Factors To Contemplate For Home Maintenance Budgeting.
Home Maintenance costs can n some cases add up fast. Before purchasing any house, you need to take this factor into account. There are just two rules you could use to funding for house 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 next rule and it says that you budget a single dollar a square foot annually for repair and upkeep costs. Following are a few of the factors behind how much your property will need upkeep.
You should consider the location in which the property is situated. It is essential to know 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 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 . Some of the 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 situated in areas of the country that experience cold weather especially during freezing temperatures tend to require more maintenance compared to 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 is important that you are aware of the way 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 property. You need to come Up with a strategy and choose on which thumb rule you will use to save for your property’s maintenance.