Managing Home Maintenance Expenses | Wells Fargo
Taking care of ongoing home repairs and tasks can help you keep your house safe, comfortable, and energy efficient—but it takes money and time. Consider these five tips to budget for ongoing home improvements: Tip 1: Set aside money for ongoing home maintenance Some specialists recommend settingaside 1% to 2% of the purchase price of your home each year for routine maintenance projectssuch as roofing repairs, sewer updates, or new appliances — each of which can cost several thousand dollars. If 2% seems too much, consider starting with less and working your way up. Finally, if your home has greater maintenance needs, consider whether budgeting more than 2% is necessary. You probably won’t need to repair everything at once, but it’s a good idea to have money set aside for when problems do arise. Tip 2: Set up automatic transfers to save for home maintenance Consider creating a separate home maintenance account and funding it withautomatic transfers. How much should you transfer? Calcula...