the same standard to fit.

Regulations

Maintenance activity is influenced by both federal and local real estate laws. There are remodellings that require approval before they can be carried out. The processing fees will unarguably add to the total maintenance cost of the home.

Your local law may also mandate the installation of certain features which will invariably require future maintenance.

In some cities, it is mandatory to have smoke detectors installed in every residential home. Alarms in smoke detectors are prone to wear out, usually after 10 years, therefore they will need replacement.

Budget

Many specialists recommend budgeting between 1 percent and 4 percent of the total value of a home for maintenance. The resulting amount can be divided by 12 to calculate the monthly amount you will need to set aside and save for the maintenance of the home.