As 2017 approaches, it is time to start thinking about developing a budget for the new year. If you are a Texas homeowner, this budget should account for any home maintenance needs you might encounter in 2017. Unlike budgeting for groceries or utilities, home improvement costs can be difficult to pin down. The guide below will offer some tips for creating a 2017 home maintenance budget for your Lewisville home.
Factors to Consider in Home Maintenance Budget
No two homes are alike when it comes to maintenance needs. Here are factors to consider that have the biggest impact on the cost of maintenance and repairs:
Age – The property’s age plays a huge role in its maintenance needs. A new construction home that was built in the last 5 to 10 years will not need much maintenance as compared to a home that is 10 to 20 or even 20 to 30 years old. The older the home, the more likely you will need to repair major components such as the roof or plumbing.
Condition – Regardless of how old your home is, the condition it is in is important when preparing for upcoming maintenance costs. If your home is older but has been well cared for, you may not have as many maintenance concerns as a home that has been neglected by its previous owners.
Location – Where your home is located can also impact its maintenance needs. Though all Lewisville homes may be impacted by Texas weather, the location of your home plays a role in how big of an impact. For instance, if you are located at the bottom of a hill where water tends to collect, you may be subject water damage.
2017 Home Maintenance Budget Tips
Once you have decided which home maintenance expenses you may need to consider in the coming year, it’s time to start creating your budget. Here are some helpful tips for creating a basic home maintenance budget for the new year:
- Prioritize projects. Put your budget toward those home maintenance needs that are vital, such as a new air conditioner or hot water heater, before considering other nice-to-have projects, like remodeling your bathroom.
- Consider what you can do yourself. Though not all home maintenance projects allow for DIY, you can save money by completing minor repairs and simple maintenance projects yourself.
- Set aside funds just for home maintenance. As a general guide, each year you should set aside 1 to 3 percent of your home’s purchase price just for home repairs and maintenance. You may want to keep this in a separate savings account.
- Anticipate major repairs. Many homeowners find themselves in a troublesome situation when they have to pay for major repairs that they were not expecting. Think ahead and consider which elements of your home may need to be addressed sooner rather than later.
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