The cost of homeownership is more than just a monthly mortgage on the home of your dreams. Along with the down payment, insurance, utilities, a new homeowner is also shelling out money for home maintenance services in order to keep it running smoothly month to month.
According to Bankrate.com, homeowners on average spend $2,000 a year on home maintenance, which includes landscaping, housekeeping, and plumbing services. Additionally, 63 percent of homeowners use at least one recurring home maintenance provider while another 35 percent use at least two!
Homeowners tend to spend the most on housekeeping at $285 per month, followed by homeowner’s association dues, and landscaping. The next most popular services were home security systems, pool care, snow removal, septic service, and trash and recycling collection services.
With that being said, owning a home is not cheap! Homeowners have to prepare for major repairs, such as roof leaks or blown-out air conditioners. Budgets need to be set for property taxes, which can cost over $200 each month. Maintenance services are convenient and will save time but they are a detriment to a homeowner’s bank account if the budget does not exist.
To avoid running into a financial crisis, Liberty Builders recommends two important factors for maintenance costs:
- Create a home maintenance fund to go along with other savings accounts and avoid using credit cards or loans for unexpected home repair costs.
- Make better short-term and long-term housing decisions by factoring in the $2,000 estimated maintenance costs when deciding if buying a house is affordable.
Agents should focus their clients toward homes they can comfortably afford, however that is not always the case. Ask an agent to help with this dilemma when house hunting.
At Liberty Builders, you can rely on reasonably cost effective services for your exterior home. We will even throw in a free in-home consultation and take you step-by-step on costs to avoid a hole in your wallet.