When you buy a home, it’s yours! Yeah… and everything in it too.
So, if something breaks, you don’t have a landlord you can call to fix the issue, that’s on you. It sounds like something everyone should know but you’d be surprised. When it comes to Louisville real estate, I’ve learned never to take anything for granted.
One website estimates that the average U.S. home costs $1,126 to maintain. Now, that’s including insurance, taxes and some other costs that aren’t truly “maintenance” like water and electricity. But hey, it’s another price point.
So, with that in mind , let’s see what we might expect when it comes to actual home maintenance costs average, there are several ways we can come to a solid value. These fall into two categories, as you will see.
Fast and Easy Methods to Determine Home Maintenance Costs Average
There are two main ways that are quick and easy.
Square Foot Method
This rule states that you should plan to spend $1 per square foot per year for your home’s maintenance. Simple enough, right? You own a 2,200 square foot home then the math comes to $2,200 a year for maintenance and repairs.
Sure, some years will top that number while others are sure to fall short but it’s one way to at least be on the lookout for what is likely to happen. Keep in mind, certain parts of the country will have higher labor costs which factor in a great deal.
Sale Price Method
Another way you could go is based on what you paid for your home. After all, more expensive homes cost more to maintain, correct?
So, if you spent $400,000 on your home, 1% of that number is what they method says you should budget for home maintenance. More expensive homes also come with additional features, such as irrigation systems, landscape lighting or maybe a large deck. These items all require maintenance as well, so it makes good sense to have fund set aside before trouble arrives.
Slower But Better Methods to Determine Home Maintenance Costs Average
First, this method will take more time but in the end, you’ll be better prepared to tackle whatever may come your way. Let’s look at each of your home’s main systems.
These data points were found on HomeAdvisor.
- Foundation – Average Cost to Repair Foundation: $4,436
- Roof – Average Cost to Repair Roof: $681
- HVAC – Average Cost to Repair AC: $326, Average Cost to Repair Furnace: $268
- Electrical – Average Cost to Repair Electrical Problem: $322
- Plumbing – Average Cost to Repair Plumbing Problem: $299
- Appliance – Average Cost to Repair Appliance: $201
For each, you need to consider the age of the item currently. For example, if your roof is brand new with 25 year shingles, you can expect to be good for years to come unless something strange comes up.
On the other hand, if you bought your home with a 30 year old HVAC system in place, go ahead and plan on replacing it in the very near future.
By looking at each item in your home, you should be able to better estimate when the costly maintenance items will arrive.