Are you financially prepared for any unexpected home repairs? What can you do to make sure you are prepared for the inevitable? Discover some helpful advice in the following article.
No matter how well you maintain your home, it's inevitable that eventually either age or a manmade or natural disaster will damage some part of your property. Whether you need to pay for something as simple as replacing your water heater or as a monumental as installing an entirely new roof, your wallet will be affected. Developing a plan to be prepared for these financial disasters can minimize the damage.
Financial experts recommend that homeowners set aside from one to three percent of their home value every year to pay for routine maintenance and as a reserve fund for an emergency repair. For a $300,000 home, that means you should have savings of $3,000 to $9,000 that you can access for home projects. You can estimate how much you may need based on not only the current value of your home, but also the age and condition. Clearly, a new home can be less likely to need major repairs and replacements than an older home that has not been recently renovated.