1% of the cost of the house (without land value) is the most commonly given figure. However, this figure seems to include hiring other people to do all work and also include strange items like "landscaping".
What's the maintenance cost in this forum? What would you outsource and what would you do yourself?
Annual house maintenance costs
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secretwealth
- Posts: 1948
- Joined: Mon Jun 27, 2011 3:31 am
Before anyone throws out a figure I think it's important to keep in mind that every person has a different tolerance level--what is seen as "essential maintenance" to one person is probably unnecessary to someone else.
That being said, I look forward to the replies too, since I've never owned a house per se.
That being said, I look forward to the replies too, since I've never owned a house per se.
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DivisionByZero
- Posts: 2
- Joined: Fri Mar 23, 2012 3:37 am
Very, very low. I've been a property owner for about 8 years, and I have spent an average of $14 per month on essential maintenance. This doesn't include voluntary remodeling of things that were working fine, but were upgraded. I do all of the work myself, the only thing I would not do would be upgrading the main electrical panel.
One way to consider maintenance is to work off of the replacement value and expected life of things that will need repair. For example, you will replace your roof every 30 years. A new roof costs e.g. $10K installed, so budget ~333 per year. Or replace it yourself for way less, it's not that hard. Or you could just sell the house before the roof needs to be replaced, in which case it costs 0.
You can do the same calculations for appliances. A fridge lasts 10 years and costs $2k; a used fridge obviously costs significantly less. Repairing a fridge yourself generally costs less than $100, greatly extending its life.
Home maintenance is really just not that expensive, as long as you're taking care of the house and doing the work yourself.
One way to consider maintenance is to work off of the replacement value and expected life of things that will need repair. For example, you will replace your roof every 30 years. A new roof costs e.g. $10K installed, so budget ~333 per year. Or replace it yourself for way less, it's not that hard. Or you could just sell the house before the roof needs to be replaced, in which case it costs 0.
You can do the same calculations for appliances. A fridge lasts 10 years and costs $2k; a used fridge obviously costs significantly less. Repairing a fridge yourself generally costs less than $100, greatly extending its life.
Home maintenance is really just not that expensive, as long as you're taking care of the house and doing the work yourself.
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secretwealth
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jennypenny
- Posts: 6858
- Joined: Sun Jul 03, 2011 2:20 pm
I'm having trouble answering the question. It really depends on what you define as maintenance, and how you come up with the 1% figure.
If you're just assuming keeping things in working order, no improvements, and including stuff like heater or water filters, paint, minor lumber purchases, landscaping, and bits and pieces like toilet parts, then I guess that number works. It depends on the age of things in the house as well. Roofs need to be re-done every 20-25 years, appliances about every 10 (except for HVAC--that should last you at least 20), septic tanks need replacing, insulation should be replaced occasionally, driveways might need work, gutters need to be replaced sometimes...anyway, you get the idea. So if you buy a house and know the age of everything, you can do the math and figure out what your main costs would be over the first few years.
Here's where I'm having trouble figuring out a number. How do you factor in improvements? e.g. We have a 50yo house that had a poorly designed kitchen with pressboard cabinets. When we had to redo the kitchen a few years ago after a small fire, the cheapest thing would have been to redo the existing kitchen as is, but the layout was terrible and inefficient. We ended up tearing it down to the studs, knocking out a wall, and redesigning the entire space. The improvement not only made the house much more livable and marketable, but it also increased the estimated value of the house significantly. How do you factor in the cost (re: the 1% rule above) if the value of the house went up more than the cost?
I point to that example because it will happen frequently with old houses. (especially to people here who tend to be efficiency-obsessed) You might start out with a leaky shower that needs to be replaced. When you think about it though, it doesn't seem to make much sense to repair the shower as is because the bathroom is so poorly designed. So then you think to yourself, if you're going to tear out the shower, you might as well tear out everything and redo the bathroom properly. I'm not talking about esthetics here but improving efficiency. That's the slippery slope of home maintenance I think--wanting to do a job "right" and not waste time maintaining an inefficient space.
I guess it also depends on how long you plan to stay. We assumed we'd live here a long time, so when we worked on things we took the time to do them to our standards. I don't mean marble bathrooms or anything, I just mean quality materials and efficient spaces.
