The spending doesn’t stop when you buy a home. In fact, they are just getting started! Homes require regular upkeep and upkeep.
You might not consider this when buying a home, especially if you’re moving out of an apartment where much of the maintenance and upkeep is done by the landlord. This can lead to surprise or even alarm when it’s time to perform routine maintenance or replace a key device.
According to data from insurance company Hippo, over 80% of homebuyers are hit with a major repair within the first year of ownership and feel unprepared for the overall cost of home repairs. Clever data revealed that the average American spends more than $3,000 a year on maintenance and repairs.
During the pandemic, we have all spent more time at home. We also put more wear and tear on our homes, which means more maintenance in general. Unfortunately, the cost and access to the supplies and tools needed to perform this maintenance has increased due to supply chain issues. This, coupled with the increase in the number of extreme weather events that have occurred in recent years, has resulted in an increase in repairs being made and an increase in the overall cost of those repairs, according to the latest “State of Home Spending” report from the home services company Angi. ” report.
Below are some of the most common ongoing costs associated with home ownership. These are the regular maintenance expenses you can count on and want to be prepared for.
1. Lawn care and landscaping
Lawn care is one of the most time-consuming parts of home maintenance. For many people, it also seems to be one of the most important because it is the part of your home that people see first. HomeGuide found that the average American spends about $1,200 to $2,400 a year on lawn care and landscaping. Most of this is related to mowing, watering, and general landscaping like tree pruning and gardening.
2. HVAC cleaning and maintenance
Air quality is important in your home. Giving your HVAC system a regular cleaning helps in this regard. According to Home Advisor, the average cost of cleaning your air ducts is $376. Although you should only need to perform a full cleaning once every five years or so, some small maintenance and filter replacements make it easier to breathe at home.
3. Clearing gutters
It is important to clean your gutters to prevent damage to the interior and exterior of your home. If the gutters are clogged with leaves and debris, you may end up with an overflow of water that can damage your roof and the walls of your home if the water collects in places where it does not. is not meant to be. HomeAdvisor says the average cost to clean gutters is around $161 and it’s recommended you clean them one to three times a year depending on the weather in your area. However, you can often clean the gutters yourself to reduce expenses.
4. Pest prevention
Wandering insects will find their way into your home, but serious infestations are something you don’t want to bother. Paying for an exterminator or a more serious pest control situation that requires fumigation or other types of care can cost thousands of dollars, but HomeAdvisor says average pest control measures cost $176. You can do the pest control yourself by buying traps and sprays that kill invaders before the problem gets out of control. Prevention often goes a long way in these situations.
5. Replacing the smoke detector batteries
Smoke alarms (hopefully) don’t go off often, but they’re always watching to keep you safe. You’ll want to make sure they’re in good working order by replacing the batteries regularly — up to once a year, according to the National Fire Protection Association (NFPA). You can avoid this recurring cost by getting a 10-year smoke alarm, which may cost a little more upfront (around $50) but saves you more in the long run. Also consider installing carbon monoxide alarms if your home does not have one.
6. Housekeeping and house cleaning
A clean house is a safer house. Regularly cleaning your home, whether it’s scrubbing counters and other high traffic areas, vacuuming or sweeping, is often a task that takes more time than money. However, it does require some investment in cleaning products – and they won’t last forever either. Americans spend more than $830 a year on cleaning products, according to Statista. However, you can reduce your costs by extending the life of your cleaning products. For example, microwaving non-metallic sponges to sanitize them will keep them cleaner longer. You can also clean your broom and remove frayed bristles to extend its life.
7. Pool maintenance
A swimming pool is a luxury amenity, but it is not without drawbacks. Pool maintenance can be expensive. According to HomeGuide, the average pool owner spends about $960 to $1,800 per year on cleaning costs. This doesn’t even include the one-time costs of opening and closing the pool, preparing for use, or emptying for the off season. In total, pool owners are probably looking at spending up to $5,000 per year for maintenance.
Conclusion on home maintenance costs
Home maintenance costs are one of those expenses that you cannot consider when buying a home. You’ll want to set aside money each year for expenses that arise just to keep your home running smoothly. State Farm recommends between 1-4% of your home’s value. The median US home sold for $375,000 in 2021, so the median homeowner will want to set aside between $3,750 and $15,000 a year for maintenance costs.
While that may seem like a lot, it’s worth noting that the money doesn’t just disappear. Home maintenance is essential, both for sustaining your life in the home and for the potential sale of the home: a University of Connecticut/Syracuse University study, cited by the National Association of Realtors, suggested that regular maintenance even adds 1% of value per year. to your house, to your house. And North Carolina State University expansion research found that annual maintenance helps avoid more expensive system repairs or replacements. It’s an investment, in other words: in the life of your home and your enjoyment.