Saving for household maintenance and repairs is critical to getting things done around the home. This extra cash can help you take on all the odd jobs that keep your home in good shape, plus all the big renovations that improve its curb appeal and functionality. here is a glimpse of How Your Square Footage Can Help You Save for Home Maintenance
Except, saving for these varied tasks can be challenging for homeowners. There’s a vast difference in the types of maintenance you might face — from replacing a fire alarm to installing a new roof. The sheer randomness of these jobs makes your task even trickier. After all, parts of your home (like the roof or foundation) don’t break down on schedule. They happen unpredictably.
So, how can you save enough money to handle all your maintenance and repairs? The square footage of your home might have an answer.
According to some renovation experts, your square footage can give you an idea of your yearly maintenance costs. Their rule is simple: for every square footage you own, save $1 towards maintenance and repairs.
As calculations go, this one is pretty easy. All you have to do is look through your paperwork to find the size of your home, and you have your savings goal.
In the U.S., the median size of a single-family home is between 1,600 and 1,650 square feet. That would put your annual savings goal at roughly $1,600–$1,650.
Now, you might not use all that money in one year, but don’t stop saving once you reach your annual goal. You can roll over the extra savings you don’t use into the next year, building your fund until it’s big enough to take on the most complicated projects.
If you live in the U.S., your sprawling square footage means you have a big goal to achieve, and your home might not cooperate with your plan. Sometimes, an emergency happens before you can sock away your first $100.
If you’re stuck patching your roof or replacing your furnace without savings, you might want to put your emergency expense on a line of credit. An online line of credit offers homeowners a flexible way to cover an unexpected repair, and it stays open after your pay off what you use.
Having cash on standby can help with the next emergency that comes your way, but before you apply for one, you need to understand the cost to borrow a line of credit. Interest and finance charges apply to the money you use.
Let’s face it — the square footage rule is like any rule. It provides a fantastic framework for the general population, but it’s not always the best option for your personal needs. You might need to adjust your goal to suit your unique home, increasing your savings goals to reflect the condition and age of the building, its key components, and your appliances.
Consider the last time you updated your HVAC system, roof, or major appliances. Each of these things has a lifespan, usually of about 10 to 25 years. If you’re on the tail end of these cycles, you could be facing a big expense in the near future.
Keep this in mind as you start saving for maintenance and repairs. Increase your goal as you see fit, and you’ll always be prepared for the next emergency.
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