What Are the Annual Maintenance Costs When You Own a Home?
One of the most important aspects of homeownership is maintaining the property that you own, which can be costly. In this article, UrbanTurf looks at the estimated annual maintenance costs associated with homeownership and the most common home maintenance expenses.
In general, homeowners should budget 1% to 4% of their home's value in annual maintenance costs. This range can vary depending on several factors, such as the age and size of the home, the type of property, and the climate in your area.
Here are some of the most common home maintenance expenses to consider:
-
Roof repairs and replacements -- The roof is one of the most critical components of a home, and repairs or replacements can be expensive. The cost of replacing a roof can range from $5,000 to $30,000, depending on the size of the roof and materials used.
-
HVAC -- Heating and cooling systems require regular maintenance. This can include annual inspections, filter replacements, and repairs, which can cost between $100 to $1,000 per year.
-
Plumbing repairs -- Plumbing problems are one of the most common home repairs, with issues such as burst pipes or sewer backups costing thousands of dollars to fix. Annual plumbing maintenance can help prevent these problems and cost between $100 to $300 per year.
-
Lawn and landscaping -- Maintaining a healthy lawn and landscaping can add to the beauty of your home, but it can also be costly. Homeowners can expect to pay between $500 to $2,000 per year on landscaping services and equipment.
-
Paint and siding -- Over time, the exterior of your home will require maintenance, such as repainting or repairing damaged siding. These costs can range from $2,000 to $20,000, depending on the size and materials used.
It's important to note that unexpected home repairs can also arise, such as a broken water heater or a damaged window. To prepare for these costs, homeowners should consider setting aside an emergency fund to cover unexpected expenses.
See other articles related to: home maintenance costs
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/what_are_the_annual_maintenance_costs_when_you_own_a_home/20885.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro