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Budget at least 1% of your property purchase price towards maintenance each year. So if you purchased a home for say $100,000 today, then budget at least $1000 annually ($84 per month) towards maintenance costs.

Maintenance of your home can take various forms. Some types of maintenance like painting can be delayed but others like electrical repairs, plumbing, appliance repairs or replacement would need to get done immediately. So it is best to be prepared.

Some years you may have no maintenance costs at all while other years there may be some major expenses. So follow the 1% rule of thumb and keep that maintenance reserve for a rainy day.

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