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I'd also say for a less expensive house the number might be closer to 2-3%. Toilets, plumbing, hot water heaters, etc. are the same cost no matter the price of the house. That would make the maintenance number a lower percentage for expensive houses and a higher percentage for less expensive houses.
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@SW--regarding roofs, it depends where you live. Where I live, they let you put a second layer on the roof so you only have to replace it every 30 years. (they used to allow 3!) Where my brother lives, they don't allow it. You can't even get a CO to sell your house or rent it out in his town if your roof is over 20 years old. This is something to keep in mind if you plan on selling a house before you replace the roof. Current regulations might require you to replace the roof before any sale.
If you're just assuming keeping things in working order, no improvements, and including stuff like heater or water filters, paint, minor lumber purchases, landscaping, and bits and pieces like toilet parts, then I guess that number works. It depends on the age of things in the house as well. Roofs need to be re-done every 20-25 years, appliances about every 10 (except for HVAC--that should last you at least 20), septic tanks need replacing, insulation should be replaced occasionally, driveways might need work, gutters need to be replaced sometimes...anyway, you get the idea. So if you buy a house and know the age of everything, you can do the math and figure out what your main costs would be over the first few years.
Here's where I'm having trouble figuring out a number. How do you factor in improvements? e.g. We have a 50yo house that had a poorly designed kitchen with pressboard cabinets. When we had to redo the kitchen a few years ago after a small fire, the cheapest thing would have been to redo the existing kitchen as is, but the layout was terrible and inefficient. We ended up tearing it down to the studs, knocking out a wall, and redesigning the entire space. The improvement not only made the house much more livable and marketable, but it also increased the estimated value of the house significantly. How do you factor in the cost (re: the 1% rule above) if the value of the house went up more than the cost?
I point to that example because it will happen frequently with old houses. (especially to people here who tend to be efficiency-obsessed) You might start out with a leaky shower that needs to be replaced. When you think about it though, it doesn't seem to make much sense to repair the shower as is because the bathroom is so poorly designed. So then you think to yourself, if you're going to tear out the shower, you might as well tear out everything and redo the bathroom properly. I'm not talking about esthetics here but improving efficiency. That's the slippery slope of home maintenance I think--wanting to do a job "right" and not waste time maintaining an inefficient space.
I guess it also depends on how long you plan to stay. We assumed we'd live here a long time, so when we worked on things we took the time to do them to our standards. I don't mean marble bathrooms or anything, I just mean quality materials and efficient spaces.
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I'd also say for a less expensive house the number might be closer to 2-3%. Toilets, plumbing, hot water heaters, etc. are the same cost no matter the price of the house. That would make the maintenance number a lower percentage for expensive houses and a higher percentage for less expensive houses.
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@SW--regarding roofs, it depends where you live. Where I live, they let you put a second layer on the roof so you only have to replace it every 30 years. (they used to allow 3!) Where my brother lives, they don't allow it. You can't even get a CO to sell your house or rent it out in his town if your roof is over 20 years old. This is something to keep in mind if you plan on selling a house before you replace the roof. Current regulations might require you to replace the roof before any sale.
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jennypenny
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secretwealth
- Posts: 1948
- Joined: Mon Jun 27, 2011 3:31 am
As Jennypenny writes it differs from house to house. The maintenance of the appartment-house in Austria, co-owned with 40 others, takes € 350 per year, has a copper roof which will last at least 100 years. The house in Holland has tiles on it roof which last more than 70 years. As we refurbished it completly, maintenance costs are low for the coming one and half decade.
TL;Dr: As you told us about finding a house as you have planned: If you find a pristine maintained house you will have hardly significant costs and your 1 % is ok as number.
If you find a less maintained one you have to workout seriously what has to be changed/refurbished in and outside to get a figure of the upcoming maintenance costs. So I advise you to study a little before about building construction, the weak points about a house etc. to be prepared for buying/bidding. Or find a trustworthy engineer.
TL;Dr: As you told us about finding a house as you have planned: If you find a pristine maintained house you will have hardly significant costs and your 1 % is ok as number.
