How to Create a Home Maintenance Budget

MIL-Estate Network is 100% Veteran or Military Spouse Realtors. We have over 160 agents nationwide so we can help you anywhere!

Creating a home maintenance budget is essential for homeowners, particularly military families who may move frequently. A well-planned budget can help you manage costs and keep your home in optimal condition. Here’s how to create an effective home maintenance budget:

1. Assess Your Home’s Needs: Start by evaluating your home’s specific maintenance needs. Consider the age of appliances, roof condition, plumbing, and heating/cooling systems to identify potential areas requiring attention.
2. Estimate Annual Costs: Research the average costs associated with routine maintenance and repairs for your home. Consider expenses like HVAC servicing, landscaping, plumbing, and pest control to estimate annual costs.
3. Set Aside a Contingency Fund: Unexpected repairs can arise at any time. Set aside a contingency fund within your budget for emergencies, ideally 1-3% of your home’s value, to cover unforeseen expenses.
4. Prioritize Routine Maintenance: Schedule regular maintenance tasks such as gutter cleaning, HVAC servicing, and appliance checks. Keeping up with routine maintenance can help prevent costly repairs in the future.
5. Review and Adjust Annually: Revisit your budget annually to adjust for changing needs and inflation. Tracking expenses and reviewing your budget regularly can help you stay on top of home maintenance costs.
6. Consult with Professionals: If you’re unsure about estimating costs, consider consulting with professionals for guidance. MIL-Estate agents can connect you with trusted contractors and resources in your area.

At MIL-Estate, we understand the importance of home maintenance for military families. Our agents are here to provide support and resources to help you create a comprehensive maintenance budget that meets your needs.