Factors To Consider For Home Maintenance Budgeting.
Home maintenance costs can n some cases add up rapidly. Before purchasing any property, you need to take this factor into consideration. There are two rules you can use to budget for home maintenance and repair. The first rule is the 1 percent rule which states that one percent of the purchase price of your house ought to be put aside each year to cater to continuing maintenance. The square foot rule is the second principle and it states that you budget one dollar per square foot per year for repair and upkeep expenses. Following are a few of the factors for how much your property will need upkeep.
You Should consider the place where the property is situated. It is crucial to know the terrain in which your property sits on. For example, if the property is close to a water body and sits at the bottom of the hill where water is likely to collect, this could be a huge 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 understand just how much devastation I able to trigger. Therefore, it is quite evident that location is not a matter to sweep under the carpet as it has a great impact on the budgeting for 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 maintenance especially if it is palatial. On the other hand, apartments require the lowest maintenance among the 3 illustrations . A number of the maintenance activities in family houses that makes the maintenance budget marginally higher than the rest include, replacing shingles on the roof paving drives and cleaning the gutters.
Weather is the other factor that ought to be taken seriously. Properties located in regions of the nation that experience cold weather especially during freezing temperatures tend to require greater maintenance when compared with the properties that 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 condition of the property should also be determined. It is important that you are aware of the way previous owners of this 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 should come up with a plan and decide on which thumb rule you will use to save for your property’s maintenance.