There are some nice things about being a renter. You aren't responsible for much of the maintenance in your home, because that is the landlord's responsibility. But if you're an owner these can be an expensive part of your budget, and even renters may need to spend money on some repairs such as appliances. Here are some tips from a reader on how to make sure that these expenses stay manageable and within your budget.
Know How Much to Budget
It's not always easy to know how much you should be spending on home maintenance. Everyone can end up spending different amounts, and you can't predict an exact budget that you'll need. However, there are some general rules that can give you a hint as to how much you should be spending. Many people say that you should budget around 1% of the value of your home if you want to be prepared for home maintenance costs. So if your home is worth $200,000, you should budget $2,000 each year to pay for its upkeep. Of course, some years you might spend more or less than this. But you can save any money that you don't spend.
Keep an Emergency Fund
An emergency fund is a must if you want to be able to pay for home maintenance costs. Your general maintenance budget will pay for things like touching up paint or servicing your air conditioner. But your emergency fund can help you out when something unexpected happens. This could be an appliance breaking down, your roof getting damaged by a storm, or a burst pipe. Your savings should help to protect you when something goes wrong so that you don't have to try and find the money elsewhere. Your emergency fund can help you in many other situations too, from car problems to vet bills.
Taking preventative steps to protect your home will help you to keep your home maintenance budget manageable. You should make sure you have home insurance and also look into getting a home warranty if you want to cover the costs of home maintenance. These products will protect you if something goes wrong, whether your home is burglarized or your dishwasher breaks down. You can also physically protect your home in a few different ways. This can include weatherproofing your home or making it more secure, as well as taking steps to prevent fire.
Do It Yourself
DIY home maintenance can help you to save money, but only if you know when to do it and when it's best to leave it to a professional. There are plenty of home maintenance tasks that you can easily do yourself. It's simple to touch up an area where paint has chipped off or to recaulk around your window frames if you know what you're doing. However, there are other tasks that you might not be so capable of, especially those that are more dangerous or complicated. Before you decide to DIY anything, think about whether you can manage it.
Invest for the Future
When you pay for any home maintenance, think about the future. If you try to do everything as cheaply as possible, you could soon find that it was a mistake. Cheap materials and work might not last very long, which means you could end up having to repeat the same maintenance sooner than you would like to. If you want to avoid paying twice, you should try to invest in quality maintenance for the future. Paying a bit more could mean that any work you have carried out will last longer.
Find Reliable Contractors
Reliable contractors are essential if you want to be able to manage your home maintenance well. You need contractors who you know won't overcharge you and who will deliver on the service that they promise. It can sometimes take a while to find people and businesses that you can trust. You can find that it's difficult to get someone offering prices that work for you who will also turn up when you need them to and complete the job to a good standard. But once you find someone good, make sure to form a good relationship with them.
Manage your home maintenance budget carefully so that you can affordably pay for anything that you might need to do.
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