Yearly Budget for Your Home Maintenance will Surprise You.

There are basically two rules of thumb
One popular rule of thumb says that one percent of the purchase price of your home should be set aside yearly for on-going  maintenance. Let's take for example the average cost for a home in Dade county is slightly under $300,000, you should budget close to $3,000 per year for maintenance.

The second rule of thumb is based on the property's square footage. Setting a budget $1 per square foot per year for maintenance and repair costs.


That doesn’t mean you’ll spend the budget amount every year. It just means that, on average, over a period 10 years or more you’ll spend around the annual amount. Some years you’ll spend far more; a roof replacement, for instance, might cost $6,000 to $10,000 or more. Other years, you’ll spend far less.

But is that really all you'll need? Probably not, according to a study by Porche where they broke down average home maintenance costs in every state. They examined the ZIP codes in each state with the highest home maintenance costs, lowest costs, and where you can expect that money will go every year.

Florida came in at just about average cost at $ 16,097, with Destin, FL the cheapest in the State at $12,599 and Boynton Beach the most expensive at $21,598.

So what happened to the "Rules of Thumb"?

Fine-Tuning Your Calculation

It makes sense to take a more holistic approach to estimating the cost of home maintenance because the rules of thumb that estimates how much you should set aside for home maintenance and repairs don't take into consideration, factors like age and local weather and market changes that can be significant factor

Guillermo "Bill" Sanjurjo Realtor®
12955 SW 42 St Suite 2, Miami, FL 33175
Cell: 786-232-1400