Toronto<\/a>, your annual home maintenance budget should be $10,000. The only problem with this rule is that depending on the home, 1% might be on the low end. Some experts recommend budgeting as much as 3% or even 5% per year, which can add up to a lot more. If your house is particularly old or prone to problems, you may wish to allocate more than 1% to home maintenance. In that case, using one of the other cost estimation methods below might be more useful.<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#edf7f3″ global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.75rem” max_width=”800px” module_alignment=”center” header_2_font_size_tablet=”32px” header_2_font_size_phone=”27px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”32px” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
“Home maintenance is a term that encompasses all the things a homeowner needs to do to ensure their house is running smoothly and in good condition. Home maintenance is often divided into two categories: yearly maintenance costs and long-term repairs or replacement costs.”<\/h2>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n
Square footage rule<\/b><\/h3>\n
Another way to calculate the estimated cost of home maintenance is using the square footage rule, whereby homeowners allocate $1 per square foot of their home to annual maintenance and repairs. The square footage rule is best designed for newer homes as it doesn\u2019t take into account other factors like age or location. That said, the size of a home is one of the most important factors in determining home maintenance costs so it can still be a worthwhile method.<\/p>\n
\u00a0–<\/span><\/p>\nA personalized approach<\/b><\/h3>\n
One final method for calculating home maintenance costs is to take a personalized approach in which you assess your individual property and come up with a maintenance schedule. Start by considering the age of major components, such as the roof, foundation, HVAC units, kitchen appliances, electrical system, and plumbing system. Next, research replacement costs for each of these projects and create a rough timeline. Lastly, estimate the monthly cost of regular upkeep, such as lawn care or cleaning the gutters. These numbers will give you a realistic estimate of annual home maintenance costs, as well as longer-term expenses.\u00a0<\/p>\n
\u00a0–<\/span><\/p>\nThe Benefits of Home Maintenance<\/h2>\n
Maintaining your home has so many benefits. We outline a few advantages of regular home maintenance below.\u00a0<\/p>\n
\u00a0–<\/span><\/p>\nHome maintenance can save you money<\/b><\/h3>\n
One of the main benefits of regular home maintenance is that it can save you money. While many homeowners are more focused on the cost of home maintenance, they often forget that they are likely to earn this money back and then some owing to the maintenance work they did. Experts claim that for every $1 spent on maintenance, roughly $100 is saved in future repairs. Consider the following example: As you\u2019re cleaning the gutters, you find a small hole in your roof. You call a roofing contractor and have them patch the hole for a couple of hundred dollars. This relatively small, inexpensive task repairs the roof and prevents its deterioration by several years. Had you left the hole, the odds of it getting bigger and causing major water damage to your home (damage that would have cost you thousands rather than hundreds to fix) may become your reality.\u00a0<\/p>\n
\u00a0–<\/span><\/p>\nHome maintenance can extend the lifespan of your appliances<\/b><\/h3>\n
Another benefit of home maintenance is that it can extend the life of your home appliances, including your laundry machines, dishwasher, and refrigerator. Simple tasks like changing the range hood filter on the oven, will instantly increase the lifespan of your appliances and keep them running smoothly and efficiently.<\/p>\n
\u00a0–<\/span><\/p>\nHome maintenance can boost home value<\/b><\/h3>\n
Want to boost the value of your home? Maintenance is key. A well-maintained home with a clear and detailed history of repairs and improvements can increase resale value. You would be surprised what prospective buyers take note of. From curb appeal to updated appliances or a fresh coat of paint, buyers generally prefer to purchase homes that do not require major repairs. In contrast, if you fail to maintain your home, not only is it likely to be visible but a home inspection report will reveal its shortcomings. This can make it harder to sell your home and can lead to potential buyers offering less money.\u00a0<\/p>\n
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