Factors To Consider For Home Maintenance Budgeting.
Home Maintenance costs can n some cases accumulate rapidly. Before purchasing any property, you should take this factor into consideration. 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 for 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. It’s also advisable to have it in your mind that wetter areas tend to attract termites. You and I understand just how much devastation I able to trigger. Therefore, it is fairly evident that place is not a issue to sweep under the rug as it’s a great impact on the budgeting to your property maintenance.
The other thing to consider is property type. Is your home a large family home, condo or a residential apartment? Usually, single family homes need high costs of upkeep especially if it is palatial. On the other hand, apartments require the lowest maintenance one of the 3 examples . A number of the maintenance activities in family houses that makes the maintenance budget marginally higher than the rest include, replacing shingles on the roof paving drives and cleaning the gutters.
Weather is the other factor that ought to be taken seriously. Properties located in regions of the nation that experience cold weather especially during freezing temperatures tend to require greater maintenance when compared with the properties that 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’s important that you know how previous owners of this home have been taking care of it. When the owners had good care records, then you are on the secure 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 choose on which thumb rule you will use to save to your house’s maintenance.