Maintaining or improving a home can be an expensive proposition. This article is about some rough estimates of how much different household components may cost. Of course these amounts will change based on region, currency, quality, discounts and other factors.
- Major initial expenses: a down payment for a mortgage or deposit for a rental
- Appliances: many need replacement each 10-25 years
- Major repairs, remodeling and upkeep: for instance a roof replacement, external paint
- Household start-up: furniture and furnishings, initial food supplies
- On-going consumables: food, paper goods
- Personal items: clothing, toiletries
A rule of thumb is to estimate 1-4% of the price of a house for maintenance each year depending on the age of the home, it's condition, how much above the minimum you want to do and how much of the labor you do yourself. Raise the amount if you intend to make major renovations.
Lawns need care: mowing, planting, sprinkler systems (need clearing before winter)
Chimney: cleaning, inspection
If you need help with some regular cleaning or seasonal chores, consider those expenses too. See the lists for the annual maintenance checklist and the related lists for different seasons. Will you need help to put up or take down window screens? You may want to plan for regular maintenance and safety inspections of a furnace or boiler.
- Pacific West Home Inspections Residential Repair / Renovation Pricing Guide (a western Canadian guide, covers many different areas)
- ImproveNet's Roofing Estimator