How to Save Money on Home Repairs?

Home repairs are expensive, there’s no denying . Last year, we got our walls plastered along with some additional work. We hired a contractor and amidst discussions asked for some tips on how to save money on home repairs. He had some good thoughts on the same. He said that we just needed to make a plan to decrease the  home renovation costs. Let me share some tips on how much to save for house repairs.

How Much Should I Save For House Maintenance?

There is no perfect answer for how much should you save for home maintenance. But experts recommend setting aside 1% to 2% of your property’s purchase price for home renovations like drainage updates, wall repairs, roof repairs, and other issues. Here are some tips that can help you save for house maintenance:

• Calculate your monthly income and allocate a percentage towards home maintenance as per your budget.

• Try to maintain an emergency fund specifically for unexpected home repairs, planning for at least 1-3 months' worth of living expenses.

• Regularly inspect your home for potential issues before it becomes too late and demands more money. 

• Understand the average cost of home repairs in your area to set realistic savings goals.

• Older homes may require a higher percentage of income for maintenance; consider this when setting aside funds.

If you want to save money on repairs, then

• Learn basic maintenance skills to handle minor repairs independently, reducing the need for professional services.

• Try to buy goods as cheaply as possible by visiting several shops. However, please do not compromise on quality. 

• Periodically review your budget and adjust your savings based on changes in income or housing market conditions.

So these are some tips that can help you save for your home repairs. In case you are hiring some experts, consult with a few and then choose which one will be the best as per your budget. I hope these tips on how to save money on home repairs will help you.

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