How much does it really cost to maintain your home?
Buying a house is a huge, exciting step. Sure, there’s the stress of getting your mortgage and moving. But then you get to own your own home! You can paint it however you want, decorate it, and finally have that space that is totally and absolutely yours.
In all the excitement of buying your first home, one of the things that you can easily forget about is maintaining your house. That can allow small, inexpensive problems to become large and very expensive emergencies. For that reason, you need to consider a home maintenance schedule and the costs associated with it.
A good general rule is to expect to spend approximately 5 per cent of the value of your home on maintenance every year. Now, keep in mind, this number is assuming that your home has passed a home inspection, and your house is in relatively good condition. On a house that is worth $350,000, that works out to about $17,500 per year.
You’re probably thinking that number seems awfully high, especially for a house that is in good condition. So let’s look at where that money should be spent.
The plumbing
Once a year:
- Testing faucets, replacing washers: $20
Larger, one-time costs:
- Update all plumbing: $4,000 -$6,000
- Hot water heater replacement: $250-$1,500
- New sump pump: $300-$1,600
- Insulate cold and hot water pipes: $150
The structure
Once a year:
- Replace weather stripping around doors and windows: $150-$500
- Fill cracks and holes with epoxy: $10-$35
- Power wash siding and structures: $200
- Replace garage extension springs: $35
Larger, one-time costs:
- New vinyl windows: $3,000-$11,000
- Replace external doors: $2,400-$4,500
- New vinyl siding: $3,000-$12,000
- Replace garage door: $650-$2,000
- Rebuild single car garage: $15,000
- Repaint the exterior: $3,000
The roof
Once a year:
- Replace loose shingles: $175
- Chimney maintenance/cleaning: $125-$200
Larger, one-time costs:
- Replace shingles: $5,000-$15,000
- Add insulation to the attic: $1,500
- Add roof vents: $300
The foundation
Once a year:
- Fill cracks with epoxy: $150-$1,000
- Clean up mild mold and mildew: $20
Larger, one-time costs:
- Mold testing/remediation: $9,000-$17,000
- External waterproofing of foundation: $8,500
- Internal waterproofing of unfinished basement: $3,300-$4,950
Electrical
Once a year:
- Replace batteries and check detectors: $25
Larger, one-time costs:
- Rewire entire house: $6,000-$15,000
- Replace smoke, carbon monoxide and radon detectors: $150-$400
Heating, ventilation and air conditioning
Once a year:
- Replace furnace filters: $5-$40
- Annual furnace inspection: $200
Larger, one-time costs:
- Replace furnace: $2,000-$6,000
- Replace central A/C: $1,000-$3,000
- Professional duct cleaning: $120-$250
Drainage and landscaping
- Clean eaves: $120
- Inspect and patch driveway: $30-$100
- Re-grade soil: $30
Larger, one-time costs:
- Re-grade property around foundation: $2,000-$8,000
- Replace eaves, soffits and fascia: $2,300-$2,800
- Re-pave driveway: $720-$3,000
As you can see, the costs of maintaining your home can quickly add up. That is why it takes sound financial planning and attention to ensure that maintenance occurs on a regular basis, in order to avoid any unexpected emergencies and their associated costs.