How Much Is Home Maintenance?

Homeownership can come with many regular costs such as annual property taxes, home insurance, and utility services. However, it can come with unforeseen costs associated with neglected home maintenance. According to The National Home Builder Association it’s reported that home maintenance accounts up to 10% of a homeowner’s annual home operating costs.

Key Takeaways

• The 1- 3% rule of thumb, suggests you should save at least 1% of your home’s current market value for ongoing repairs.

• The square footage rule of thumb, suggests you should budget $1 for every square foot of the home.

• You should account for the age of major appliances and systems in the home when budgeting. Older homes will require more maintenance than newer homes.

• Scheduling an annual maintenance inspection will give you an expert’s opinion on major problems you might not notice in hard-to-reach places like attics and crawl spaces.

The Costs of Home Maintenance

There are many variables that can determine the amount of maintenance needed on a home. A home’s age affects this more often than any other factor. When comparing a home built in the 1970s versus a new home built in 2021. The costs are going to vary greatly. It goes without saying a newer home requires less maintenance than an older home. What is the average cost of home maintenance? Short answer, it varies.

According to an annual study performed by Angi.com; the average cost is $3,192 per year. The report goes on to include other costs associated with the home such as home improvements and home projects. However, since 2020 there has been an increase in spending from consumers on their homes roughly a 25% increase year over year. This increase is suspected to be due to the pandemic leaving homeowners with more free time on their hands as they worked remotely during statewide shutdowns in the United States.

Monthly Home Maintenance Budget in Orlando?

We compiled data for the Orlando, Florida area with data from realtor.com and applied the two typical rules of thumbs to develop a budget example. In the Orlando, Florida area, the average home for sale is 1666 square feet and has a median price of $330K. The result is $1,666 – $3,300 a year. This is pretty close to Angi’s annual studies estimated $3,192 per year. You should expect to have a monthly home maintenance budget of $138 to $275 for Orlando Florida.

What Is Home Maintenance?

Home maintenance is any task or project that maintains a home in an operational condition. When we think of our homes, they are our shelters from the elements and our largest investment. It makes sense to protect our property to help maintain its function and value. The main concern you want to address in home maintenance is ensuring the longevity of the home’s structure and its systems. Some items to keep in mind are your roof, landscaping, structure, HVAC, water heater and major appliances. We know that eventually all things break down or fail over time, but it’s your responsibility to make an effort to maintain and fix problems as they appear. A good way to stay on top of home maintenance is to develop or follow a maintenance checklist. We took the time to develop a 12-month checklist to get you started.

As a home inspector, I’ve met many homeowners who were unaware of exterior maintenance issues. The most common item I see in Florida is stucco cracks. Often these cracks are very minimal and usually caused by seasonal expansion and contraction as the home breathes, or early settlement of the foundation within the first 2 years after a home is built. Often home owners assume the worst and have told me they never noticed them till it was pointed out. I always recommend taking a moment every other month to walk around the outside of your home to inspect it for flaws or issues. This helps identify maintenance issues before they start. I would also recommend getting an annual maintenance inspection every year. As home inspectors we inspect the same components we inspect in a home inspection and are willing to climb into hot attics and crawl through crawl spaces for homeowners.

How to Budget for Home Maintenance?

Traditionally there are 2 rules of thumbs when preparing a budget, The first rule of thumb is to budget for 1 – 3% of the home’s value. For example; if your home is worth $300,000 you should budget $3000 to $6000 in maintenance costs. The second rule of thumb is to budget $1 for every square foot. This is relatively simple if your home is 1800 square feet and you would need to plan to budget $1800.

You should always take in account routine maintenance services on a monthly and annual basis. These costs can vary between service providers and are often routine expenses. There are services that can be accomplished by yourself; lawn maintenance, trimming bushes and trees is an excellent example.

Keep in mind upcoming large expenses in the next year and beyond. Major home systems like the HVAC, water heater, and roof are very large expenses for homeowners. It’s important to know how old these components are and when you should expect replacing them. Often specialized contractors will be able to provide a specific estimate of the remaining service life of a system. Additionally, your home inspection report will always highlight any visual defects or identify a system that is coming up to the end of its service life or has exceeded it.

