When I bought my first home, I was so focused on the down payment, mortgage, and closing costs that I didn’t think too hard about what comes after the keys are in your hand. You know—that part where you actually live in the house and, well, take care of it. No one warned me that homeownership comes with its own subscription service: maintenance.
Over the years, I’ve learned that estimating future home maintenance costs is part science, part art, and a lot of common sense. And trust me, it’s so much better to go in with a plan than to be surprised when your water heater gives up on you in the middle of winter.
So if you’re trying to figure out how much you should budget for future repairs and upkeep, let me walk you through how I approach it—for myself and for my clients.
The One Percent Rule (and Why It’s Just a Starting Point)
Let’s start with the general rule of thumb you might have heard: set aside one percent of your home’s purchase price each year for maintenance. So if your home costs five hundred thousand dollars, you’re looking at about five thousand dollars a year.
Is that rule perfect? Not really. But it gives you a decent starting point. If your home is older, or has some “quirks,” that number might need to go up a bit. I usually tell people to lean closer to one and a half percent if the home is over twenty years old or has older systems—like a roof or furnace that’s clearly on borrowed time.
Not All Homes Are Created Equal
But it’s not just about age. The size of the home matters. The climate matters. Even the materials matter. A wood exterior is going to need more upkeep than brick or vinyl siding. A yard full of trees and garden beds requires more care than a low-maintenance patio.
So it’s not just about the price tag—it’s about what that specific home needs to stay in good shape.
Planning for the Big Stuff
What helps me most is thinking in terms of big-ticket items that will eventually need repair or replacement. Things like:
- The roof (usually every 20–30 years)
- The HVAC system (about every 10–15 years)
- The water heater, appliances, windows, gutters, plumbing, etc.
If you break these big things down and spread the cost over time, it becomes easier to manage. For example, if you know your roof has 10 years left and a new one might cost $15,000, that’s $1,500 a year you could start setting aside now.
Don’t Forget the Little Things
Routine maintenance matters too. Cleaning out gutters, sealing the driveway, pest control, servicing the HVAC before each season, trimming trees—these are the small, consistent costs that sneak up on you if you’re not ready.
I usually suggest people keep at least a couple thousand dollars a year on hand just for these “everyday” maintenance tasks.
Track and Plan Like a Pro
One of my favorite habits? Keep a running list of your home’s major systems and when they were last serviced or installed. Just a quick spreadsheet or a note on your phone is enough. That way, you’re not surprised when the dishwasher dies or the AC suddenly stops cooling.
And remember, some things can last longer with proper maintenance. A furnace that’s serviced regularly might keep going strong well past its expected timeline. So taking care of what you have is just as important as planning to replace it.
Always Expect the Unexpected
Even with the best plans, stuff happens. A sudden leak, windstorm, or some raccoon drama in the attic—it’s all part of the adventure. That’s why I always recommend having a general emergency fund. Even a few thousand dollars stashed away can save the day when life throws you a home-related curveball.
Use Your Home Inspection as a Crystal Ball
If you’re still in the buying process, make the most of your home inspection. Ask questions. Take notes. That report can give you a solid idea of what might need attention soon and what can wait.
If the inspector says the roof has five years left, that’s not a future-you problem. That’s a now-you budgeting opportunity.
Final Thoughts
Homeownership isn’t just about paying the mortgage. It’s about taking care of your investment—and yourself. Planning for maintenance might not be glamorous, but it’s way better than dealing with surprise expenses under stress.
Start with the one percent rule. Adjust for your home’s age, size, and personality. Keep a list. And build a buffer.
Because the truth is, your home takes care of you—when you take care of it first.