Factors to Consider For Home Maintenance Budgeting.
Home Maintenance costs can n some cases add up fast. Before purchasing any property, you should take this factor into consideration. There are two rules you could use to budget for home repair and maintenance. The first rule is the 1 percent rule which states that one percent of the purchase price of your house ought to be put aside each year to cater to continuing maintenance. The square foot rule is the second rule and it states that you budget one dollar per square foot per year for repair and maintenance costs. Following are a few of the factors for how much your property will need upkeep.
You Should think about the place where the property is located. It is crucial to know the terrain in which your property sits on. For instance, if the land is near a water body and sits in the bottom of the mountain where water is likely to accumulate, this might be a massive issue. It is wise to know the appropriate home insurance to purchase. You should also have it in mind that wetter regions tend to attract termites. You and I know how much destruction termite I able to cause. Therefore, it’s fairly evident that place is not a issue to sweep under the rug as it’s a wonderful influence on the budgeting for your property upkeep.
The Other aspect to think about is home type. Is your property a large family home, condo or a residential apartment? Normally, single family homes require high costs of maintenance especially if it is palatial. On the other hand, apartments require the lowest maintenance among the 3 illustrations . A number of those maintenance activities in family homes that makes the maintenance budget slightly higher than the rest include, replacing shingles on the roof paving driveways 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’s important that you know how previous owners of this home have been taking care of it. If the owners had good maintenance records, then you are 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 premises. You should come up with a plan and decide on which thumb rule you will use to save for your property’s maintenance.