Buying your first home is filled with excitement, anticipation, and plenty of tasks to keep you busy.
While it’s always fun to shop for, design, and create your own space, be careful that it doesn’t completely overshadow the not-so-fun parts, like the maintenance and upkeep you will need over the years. If you’re accustomed to renting, the price tag for your first major repair as a homeowner could come as a shock. Inevitably, appliances fail, pipes leak, and roofs fade. So make sure your bank account is ready when you need a handyman fast.
A popular rule of thumb says to set aside about 1% of your home’s cost for maintenance each year. For example, if you paid $240,000 for your house, plan to spend about $2,400 a year (or $200 a month) on maintenance, repairs, and general upkeep. That number will vary depending on the age and condition of…
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