If you find a less maintained one you have to workout seriously what has to be changed/refurbished in and outside to get a figure of the upcoming maintenance costs. So I advise you to study a little before about building construction, the weak points about a house etc. to be prepared for buying/bidding. Or find a trustworthy engineer.
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jennypenny
- Posts: 6858
- Joined: Sun Jul 03, 2011 2:20 pm
@SW--I don't know much about roofs. I will say I'm very happy to be in a ranch because my 10yo and I can go up on the roof to repair it--no problem. We almost purchased a house with a slate roof. He said it lasted 50 years, but when it needs to be replaced it can run up to $30K in materials alone. I wonder if the material is more important than the style.
I agree with J_--once you've completed the major renovations and upgrades (we have 2 rooms left--yay!) the maintenance costs should drop significantly if you planned well.
I agree with J_--once you've completed the major renovations and upgrades (we have 2 rooms left--yay!) the maintenance costs should drop significantly if you planned well.
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ICouldBeTheWalrus
- Posts: 130
- Joined: Tue May 31, 2011 3:00 am
The short lifespan of asphalt shingle roofs always feels so obnoxious to me. Of course, it's only a symptom of the tendency to build structures which are only intended to last a few decades.
As to the original question: maybe I'll know better in another year or two. This first few months of owning a house have involved fixing a lot of the backlog of minor problems it had from being a rental. Also, it all depends on how much you do yourself. A lot of people in suburban America can't even be bothered to cut their own lawn. As for myself, I think paying someone else to do all that physical labor means you're just going to have to get exercise some other way (possibly costing you even more money.)
Things I've paid for:
- tree removal and stump grinding (it's a lot to cut down without a chainsaw, and then I'd have to get the remains hauled away or fit it in small increments in the "yard waste" bin that's collected weekly.)
- some gas plumbing
- flooring and interior painting before moving in (didn't have time to do it myself)
Things I've done myself:
- new electrical branch circuits
- minor water and drain plumbing work including installation of a laundry sink
- modification of existing (50 year old non-modular -- actually plywood and solid wood!) cabinets to fit a dishwasher
- gutter extensions
- everything else about the lawn and garden
- caulking
Of course, this is going to vary from person to person, but I suspect that the estimates for overall maintenance cost assume the owner is useless and will pay others to do it all. (Or maybe the reason it's a percentage is because the more wealthy they are, the more they'll not do themselves?)
As to the original question: maybe I'll know better in another year or two. This first few months of owning a house have involved fixing a lot of the backlog of minor problems it had from being a rental. Also, it all depends on how much you do yourself. A lot of people in suburban America can't even be bothered to cut their own lawn. As for myself, I think paying someone else to do all that physical labor means you're just going to have to get exercise some other way (possibly costing you even more money.)
Things I've paid for:
- tree removal and stump grinding (it's a lot to cut down without a chainsaw, and then I'd have to get the remains hauled away or fit it in small increments in the "yard waste" bin that's collected weekly.)
- some gas plumbing
- flooring and interior painting before moving in (didn't have time to do it myself)
Things I've done myself:
- new electrical branch circuits
- minor water and drain plumbing work including installation of a laundry sink
- modification of existing (50 year old non-modular -- actually plywood and solid wood!) cabinets to fit a dishwasher
- gutter extensions
- everything else about the lawn and garden
- caulking
Of course, this is going to vary from person to person, but I suspect that the estimates for overall maintenance cost assume the owner is useless and will pay others to do it all. (Or maybe the reason it's a percentage is because the more wealthy they are, the more they'll not do themselves?)
On its face the question is ill-defined because, as others have said, there are too many individual variables involved.
Please indulge me in making an analogy to bicycles which are perhaps better understood here than houses. "What is the annual cost of bicycle maintenance?" It depends on the bike, how it is used, and what the overarching maintenance strategy is. Some common strategies:
Throwaway: Buy new $100 Wal-Mart bikes and replace them rather than ever fix anything. Maintenance is zero but you are always on a junky bike, spend more on new purchases, and generate more waste.
Model consumer: Buy a $3000+ flashy bike endorsed by a celebrity, read magazine reviews and pay a bike store to upgrade the bike to conform to trends and keep everything "professionally tuned." Expensive and wasteful as upgrades replace perfectly functional parts. This generates the most business for bike shops and magazines, and is the most fun to talk about on forums, so written advice gravitates toward this mindset.
