How much should you budget for home maintenance?

Of course, you want your home to look great. Balancing that ideal with your finances can be another story. That’s why a solid budget is so important when it comes to managing house maintenance costs. If you’ve put aside cash to spend on upcoming projects — and saved up with each paycheck — you’ll likely find getting the work done is possible. You’ll be able to boost the value of your house and its curb appeal, too!

What is included in home maintenance costs?

By placing a certain percentage of your home’s value into savings every year, you’ll have a reserve for big-ticket items when the time comes to make a major purchase. Because appliances will eventually need to be swapped out, and sooner or later the roof will need replacing, having that savings in place can make a big difference. You’ll be better prepared for unexpected problems as well. Here are a few items that will likely need your attention around your home:

• Lawn care
• Wiring
• Plumbing issues
• Old roof
• Cracked tiles
• Aged ceiling fans
• Unaligned doors
• Repainting walls

What impacts your average monthly home maintenance costs?

It’s fair to say that forecasting the future is next to impossible. But you can weigh a number of important factors together and emerge with an idea of what your yearly house maintenance budget will need to be. Here are a few key factors that affect your home’s maintenance budget:

Where your home is located. The physical position of your home — relative to hills, water flow channels, flood plains and more — has an impact on how well a home will fare over the years. For instance, you can expect higher yearly home maintenance costs for homes that see large amounts of water in the basement every year.

Your home’s condition. Homeowners that take pride in their home and do what they can to keep it running smoothly benefit in many ways. They may spend a bit more up front, but their yearly home maintenance costs are more predictable as a result. When older homes have been well-maintained, they typically have furnaces that last longer, too.

The age of your home. As your home ages, it’s going to need upkeep and repairs. The age of a home is a big predictor in its overall health. Average repair and maintenance costs can be minimized in older homes by hiring professionals to regularly check in on your appliances and systems. Homes built 30 to 40 years ago will usually require more spending to maintain than homes built within the last decade.

How weather impacts your home repair budget

Local weather can take its toll on your home. Take a look at the various ways you’ll spend on your home depending on the seasons and region where you live.

Winter climates can accelerate home maintenance expenses. Physical stressors on your home like temperature changes, ice and snow can impact your home’s structure. When insulation around your foundation is lacking, pipes are more likely to burst in frigid temperatures. If your gutters aren’t cleaned out after the leaves have fallen, they’re more likely to create ice dams.

Humid regions can affect your home’s property maintenance costs. Coastal areas and humid regions can harbor conditions where mold and mildew can flourish. Frequent rainfall or exposure to tropical storms can beat up your roof as temperatures shift from very hot and sunny to wet and cool all year long.

Mild weather can help your home to last longer. If the weather’s just fine most of the year, your HVAC systems won’t need to be running — and they’re likely to stay in better repair as a result. The rest of your home’s systems are more likely to stay in better shape, too.

Average home maintenance and replacement costs

Most home maintenance expenses can be anticipated when you’re regularly spending on maintenance. You’re more likely to be caught off guard by big ticket maintenance expenses when major home systems are neglected. Here’s a look at average home maintenance costs vs. the average cost to replace these items.

Your total home maintenance budget is made up of many separate expenses — some of them quite small — like gas for the lawn mower or filters for your furnace. But you’ll need to budget for other home expenses, too. Take a look at how individual average maintenance costs can add up quickly: