Factors To Consider For Home Maintenance Budgeting.
Home maintenance costs can n some cases add up rapidly. Before purchasing any property, you should take this factor into consideration. There are two rules you can use to budget for home maintenance and repair. The first rule is the one percent rule which states that one percent of the purchase price of your home should be put aside each year to cater for ongoing 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. Below are some of the factors for how much your property will require maintenance.
You Should consider the place where the property is situated. It is essential to be aware of the terrain where your property sits on. As an example, if the property is near a water system and sits at the base of the mountain where water is very likely to collect, this might be a massive 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 big family home, condo or a residential apartment? Normally, single family homes require high costs of upkeep 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 another factor that ought to be taken seriously. Properties located in areas of the nation that experience cold weather especially during freezing temperatures often require more upkeep when compared with the properties which are in areas with different climatic conditions. Cold weather set more strain on possessions compared to warmer weather. You have to be armed with strategies to stop properties from wearing out due to the harsh weather conditions.
The State of the property also needs to be determined. It is important that you know how previous owners of the 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 consider the variables above, you might not encounter any difficulty in budgeting for the maintenance of your property. You need to come Up with a strategy and choose on which thumb rule you will use to save for your property’s maintenance.