Theseus: Start with a durable classic like a steel touring bike. When something is legitimately worn out, take the opportunity to upgrade to modern practical tech. Not the absolute cheapest, but it's close and you're always on a high quality bike that's close to your personal ideal.
Copenhagen: Buy a new $1000 "tank" that is designed to last indefinitely and stop thinking consciously about bike parts. Pay a shop to do a tune up every year where they replace a few wear parts, apply some oil, charge you $100 and send you on your way. Probably overall cheapest but there is nothing to discuss and the practitioners don't identify as "cyclists" so this is not documented anywhere.
Also note that the number of miles driven, whether it's exposed to wet or freezing conditions, lubricated and adjusted properly, etc. factor into longevity of individual parts so YMMV.
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The 1% figure tends to come from real estate agents, homebuying TV shows, and insurance companies, all of which assume and encourage a Model Consumer model.
In house terms, most homeowners I know fancy themselves Model Consumers but in reality follow the Throwaway model when push comes to shove. So a lot of houses have one or two really nice features and the rest suffers from deferred maintenance.
As others noted it is impossible to separate functional maintenance entirely from utilities expenses, capital improvements (home equity), personal comfort/aesthetics/vanity, and usability improvements that facilitate other projects.
Please indulge me in making an analogy to bicycles which are perhaps better understood here than houses. "What is the annual cost of bicycle maintenance?" It depends on the bike, how it is used, and what the overarching maintenance strategy is. Some common strategies:
Throwaway: Buy new $100 Wal-Mart bikes and replace them rather than ever fix anything. Maintenance is zero but you are always on a junky bike, spend more on new purchases, and generate more waste.
Model consumer: Buy a $3000+ flashy bike endorsed by a celebrity, read magazine reviews and pay a bike store to upgrade the bike to conform to trends and keep everything "professionally tuned." Expensive and wasteful as upgrades replace perfectly functional parts. This generates the most business for bike shops and magazines, and is the most fun to talk about on forums, so written advice gravitates toward this mindset.
Theseus: Start with a durable classic like a steel touring bike. When something is legitimately worn out, take the opportunity to upgrade to modern practical tech. Not the absolute cheapest, but it's close and you're always on a high quality bike that's close to your personal ideal.
Copenhagen: Buy a new $1000 "tank" that is designed to last indefinitely and stop thinking consciously about bike parts. Pay a shop to do a tune up every year where they replace a few wear parts, apply some oil, charge you $100 and send you on your way. Probably overall cheapest but there is nothing to discuss and the practitioners don't identify as "cyclists" so this is not documented anywhere.
Also note that the number of miles driven, whether it's exposed to wet or freezing conditions, lubricated and adjusted properly, etc. factor into longevity of individual parts so YMMV.
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The 1% figure tends to come from real estate agents, homebuying TV shows, and insurance companies, all of which assume and encourage a Model Consumer model.
In house terms, most homeowners I know fancy themselves Model Consumers but in reality follow the Throwaway model when push comes to shove. So a lot of houses have one or two really nice features and the rest suffers from deferred maintenance.
As others noted it is impossible to separate functional maintenance entirely from utilities expenses, capital improvements (home equity), personal comfort/aesthetics/vanity, and usability improvements that facilitate other projects.
On roof durability: Roofs are similar to clothes in that they protect from the elements and have a finite lifetime due to wear and tear. "How long does a shirt last?" depends on the material, quality of construction, and conditions it's exposed to. There isn't one number.
There are different roof materials with different expected lifetimes. Metal roofs generally last the longest in temperate climates, say 50-100 years. But they are expensive and loud in rainstorms. They stand out visually so may be disallowed in some communities and can be a theft liability in the case of valuable metals like copper. Ceramic tile is generally most durable in sunny arid climates. Asphalt shingles are cheaper, can be installed by less technical labor, and generally last 15-30 years. Like shoe soles, when a roof is worn out, there's no way around that, and deferring replacement is a false economy.
