I underestimated the cost of maintenance for our new home
About 7 years ago my partner and I bought a new house. New as in brand new — we watched the place get built for from ground up. We of course mapped out a budget for closing costs and if there was any initial furniture or housing supplies we wanted to buy.
We didn’t allocate much for the upkeep of the house. I believe we budgeted $100 for maintenance each month. Because since everything was brand new, we didn’t think repairs or upkeep would be very substantial.
The first thing we didn’t budget was for quarterly fees like pest control. We had a 1-2 warranty on just about everything but by year three, certain unexpected things would break or need a fix — random things like the stair railing or washing machine.
What to learn from! Over-forecast when budgeting for the future of your home.... even when you're buying a property that's fairly new. On a national level, typical maintenance will generally cost anywhere between 1% and 4% of your home's value. So round up when you can! We don’t regret buying this wonderful home but wish someone gave us this advice.
Are you thinking about purchasing a property or have you before? What have you learned throughout the process? What advice were you given or do you wish you knew?