Homeownership has its own featured sets of opportunities and challenges as to being responsible, especially in maintenance. Industry specialists urge leaders to encourage homeowners to set aside 1-2% of their home’s value per year for home maintenance. As of September 2023, the average cost of a home in the UK is £271,531. This represents the need to save a minimum of £2,715 per year towards maintenance for homeowners. Owners of properties greater than 20 years old will have additional burdens. Given the accelerated wear due to daily operation, they ought to plan on 3-4% of their property’s value for maintenance.
Routine maintenance not only saves money on repairs, it can help home systems and appliances—like your HVAC, refrigerator, dishwasher, and water heater—last longer. Or, those small, predictable actions prevent them from being replaced too early. In light of escalating costs and the unpredictability of home maintenance, experts offer valuable insights into managing and budgeting for these essential tasks.
Budgeting for Maintenance Costs
Now, homeowners need to take the lead in planning and saving for maintenance costs. By setting aside a percentage of their home’s value each year, they can mitigate the financial strain of unexpected repairs. On an average home of £271,531, saving at least £2,715 a year on the mortgage provides a much more comfortable buffer against life’s unexpected bills.
“Protect yourself against the cost of unexpected repairs like broken fences or your heating packing up by putting money aside in a regular savings account each month,” advised Sue Hayward. Fundamentally, this strategy gets homeowners in a proactive mindset to be prepared for common occurrences in any residential property.
Plus, the cost of caring for legacy homes can really add up. Older properties, greater financial needs. Properties that are over 20 years old typically have more need for monetary investment in continuation of properties—maintenance. Homeowners need to consider this in their yearly financial plan so they are not blindsided by sudden and expensive repair costs.
Preventive Maintenance Tasks
There are many preventive maintenance steps that, taken in a series, can add up to thousands of dollars saved by homeowners over time. Basic preventive measures, like regularly cleaning out gutters, go a long way. Blocked gutters can lead to rainwater spilling down external walls, which may cause dampness, mould growth, and even structural issues if not addressed promptly.
“Regular, small tasks keep appliances working efficiently and help you avoid early replacements,” noted Paula Higgins. Considerations such as monitoring the loft every three months are just as important. Homeowners should inspect for signs of leaks or poor airflow, especially after heavy rain, to catch potential problems before they escalate.
Investing small sums of money on routine maintenance can prevent the need for much larger future expenditures. For example, a 1-litre bottle of Mr Muscle Sink & Drain Unblocker Gel retails for around £6.20. You can get a decent flexible rod for clearing blocked drains for just £16.99. These types of investments can help avoid clogging arteries that would require much costlier repairs in the future.
Importance of Professional Services
A typical boiler service is £70-£110. Tonnes of carbon This is a relatively small amount to spend considering the often huge cost of a new replacement boiler, typically between £1,200-£2,000. As Paula Higgins noted, “A boiler breakdown in winter is both a financial and a practical nightmare.” Regular servicing helps ensure that heating systems function correctly and efficiently.
Homeowners have a duty to take care as well when hiring tradespeople. “Tradespeople are often unregulated, so use neighbourhood WhatsApp and Facebook groups to find someone trustworthy,” Higgins recommended. This model goes a long way in creating accountability for work being done the right way and keeping costs in check.
Make exterior inspection of the property a regular practice. Splintered, missing, or cracked tiles on a roof should be replaced as soon as possible to stop leaks and additional damage from occurring. The fix – often a very affordable roof repair – spares you extensive and far more costly internal water damage.