Local weather conditions make a big difference in longevity. Freeze-thaw cycles, direct bright sunlight, and hail are all really hard on roofs. Being underneath a tree canopy is helpful, especially in a climate where trees don't shed leaves. YMMV!
There are different roof materials with different expected lifetimes. Metal roofs generally last the longest in temperate climates, say 50-100 years. But they are expensive and loud in rainstorms. They stand out visually so may be disallowed in some communities and can be a theft liability in the case of valuable metals like copper. Ceramic tile is generally most durable in sunny arid climates. Asphalt shingles are cheaper, can be installed by less technical labor, and generally last 15-30 years. Like shoe soles, when a roof is worn out, there's no way around that, and deferring replacement is a false economy.
Local weather conditions make a big difference in longevity. Freeze-thaw cycles, direct bright sunlight, and hail are all really hard on roofs. Being underneath a tree canopy is helpful, especially in a climate where trees don't shed leaves. YMMV!
re: roofing --- In Iowa, apparently roofing your own house is a rite of passage for the virile male. Had two co-workers 20 and 30 somethings who either roofed their own or helped friends roof their houses.
However (being non-virile i guess
, we had new roofing put on in 2010 - 'extra heavyweight fiberglass asphalt shingles'. 'architectural shingles' (i have sampler in front of me..)-- that year they went from 30 year guarantee to Lifetime guarantee. mkay -- $7,500 cost on a $120k house/garage including lot.
If my roof survives my lifetime in Iowa, I'll be happy. Iowa can be harsh.
However (being non-virile i guess
, we had new roofing put on in 2010 - 'extra heavyweight fiberglass asphalt shingles'. 'architectural shingles' (i have sampler in front of me..)-- that year they went from 30 year guarantee to Lifetime guarantee. mkay -- $7,500 cost on a $120k house/garage including lot.If my roof survives my lifetime in Iowa, I'll be happy. Iowa can be harsh.
Concrete numbers were requested so I'll add some. These are for a 2/1.5 row townhouse assessed as a $98k structure. I bought it 2 years ago from a remote landlord as an abused rental, so this covers maybe 5? years worth of maintenance. No front yard, backyard my responsibility, external structure is HOA resp. All figures are estimates from memory and I might've forgotten something.
DIY materials:
Deep clean: free
Demo unused fixtures and shelves: free
Paint kitchen: $300
Paint 2 bedrooms: $400
Bedroom curtains and hardware: $200
Area rugs covering stained floors: $200
Fancy metal switchplates everywhere: $250
Overhead microwave: $150
Unclog drains: $20 for snake tool
Trim hedges: $20 for lopper tool
Grass seed: $10
Smoke detectors: $50
Replace rusted door hinges: $20
Recessed light bulbs: $30
Shower diverter valve: $30
2 toilet seats: $50
GFCI outlet: $15
Caulk sinks: $10
Toilet tank hardware kit (dual flush): $25
Dog door: $80
Furnace filters (6 year supply): $20
Furnace duct retape: $10
Sliding screen door: $60
Door jamb insulation: $10
Stuff we contracted:
Paint vaulted great room: $500
A/C repair (capacitor): $120
Replace rotted wood fence with concrete block: $1400
Total: $3980
Per year (est): $796
As percent of structure value: 0.81%
DIY materials:
Deep clean: free
Demo unused fixtures and shelves: free
Paint kitchen: $300
Paint 2 bedrooms: $400
Bedroom curtains and hardware: $200
Area rugs covering stained floors: $200
Fancy metal switchplates everywhere: $250
Overhead microwave: $150
Unclog drains: $20 for snake tool
Trim hedges: $20 for lopper tool
Grass seed: $10
Smoke detectors: $50
Replace rusted door hinges: $20
Recessed light bulbs: $30
Shower diverter valve: $30
2 toilet seats: $50
GFCI outlet: $15
Caulk sinks: $10
Toilet tank hardware kit (dual flush): $25
Dog door: $80
Furnace filters (6 year supply): $20
Furnace duct retape: $10
Sliding screen door: $60
Door jamb insulation: $10
Stuff we contracted:
Paint vaulted great room: $500
A/C repair (capacitor): $120
Replace rotted wood fence with concrete block: $1400
Total: $3980
Per year (est): $796
As percent of structure value: 0.81%
You may be willing to solve problems but many people are not able to solve them. When I say "able" I don't mean that they don't have the skills or the ability, I mean they don't have the time or equipment.
