How to Budget for Home Maintenance

Get answers about homeowners insurance.

More than 31% of homeowners haven’t budgeted for emergency repairs or maintenance for their home. Only 60% of homeowners have $1000 in their savings account to pay for an emergency. Doing regular maintenance in your home can prevent an emergency from occurring and it also protects your home value. Saving a set amount every month for emergency repairs and maintenance can really help out if something happens. You can decide how much to save every year by looking at the age of your house and what condition it is in. Also factor in your area’s weather. Snow and harsh rain and winds can really cause damage to your home. Your job may also have an automatic payroll deduction that can be sent to a special account to help keep your savings on budget.

 

Key Takeaways:

 

    • Put money aside each month in order to form a nest egg that you can use in case maintenance is needed.

 

    • The square foot method is simply saving one dollar per square foot of your home each year.

 

    • When thinking about maintenance, focus on location, age and condition of your home. If you have an older home that is in poor condition, you’ll obviously need to spend more to revitalize it.

Get answers about homeowners insurance.

“The age of your home, especially of its roof and plumbing, can play a big role in maintenance and repair expenses.”

Read more: https://eic.electricinsurance.com/resources/home-maintenance-repairs-budget

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