Budgeting For The Cost Of Home Improvements & Maintenance
Including the expense your home will incur each month is a wise decision when formulating your personal budget. The expense of homeownership doesn’t end when you’re handed the keys to the front door.
You will need to have the money to properly maintain the home and the grounds surrounding your home. Figuring out what those costs might look like is a crucial part of working it into the budget.
Take a moment now to consider a few suggestions on how to start budgeting for the cost of home improvements and maintenance.
Assess the current state of your home
Just how much you should set aside for regular maintenance on your home depends heavily on the state of the property when you purchase it. You should always have a thorough home inspection done on a home you are purchasing, and the home inspection will show you exactly what needs attention.
If the roof of your home needs repair, you will have to consider the cost of fixing your roof. If you can do the work yourself, you can save some money. However, it’s never good to try and tackle a home improvement project you’re not qualified to handle.
Focus on energy efficiency
You can help your budget on home maintenance by focusing your home improvement efforts on energy efficiency. The less you spend on heating, cooling, and powering your home, the more money you have to allocate in other areas of the budget.
Don’t forget to consider the yard
When you’re planning ahead for home ownership costs, you can’t forget to include the cost of maintaining the exterior of your home as well. Your yard needs seasonal upkeep to retain its appealing aesthetic.
Your home’s exterior may need pressure washing every couple of years to keep it looking nice. A nice outdoor lounge space will add to the equity of your home, so you may want to add some funds for such a project.
Up your savings when the time is right
There are plenty of reasons you may need to augment what you’re saying for home maintenance. When you start making plans to cross into home improvement, you will need more money to get the job done. See your ideas through, but do it wisely.
Consider an emergency fund as well
You may want to consider having two separate funds for your home. Start a regular home maintenance/home improvement savings account, and open another account to save for emergency issues with your property.
If your teenager puts holes in a door or you find evidence of termites, you will need funds for repairs. Feel prepared for what life has in store, and save strategically to protect your home.