If your fridge dies right now and you have to be at work all day tomorrow when the appliance parts store is open then you're probably going to call a repair person to get it done before all your food defrosts. If your roof springs a leak tonight and you don't have the kind of life where you can drop everything and deal with it for the next three solid days then a roofer and water extraction company are your next calls. If you live in a shared community (duplex, triplex) and you spring a plumbing leak that requires shutting off the main, you can't leave the other residents without water while you figure out how to repair it. Got a slab leak? Can you run a jack hammer? Gas stove leak? Are you comfortable plumbing a gas line? Water heater exploded? You'll probably need a truck to haul the new one and skills to wire and plumb it. Sump pump stops working during a storm and the water is rapidly rising to the level of the house? Are you comfortable fiddling with electricity while standing in water? Tree topples onto your house during a storm and continues pounding against the roof and doing damage with each gust of wind. Do you have the ladder, chainsaw, and ropes to deal with it or will you call a pro?
These are all problems I've dealt with in the last few years as a property manager. I call a pro and let them sort it out. Thankfully it is not my money.
One of my all-time favorite household tools is a Zip-It.
If your fridge dies right now and you have to be at work all day tomorrow when the appliance parts store is open then you're probably going to call a repair person to get it done before all your food defrosts. If your roof springs a leak tonight and you don't have the kind of life where you can drop everything and deal with it for the next three solid days then a roofer and water extraction company are your next calls. If you live in a shared community (duplex, triplex) and you spring a plumbing leak that requires shutting off the main, you can't leave the other residents without water while you figure out how to repair it. Got a slab leak? Can you run a jack hammer? Gas stove leak? Are you comfortable plumbing a gas line? Water heater exploded? You'll probably need a truck to haul the new one and skills to wire and plumb it. Sump pump stops working during a storm and the water is rapidly rising to the level of the house? Are you comfortable fiddling with electricity while standing in water? Tree topples onto your house during a storm and continues pounding against the roof and doing damage with each gust of wind. Do you have the ladder, chainsaw, and ropes to deal with it or will you call a pro?
These are all problems I've dealt with in the last few years as a property manager. I call a pro and let them sort it out. Thankfully it is not my money.
One of my all-time favorite household tools is a Zip-It.
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lilacorchid
- Posts: 476
- Joined: Sun Oct 16, 2011 3:20 pm
- Location: Canada
I have an old house and last year we spent way, way more than 1% on the damn thing. Part of it we knew was coming (the roof), part of it was a surprise (carpenter ants!!!) and part of it was updating.
I don't think the idea is to spend that 1% every year, but to have it lying around as a way to pay for the stuff that will inevitably happen. I don't think you really need to keep it like an emergancy fund if you have wads of money lying around making you money elsewhere that you can access in a short time frame.
We outsourced the roof because we have a steep pitch and both of us are afraid of heights. We also had the same guy come in and fix all the damage the ants caused. Structural damage is beyond what I feel comfortable fixing. While they were there, we had them do the gutting and drywall mudding and taping. (That felt like very luxurious as we usually do that stuff.) We did all the utilities (gas/water = husband/friend, electrical = myself) and the painting/finishing work. To be honest, after seeing what they did, we could have done it as it was pretty simple, but we did not have the time.
The flooring we did because the carpet was gross and I installed it all myself. The computer room was gutted, wired, insulated, drywalled and mudded by us, but I had the time while I was home on mat leave and our son napped.
We are comfortable with most house repairs on the inside, and most work on the outside. We are also friends with some tradespeople so we can barter jobs too.
I don't think the idea is to spend that 1% every year, but to have it lying around as a way to pay for the stuff that will inevitably happen. I don't think you really need to keep it like an emergancy fund if you have wads of money lying around making you money elsewhere that you can access in a short time frame.
