5 Ways to Save Money on Home Maintenance

New homeowners often experience sticker shock when it comes to the cost of home maintenance. A common rule of thumb is to save 1%-4% of your home’s value each year for maintenance costs. 

However, these expenses can add up fast. Luckily, there are many ways to reduce these costs and save money on home maintenance.

1. Do It Yourself 

While many homeowners dread carrying out routine maintenance tasks, including cleaning gutters and staining fences, doing so can save you money in the long run. Leaving these jobs unattended can lead to expensive problems, like water damage or freezing pipes, that are costly to repair. 

If you are worried about not having enough money to cover repairs or renovations, experts recommend setting aside a small amount each month to save for these expenses. One common rule of thumb is to set aside 1%-4% of your home’s value each year for this purpose. 

Another option is to look into government-provided financial assistance. For instance, some companies offer loans that are based on your projected future home value, which makes them cheaper than credit cards. You can also search online for charts or articles that estimate how long components, such as roofs and furnaces, typically last.

2. Ask Around 

Getting to know the people who live in your area—a plumber, electrician, or tree trimmer, for example—can be very helpful. When you need a home repair, you will be able to ask them for a recommendation for someone they trust and like working with. 

Preventive maintenance helps protect your investment and avoid costly repairs or replacements down the road. For instance, making sure gutters are clog-free means water doesn’t pool around the foundation or cause leaks in the roof. 

Budgeting for the yearly costs of basic maintenance can be a little tricky. One common formula is to save 1 to 4 percent of your home’s value each year. However, this number can vary depending on your specific home and the condition of your appliances and systems.

3. Barter 

If you’re a homeowner, it’s inevitable that repairs will be needed at some point. And because these costs can be a significant hit to your budget, it’s important to save for them as early as possible. One of the best ways to do this is to set aside 1% of your property’s value each year. And to make this easy, you can simply set up an

automatic transfer each month into a dedicated savings account. 

This will help you stay on top of any maintenance needs that arise and ensure that your savings are growing. It’s also a good idea to follow deal pages and watch hardware stores for sales on items you may need for your next project. This way, you can stock up and save even more. Look for deals on washer and dryers or for the best tankless water heater that can save you money and time on repairs.

4. Look for Deals 

Homeowners know that mortgage payments, taxes, and utilities can be costly. However, there are other expenses homeowners must consider, like maintenance and repair costs. Unfortunately, many of these costs can’t be predicted and might surprise you if you’re not prepared. 

A good rule of thumb is to save 1% of your home’s value, according to real estate investors. This can cover your annual expenses and help you prepare for larger repairs or replacements down the road. 

Investors also agree that the 1% rule is a good place to start, but also suggests saving more than this. He says that the exact amount you need to set aside will depend on a variety of factors, including the age of your home and its location.

5. Hire a Professional 

Home maintenance can be a big financial burden for new homeowners. It’s important to budget ahead and set aside money for future repairs and replacements. A common rule of thumb is to save 1% of your home’s cost annually for routine maintenance and repairs. 

However, this figure can vary based on the age of your home and other factors like weather patterns in your area. Additionally, it’s worth calculating the expected lifespan of your appliances and systems. 

This will help you understand when certain items may need to be replaced. Skipping routine maintenance can backfire and lead to bigger costs down the road. A small patch of dry rot can turn into a collapsed deck or a dryer vent that catches fire.