One of the biggest adjustments that comes with owning a home is realizing that the monthly mortgage payment isn’t the only number you need to think about.
Homes require maintenance.
Some years, that might mean changing filters and paying for routine HVAC service.
Other years, it might mean replacing an air conditioner, repairing a roof or dealing with a plumbing issue.
So how much should you actually set aside?
Start with a rule of thumb—but don’t treat it like a rule
You’ve probably heard the recommendation to budget around 1% of your home’s value each year for maintenance and repairs.
It’s a useful starting point, but it’s not a magic number.
A newer home may require less routine repair work than an older home.
A home with an aging roof, older HVAC system or extensive landscaping may require more.
And a larger property can have very different maintenance costs than a smaller home.
Think of the percentage as a planning tool, not a guarantee.
Consider the age of your major systems
When you’re trying to estimate future expenses, look at the age and condition of the big-ticket items.
HVAC
In North Texas, your HVAC system works hard. Regular maintenance can help keep it running efficiently, but eventually every system reaches the end of its useful life.
Roof
Ask when the roof was installed and whether there are any known issues.
A roof that is near the end of its expected life deserves a different savings strategy than a relatively new roof.
Water heater
Water heaters don’t last forever either. Know the age of yours and keep an eye out for signs of trouble.
Plumbing and electrical
Older homes can sometimes come with older plumbing or electrical components that may eventually require attention.
Don’t forget the outside
Maintenance isn’t just what’s happening inside your four walls.
Think about:
- Irrigation
- Fencing
- Trees
- Landscaping
- Gutters
- Driveways
- Exterior paint
- Drainage
These items can be easy to overlook until something needs immediate attention.
Create a home maintenance fund
You don’t have to put a huge amount of money aside every month.
The important thing is to make it intentional.
You might have a separate savings account for home expenses and contribute to it regularly.
Then, when the HVAC decides to quit on the hottest day of the summer—as these things seem to enjoy doing—you aren’t scrambling to figure out where the money is coming from.
And if you’re buying…
This is one reason I encourage buyers to look beyond the monthly payment.
Before purchasing a home, consider its age, condition, major systems, property taxes, insurance, HOA fees and likely maintenance needs.
Two homes with similar purchase prices can have very different ownership costs.
Your home is an investment—but it’s also a home.
The goal isn’t to spend every weekend fixing something.
It’s to understand what you’re getting into and plan ahead so the inevitable repairs don’t become a crisis.
If you’re buying a home in Ellis County and want help thinking through the long-term costs, I’m always happy to be a resource.
A little planning now can make homeownership a whole lot less stressful later.
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