- posted 9 years ago
I am a real dunce when it comes to real estate. I mean, I seem to understand nothing. How much should one spend on maintenance of one's home? (As a percentage of purchase price?)
"Maintenance" is, in my conception of things, incidental stuff like brooms, some garden tools, some tools for leaky faucets, cleaning stuff, and for bigger projects like painting the exterior every five years (?), the expenses of hiring people.
I carefully ran a budget based on mortgage payments and utilities, then added what I thought was reasonable estimate for maintenance. Since then I've found I had to pay pro's to re-do the A/C ducting, re- do the sprinkler system, repair the heating, explain to me that a house built in the 1980's will never be energy efficient, fix the wood rot, replace the electric panel, and the expenses seem to go on and on (e.g. I will need insulation in the attic and a new ladder) ... new sod, new trees to shade the new sod, big water bills too, and this is not at all what I expected.
The roof is three years old, so I expect I won't have to handle that for at least ten years. I apologize if I have offended you more knowledgeable folk's common sense with the above, but I would appreciate some guidance as to just how much a home *really* costs.