Factors to Consider For Home Maintenance Budgeting.
Home Maintenance costs can n some cases accumulate rapidly. Before purchasing any house, you need to take this factor into account. There are two rules you can use to budget for home maintenance and repair. The first rule is the one percent rule which states that one percent of the purchase price of your home should be put aside each year to cater for ongoing 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 behind how much your property will need upkeep.
You Should think about the place where the property is located. It is essential to be aware of the terrain where 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’s wise to understand the appropriate house insurance to buy. You should also have it in your mind that wetter areas have a tendency to draw termites. You and I understand just how much devastation I able to trigger. 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 thing to consider is property type. Is your property a large family home, condo or a residential apartment? Normally, single family homes require high costs of upkeep 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 the other 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 than warmer weather. You need to be armed with strategies to prevent properties from wearing out due to the harsh weather conditions.
The State of the property should also be ascertained. It is important that you know how previous owners of the home have been taking care of it. When the owners had good care records, then you’re 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.