There is no definitive calculator that will help you figure out how much money you will be spending to maintain your home. In most cases, you are left to calculate these expenses yourself. One of the main questions people ask when they are trying to decide if they are ready to own a home is whether or not they can afford all the maintenance costs. Indeed, next to the mortgage, taxes and insurance – maintenance is one of the biggest costs that homeowner’s incur. Everything from the trim in your guest room to the shingles of your roof need attention at one point or another – and that is just the beginning. Here is how to estimate maintenance expenses before purchasing a home.
One of the first things to add into your calculations is the age of the home. Of course, newer homes need less maintenance. However, older homes can be a mess that requires annual – and sometimes biannual – maintenance. Plus, many of those maintenance costs are going to things like updating the plumbing or heating system, which can be costly. So, based on the age of the home, you’ll know right off the bat what you will be spending on maintenance. Having a rough idea of what you are in for is important before you start calculating the rest of your expenses.
Next, you have to take a look at the inevitable costs. These expenses run the gamut. For instance, trash and garbage removal is a priority. Also, hiring a gardener to look after your lawn and backyard is also crucial. If you have a pool, your pool must be maintained on weekly and monthly basis. Moreover, the winter may bring snow, which means that you have to factor in snow removal costs.
After you have a list of all your immediate costs, you want to start looking at your long-term expenses. These expenses vary greatly, but you only have to worry about them every five to seven years. For instance, you may want to paint your entire home, which can cost between $5,000 and $10,000 if you hire a professional company to do the painting. Next, you want to think about patching up and updated your HVAC system – particularly the ductwork. Some of the benefits of duct sealing include a more efficient heating and cooling system and better air quality. So, you can imagine why these long-term costs are so important.
Lastly, you can make a big list of all these expenses, but if you really want to look at it in an efficient and economical manner, you can just use a formula that real estate agents use to calculate home maintenance costs. Basically, you can calculate what 2% of the value of your home and that is what you will spend annually on maintenance expenses. In the end, though, all of those expenses will be for maintaining the beautification of your home and you may actually make your money back if you decide to sell your home. So, you can look at maintenance like a really smart investment.