Home Maintenance Budgets

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We're pending on a house here which means we've lost all our joy to the home loan process and searching for the best insurance rates. I've spent more time on the phone than I would care to do in 5 years in the past 3 weeks.

It also means I've been looking at our budget to fit in a higher rent/mortgage than what we're currently paying, an increased utilities and water bill, and home maintenance.

If you google how much you should budget for home maintenance you'll see the 1% rule. Expect your yearly maintenance to be 1% of the cost of the house. Obviously, a lot of things can change this rule. We got our last house for a steal and spent 2-3% on home maintenance. I think this house will be closer to that 1% rule.

It is helpful to save monthly for this category. You may not use any of it for a few months, or just a bit of it to replace some lightbulbs or something. But then a plumbing problem may come and you'll be happy you've saved for it. The call fee is enough to make you want to punch someone before you even add in the work.

Have you found that the 1% rule holds true for you? If not, what do you budget?


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