If you have been looking for a Kansas City house, you know how are expensive houses have become. When you consider buying a house, you need to budget for more than the mortgage and property taxes. You want to budget for home maintenance. If you don’t, you can experience giant chunks torn from your wallet.
How much do average Americans shell out on keeping their home maintained? It varies from state to state. A new survey by Porch, released last week, has found that while the average household spends just over $16,000 a year on a single-family home, the number can be as high as $18,151 in New Jersey or as low as $14,890 in Mississippi.
“If you’re not expecting it, some of the less frequent jobs you’ll need to do in order to maintain your home could come with some rather unsettling sticker shock,” the study reads. A new roof, for example, can easily run $5,000 or more.
There’s a rule of thumb that says 1% of the purchase price of the house should be budgeted for maintenance. For example, the owners of a $300,000 home would budget $3,000 a year for maintenance. Another rule says maintenance will run about $1 per square foot. A 3,000 sq. foot house would need $3,000 budgeted. A new house should be pretty much maintenance free for 5 to 10 years.
While rules of thumb can give you a ballpark estimate of annual maintenance costs, they don’t take into account the home itself or the climate it resides in. There are several additional factors that have an impact on the cost of maintenance and repairs for a specific house.
If you have been renting, additional costs you will experience as a homeowner, are bundled, for the most part, into a monthly rental amount. But as a homeowner, you will need to budget for these additional costs.
In summary, figure high, and you won’t be surprised. Figure low, and you could go lose your house.
We buy and sell properties throughout the greater Kansas City area. We specialize in buying distressed homes, then renovating and reselling them to home buyers and landlords. Terra Firma Property Solutions: excited to be part of the economic rejuvenation of Kansas City and its surrounding areas.
Call us today at (816) 866.0566