We outsourced the roof because we have a steep pitch and both of us are afraid of heights. We also had the same guy come in and fix all the damage the ants caused. Structural damage is beyond what I feel comfortable fixing. While they were there, we had them do the gutting and drywall mudding and taping. (That felt like very luxurious as we usually do that stuff.) We did all the utilities (gas/water = husband/friend, electrical = myself) and the painting/finishing work. To be honest, after seeing what they did, we could have done it as it was pretty simple, but we did not have the time.
The flooring we did because the carpet was gross and I installed it all myself. The computer room was gutted, wired, insulated, drywalled and mudded by us, but I had the time while I was home on mat leave and our son napped.
We are comfortable with most house repairs on the inside, and most work on the outside. We are also friends with some tradespeople so we can barter jobs too.
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George the original one
- Posts: 5406
- Joined: Wed Jul 28, 2010 3:28 am
- Location: Wettest corner of Orygun
Landscaping is not house maintenance, apart from ensuring that plant debris is not creating a problem for the structure.
Numbers... On our Oregon coastal retirement house, we paid to replace siding and windows and roof and two roof trusses and two woodstoves and one patio door to the tune of $45k. Apart from cleaning and any accidents, that should all last 30 years with no more maintenance.
We also took the lower level from being an unfinished space to finished for another $3k, most of which was for materials, but included paying a carpenter friend to do some wood trim finish work that I didn't have the time for.
In the strictest sense, we could have paid less, but in the coastal temperate rain forest climate, cheaper will not last as long.
Numbers... On our Oregon coastal retirement house, we paid to replace siding and windows and roof and two roof trusses and two woodstoves and one patio door to the tune of $45k. Apart from cleaning and any accidents, that should all last 30 years with no more maintenance.
We also took the lower level from being an unfinished space to finished for another $3k, most of which was for materials, but included paying a carpenter friend to do some wood trim finish work that I didn't have the time for.
In the strictest sense, we could have paid less, but in the coastal temperate rain forest climate, cheaper will not last as long.
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RealPerson
- Posts: 875
- Joined: Thu Nov 22, 2012 4:33 pm
That 1% sounds pretty high, but wouldn't it depend on the age of your house and the complexity of the systems you have in place? At one point we had a heat pump installed for heating (and cooling in the summer). Little did we know that these pumps don't last all that long because they run winter and summer. Repair/replacement is very expensive because of all the work involved (cleaning refrigerant lines etc). We now run a standard gas furnace in the winter and only use the heat pump very occasionally for cooling in the summer. The furnace is much simpler and easier to fix, plus we are able to take advantage of the lower natural gas prices. Lesson learned: follow the KISS rule. Increased complexity also reduces the chance that the Renaissance homeowner can fix the problem him or herself.
Our shake roof is 36 years old and has never given us any trouble. Got a little nervous after reading the average life span is 30 years. We occasionally replace broken pieces of shake, but that is inexpensive to do.
I think vigilance and proper maintenance is the best prevention and best way to reduce cost. Problems getting out of hand cost a lot more. Buying an older house is definitely more risky on the maintenance side. I used to own an older house, and once something breaks, so much is outdated or not up to code that don't know where your repairs stop.
Our shake roof is 36 years old and has never given us any trouble. Got a little nervous after reading the average life span is 30 years. We occasionally replace broken pieces of shake, but that is inexpensive to do.
I think vigilance and proper maintenance is the best prevention and best way to reduce cost. Problems getting out of hand cost a lot more. Buying an older house is definitely more risky on the maintenance side. I used to own an older house, and once something breaks, so much is outdated or not up to code that don't know where your repairs stop.
We've been in our house 6 years and never spent 1% in a year. We've done little aesthetic work besides painting, which is cheap. We have hired people to: trap squirrels in attic; fix furnace ($450! Highway robbery); install gutter covers (3 stories up); remove broken in-sink garbage disposal. Even with the furnace robbery, way less than 1% (Our house cost $120k).
However, I agree with those who say you should budget for 1% a year, to cover those big things like new roofs that come along every few years. And I also agree that it depends on your lifestyle. Our house would probably be considered shabby by some, but it works fine and we like it.
However, I agree with those who say you should budget for 1% a year, to cover those big things like new roofs that come along every few years. And I also agree that it depends on your lifestyle. Our house would probably be considered shabby by some, but it works fine and we like it.