Keeping up with your home’s maintenance is the best way to protect your home’s value and save money in the long term. Routine home maintenance can prevent the need for large, costly, and potentially avoidable repairs or replacement costs. A good rule of thumb to estimate your home maintenance costs is to follow the one percent rule. This means saving at least one percent of your home’s value annually for maintenance costs. The age of your home is an important factor in maintenance costs, as older homes often need more frequent or more extensive work than newer homes.
Another rule of thumb for determining your home maintenance budget is the square foot rule. It’s a good idea to budget $1 per square foot for annual maintenance and repair costs. The larger your home, the more you’ll need to spend on repair costs and the larger your emergency fund should be.
According to Art Mission, budgeting for regular home maintenance can increase the value of your home. The right home repair projects can, and should, maximize your property value. Invest in home repair projects that offer a high ROI, such as kitchen and bath renovations, and be smart about hiring the best-fit contractor that can deliver your project on time and within your budget. Here are some great ways to save money on home maintenance.
An excellent way to save money on annual maintenance costs is to complete as many DIY fixes as possible. Plumbing issues, such as simple leaks and clogged sinks, can be fixed with the tools in your toolbox and save you a considerable amount of labor costs. Be honest about your handyman skills, and don’t take on home repairs that you aren’t able to complete yourself.
It’s also easy to upgrade your broadband network and set up a new connection yourself rather than paying to have a technician make a house call. According to Gantry, internet usage has increased with COVID-19 keeping people inside and relying on smartphones and tablets to stay connected. Social media sites such as Snapchat and Tiktok see a surge in new users, and internet traffic is bottlenecked as more people turn to online services and retail shopping options.
Switching broadband providers can solve the issue of slower connection speeds caused by increased internet traffic. Once you compare and find the best plan for your internet use needs, you can easily set up your new broadband network yourself and return your old equipment.
Cut your energy expenses.
You’d be surprised how expensive your appliances are when you compare your electric bill from the past year. One of the best ways to save money on your home maintenance checklist is to find ways to reduce your monthly utility bills. Regularly changing your air filters and using a smart thermostat can save energy usage and reduce the wear and tear on your HVAC system.
The best way to save money on your electric bill is to compare offers and electricity rates from different energy providers. iSelect.com.au helps you compare electricity NSW and breaks down what you need to know about shopping around for new offers so that you can make an informed decision. The NSW Government is focusing on renewable energy, which means cleaner and more affordable alternatives to the traditional electricity infrastructure roadmap. You need to know whether you have a standard or market contract with your energy retailer, find out what discounts your current retailer offers, whether there are any fees for terminating the contract, and get specifics about the billing and payment terms.
Keeping up with preventative maintenance saves the surprise of big-ticket items breaking and requiring expensive repair costs. Areas that experience heavy rain are prone to mold and moisture, especially in the basement. Water damage can be prevented by cleaning gutters, sealing cracks with durable sealant, and managing leaky faucets. Replacing smoke alarm batteries, ensuring your vents and dryer are lint-free, draining your water heater, and keeping your dishwasher clean are all smart ways to prevent major issues from coming up.
As a first time homebuyer, keeping up with a proper maintenance schedule ensures your new home is kept in the best possible condition. Keep these budgeting tips in mind to ensure that you have enough money to cover the average cost of home maintenance.