Factors To Consider For Home Maintenance Budgeting.
Home maintenance costs can n some cases add up rapidly. Before purchasing any property, you need to take this factor into consideration. 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 place where the property is situated. It is essential to be aware of 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 your mind that wetter areas have a tendency to draw termites. You and I understand just how much devastation I able to trigger. 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 thing to consider is property type. Is your property a big 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 one of the 3 examples . A number of the maintenance activities in family houses that makes the maintenance budget marginally higher than the rest include, replacing shingles on the roof paving drives and cleaning the gutters.
Weather is the other factor that ought to be taken seriously. Properties located in areas of the nation that experience cold weather especially during freezing temperatures often require more upkeep when compared with the properties which are in areas with different climatic conditions. Cold weather put more strain on properties than warmer weather. You need to be armed with plans to stop properties from wearing out because of the harsh weather conditions.
The State of the property also needs to be determined. 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 premises. You need to come Up with a strategy and choose on which thumb rule you will use to save for your property’s maintenance.