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Budgeting for Maintenance

When evaluating a purchase and making a budget, we are often asked how much is a fair amount to budget for maintenance.

Maintenance costs typically range between $1-$3 per square foot, per year. On a 1500 square foot home, this would be $1500-$3000. Lawn and snow removal on a typical home run about $100/month.

It is also recommended that owners have in reserve 10% of the value of the home for use on capital expenses. Capital expenses include roof, siding, gutters, driveway or porch replacement. For a $150,000 home, it is wise to have $15,000 in reserve for these capital expenses.