Tips for Creating a Home Maintenance Budget

The New Year has begun and with it comes certain tasks, especially if you have just moved into a new home or if you are making changes to your home maintenance budget. One step that has helped many in creating a home maintenance budget is assessing and prioritizing your needs. Most importantly, assess your current needs. This should be your first step in creating your home maintenance budget. Then, consider how old your home and appliances are so that you can anticipate your upcoming needs. After you have figured out which projects you would like to take on in the New Year, it is time to prioritize. Chances are that you may not be able to complete everything you want to get done in the New Year. This is especially true if you run into any trouble or surprise repair needs along the way. That’s why it’s vital that you prioritize which projects need attention first and work on those before starting other projects. For instance, you may want to consider replacing your roof before you get started on that bathroom remodel.

Because the cost of labor is one of the highest costs in your home maintenance budget, it is important to decide what you can do yourself. You can save money by doing some things yourself such as painting, flooring, and landscaping. Think about what you can do safely and which projects you will need professional assistance. Then, find out about the labor costs on those projects that need outside help.

Another step is to include a fund for unanticipated repairs like replacing your old water heater or a costly plumbing expense like replacing or repairing your furnace. As most people would attest to, life doesn’t always go as we want it to; the same may be true for your home maintenance projects this year. That is why it is so important to put aside some money for times when an unexpected event turns up. Of course, there is no way of knowing what the future may bring; however, you can be more prepared by setting aside some cash for unexpected and unplanned events.

Perhaps the most important step in creating your home maintenance budget is setting aside money for ongoing home maintenance. Some maintenance experts say that it is important to set aside at least one to two percent of how much you paid for your home each year for such maintenance projects like sewer updates, roofing repairs or new appliance. Jim Brown and Sons roofing experts understand the importance of timely roofing maintenance, because a neglect of periodic roof renewal can affect the house condition. Another convenient way to create your home maintenance budget is by setting up automatic transfers. Fund you automatic transfers from your checking account. Give this account a name like Home Upkeep and as the balance grows, enjoy the peace of mind it will bring to you. Besides the above tips, be sure to budget for home improvement projects. Over time you will want to update and improve certain areas in your home like kitchen counters or windows.

Another tip that many have found helpful is using online tools to manage your finances. Examples of two online tools are My Spending Report with Budge Watch and My Savings Plan. Most importantly, budgeting for home maintenance may at first seem too much but when you start putting small amounts aside consistently, you will soon have the money you need to pay for repairs and maintenance when maintenance concerns arise.

In addition, there are factors that will help you decide and maintain a home maintenance budget and they are the age of your home, the condition of your home, the size of your home, the environment and the location of your home. Other factors that should be included in your home maintenance budget are mortgage payments, property taxes, homeowner’s insurance, utilities, regular maintenance and private mortgage insurance.