Routine Home Maintenance Services to Budget.

Every home’s maintenance needs will vary on factors such as age, location, and individual homeowner needs. I like to refer to my own home often when discussing this with new homeowners. My home is surrounded by large pine trees and year-round I need to clean my roof and gutters from excess pine straw on a monthly basis, however I’m not fond of trimming palm trees therefore I pay for that service every 3 months. It’s important to budget for services you consider needing and others you can self-perform. Here are some typical routine services you might need to budget and plan saving for in the future.

Every Month

Landscaping Services – Bi weekly or Monthly.

Pest Control Services – Monthly depending on pest prevention needs.

Every 6 Months to a Year

Pressure Washing Services – Cleaning the driveways, walk ways, home exterior and soft washing a roof can help maintain your exterior surfaces.

HVAC Annual Check Up – Plan for an annual checkup on your HVAC, or every 6-month checkups in spring and fall.

Water Heater Flushing – This task can be done by a plumbing contractor or homeowner. How to flush a water heater.

Dryer Vent Clean Out – This task often can be accomplished by a handyman or homeowner.

Septic Tank Inspection – Plan for an annual inspection and cleaning every 2-3 years.

Every 5 to 10 Years

Exterior Painting – Often paint will fade or crack depending on the siding material, paint is an excellent way to seal materials and add value to a home. Sometimes hiring a pro is a better option when dealing with multi-story homes.

New Appliances – Often dishwashers, microwaves and many appliances meet the end of their service life at 10 years. Refrigerators and ovens last roughly 13 to 15 years.

Replacement of Water Heaters – Gas and electrical heaters typically have a 10-year service life. Plumbing contractors can install these for homeowners.

11 Years and Beyond

Roofing Materials – Depending on the type of roof materials the service life can vary based on type, climate and installation. Most roofs are asphalt shingle and these can range from 15-25 years.

Install New HVAC – Most HVAC units last 15-20 years when properly serviced but it can vary between manufacturers.

The Writer’s Own Home Experience

My first home, when I bought it, was definitely a fixer upper. It was expected that some issues would arise, while others were not. The home’s original construction was in 1988, making it over 30 years old. Upon closing the house, I knew that my first project would be to remove all the carpet in the bedrooms. In addition, I would give all the rooms a fresh coat of paint. Furthermore, we knew we would need to replace the HVAC system and roof within the next 5-7 years. Thus, I put together an aggressive budget to cover these costs within that period. But… Here’s what really happened.

My HVAC Went Out in 18 Months.

Nevertheless, I was not prepared for my HVAC to fail the second summer after I bought my home. The cost alone for a brand-new installation was over $8000. I allocated $320 a month for home maintenance at the time. While it wasn’t nearly as much as I had saved, which was close to $6000, I was thankful I had dedicated myself to the budget.

My Plumbing Was Unexpected!

The fact that my house was older had never occurred to me that my plumbing could be a problem until I had my first leak. Thankfully, a family friend who is a plumber was able to handle this repair. The whole house had to be re-plumbed with “PEX” piping or “cross linked polyethylene”. This is basically flexible plastic piping, which offers a lot of advantages over traditional piping materials and is far less expensive. The lesson I learned that day reinforced my plan to save money for my roof.

My Roof Was Expected.

I am glad I saved for my roof. As a result of a leak in our roof this year, we decided to completely replace the roof as a whole. The budget allocated for each service may not have been full in both cases, but I could have been worse off without one as a homeowner. My advice to homeowners is to research how old your major systems are and always plan for the unexpected with homes as they age.

Get a Florida Home Inspection Quote Today.

If you’re a homeowner who’s concerned about home maintenance, we provide annual maintenance inspections that can provide you a clear picture of your home’s maintenance needs. Get a free quote for your home inspection today from HomeShape Inspections. We believe maintenance is an important part of protecting your largest investment, and homeowners should know the shape of your home.