Common question
How much should I budget for home maintenance?
A maintenance budget is money you set aside for repairs, not a bill you will receive on a schedule. This page uses a percent of the home value. The percent comes from the age band, unless you type your own rate.
A new roof or a failed HVAC system can cost more than one year of this allowance. The result is an estimate from the value, age, and rate you enter. It is not a home inspection.
About $6,750.00.
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How we calculated this
The age bands use 1% a year under 10 years, 1.5% from 10 to 24 years, and 2% at 25 years or older. If you enter a rate, that rate replaces the age band. The dollar amount is home value times the rate.
What does this mean?
A practical planning budget is about $6,750.00 a year, or $562.50 a month. A new roof or HVAC system can exceed a single year of this allowance.
Your assumptions
Edit assumptions- Home value
- $450,000
- Home age
- 15 years
- Rate
- 1.50% from the age band
A percent of value is a budget, not a prediction of the next repair. A roof or a system replacement can exceed one year of this allowance.
How the estimate is calculated
If you leave the rate blank, age sets it: 1% a year when the home is under 10 years, 1.5% from 10 through 24 years, and 2% at 25 years or older.
A rate you type replaces that band. The annual budget is the home value times the rate. The monthly figure is the annual amount divided by 12. Utilities are not included.
Open the Home Maintenance Calculator · How this calculator works
Questions
What is the 1% rule?
A common shorthand is to set aside about 1% of the home’s value each year. This calculator uses 1% only for homes under 10 years old. Older homes use a higher percent unless you override it.
Should I save it monthly?
The monthly line is the annual amount divided by 12. That is an easy way to fund the allowance. Repairs will not arrive in equal monthly bills.
Does this include utilities or a remodel?
No. Utilities are a separate calculator. A remodel is a project, not the repair allowance.
What if the house is old but the roof is new?
The age band does not know which systems were replaced. Lower the rate if you want a smaller allowance, or keep the band and treat a big recent repair as already spent.