Budgeting for Home Maintenance

Personalized savings plans help you handle home repairs without stress to your budget.

Stress Free Home Maintenance

Unexpected appliance failures and wear and tear are one of the least glamorous parts of being a homeowner, but with a little planning these issues don’t have to be such a strain on your funds.  Creating a savings plan for home maintenance and unexpected repairs can save you the stress by allowing you to have something tucked away for a rainy day.

Accurate Budgeting for your Home

The common rule of thumb for budgeting for home maintenance is to put aside at least 1% of the value of your home per year.  This advice is easy to follow, but it will rarely give you an accurate estimate of what you might need based on the age and location of your home.  To get a more precise budget for your home, do an inventory.

Make a List

Do a thorough inventory of the appliances, windows, doors, gutters, roof, and decking of your home.  Determine how old each item is and when it may need to be replaced.  If you have a recent home inspection on file from the purchase of your home, it will likely have these estimates for you.  You can also hire a home inspector to come and give you expert recommendations. Then, make a list of what will need to be replaced in the next five years, and in the next 10.  For example, if you estimate your dishwasher will need to be replaced in five years and the going rate for the dishwasher you want is $500, start putting aside $100 a year for this eventual purchase.  Also consider if you plan to do the replacements yourself or need to put away extra to pay a service person.  If you start preparing for these expenses now, you’ll have less sticker shock when the time comes.

Keep Up with Maintenance

When doing your inventory, take note of the smaller, less expensive maintenance tasks you’ll need to take care of month by month.  This includes things like changing out the filters in your HVAC system and checking various areas for damage.  This will keep you ahead of many more serious problems caused by neglected appliances and structural wear and will also save you from having to spend a huge chunk of change on an emergency repair.

How to Create a Cozy and Inviting Living Room

Your Living room is the star of your home. Here’s how to make it shine as a cozy and inviting space.

• Organize the furniture around a focal point.  This doesn’t have to be the TV.  Consider setting your furniture up to encourage conversation.
• Do an inexpensive upgrade to your furniture with some new throw pillows and blankets to add style and comfort.

• Are you short on space? Think about the proportions of your furniture and make sure you’re not trying to put too much in a small space.
• Add personal touches.  A cozy space is one that looks lived in, so don’t be afraid to display personal items, family pictures, and decor that shows your personality.