What is the average monthly home maintenance cost?

When you purchase a property, you shouldn’t consider only the ‘ask’ price, but also the attached maintenance cost. As per a standard rule of thumb, you should keep aside, at least, 1% of the purchase price of your home each year towards home maintenance costs. In this answer, I will tell you about the estimate home maintenance costs including the home lift maintenance cost.

Maintenance cost is the cost that is incurred every month for the property’s upkeep. This includes the building’s maintenance as well as the amenities.

Just like other assets like mobile phones, vehicles, etc., the property’s value also depreciates with time. Hence, the maintenance cost helps to balance the depreciation values as it is directly proportional to the property’s age. The older the house, the more maintenance costs you will have to pay. The older buildings face more wear and tear, which leads to frequent maintenance that results in a rise in cost.

The maintenance cost of a home depends on the type of project invested. The average maintenance cost of a mid-segment apartment complex can be approximately Rs. 3.50 to Rs. 4.0 per square feet per month. The same for luxury houses would be more. It depends on several factors such as the availability of groundwater, kind of amenities, the extent of the landscape, etc. Generally, the more amenities complex homes, the higher the maintenance cost.

Home Lift Maintenance Cost

Generally, the maintenance of a manual lift costs around Rs. 10000 and automatic ones cost around Rs. 20000 to Rs. 25000. This may vary as per the model and make.

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Now you know about the estimate home maintenance costs. Including the average home lift maintenance cost.

Home maintenance costs refer to the expenses incurred by homeowners to keep their residential property in good condition and functioning properly. It includes repairs, routine upkeep, and the cost of utilities and services necessary to ensure the safety, comfort, and longevity of the home. Calculating the average home maintenance costs per month is tough but on average for a mid-segment complex, it could be around Rs 3.5 to Rs 4 per sq ft per month. 

What is included in the maintenance cost?

Maintenance comprises the

• Common area costs

• Diesel generator costs

• Landscape maintenance costs

• Cost of maintaining the amenities like swimming pool, gym, library and others

• Annual maintenance cost

• Sewage treatment costs and more

It is determined by the locality itself so one cannot say what will be the average monthly maintenance cost for a house as it varies from one locality to another.

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The monthly expenditure for the upkeep of the property is known as the house maintenance cost per month. This covers upkeep of the building and the facilities. Being a homeowner, I have to pay maintenance fees for my property.

What is the Average Maintenance Cost for House?

I am aware of 2 types of home maintenance;

• Expected Maintenance Costs:

The average cost of maintenance on a house is usually computed on a square foot basis, e.g., Rs. 2, Rs. 3, or Rs. 4 per square foot. 

A Rs. 50 lakh house with 1,000 square feet of carpet area and Rs. 3 per square foot in maintenance would cost Rs. 3,000 a month.

• Unexpected Maintenance Costs:

Unexpected home maintenance expenses including damages, repairs, and renovations are impossible to plan for. You can, however, manage and set aside money for these costs. Generally speaking, one should set aside 1% to 2% of the home's total cost for maintenance. 

For instance, for a Rs. 50 lakh property, you can  set aside Rs. 50,000 for house maintenance cost per year.

Being a homeowner, I can say that emergency maintenance, where the issue must be resolved right away, is the most expensive kind of maintenance.

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