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UT Reader Asks: How Much Should I Save For Home Maintenance?

  • June 28, 2012

by UrbanTurf Staff

UT Reader Asks: How Much Should I Save For Home Maintenance?: Figure 1

In this installment of UrbanTurf Reader Asks, an individual on the hunt to buy a single-family home inquires as to how much he should set aside for home maintenance costs.

I am about to start a search for a new home and am curious what the UrbanTurf audience thinks is an appropriate amount to set aside on a monthly basis for maintenance costs. I have heard that conventional wisdom is that 1-1.5% of the purchase price of your home should be saved annually for minor and major maintenance costs. I am considering purchasing a house in the $800,000 range, so in my calculations, I incorporate an extra $1,000 a month (1.5% of $800,000 is $12,000) into my costs. I am curious if people think this is too little or too much to set aside. Thanks!

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See other articles related to: urbanturf reader asks, home maintenance, home buying

This article originally published at http://dc.urbanturf.com/articles/blog/ut_reader_asks_how_much_to_save_for_home_maintenance_costs/5714

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