Creating a budget is a crucial aspect of financial planning, helping you stay on top of your expenses and save for the future. When planning your budget, it's important to include home maintenance costs to ensure your property remains in good condition and to avoid unexpected and costly repairs. At Alliance Protects, we understand the significance of budgeting for home maintenance and can assist you in strategizing your expenses. Keep reading to learn more about our maintenance plans and services!
Financial Planning: Including Home Maintenance in Your Budget
Prioritize Home Maintenance in Your Budget
Home maintenance should be a priority in your budget, just like other essential expenses such as utilities and groceries. Allocating a portion of your monthly income towards home maintenance can help you stay ahead of potential issues and keep your property in optimal condition. By making it a priority, you can avoid the stress and financial burden of major repairs that can arise from neglected maintenance tasks.
According to the 2022 U.S. Houzz and Home Study, homeowners’ median [home renovation] spending increased 20% from $15,000 in 2020 to $18,000 in 2021.
Plan for Regular Inspections and Maintenance
Scheduling regular inspections and maintenance is an integral part of effective home maintenance. Alliance Protects offers professional services, such as thorough inspections and comprehensive maintenance plans, which can be customized to fit your budget. By planning for home inspections and incorporating maintenance tasks into your budget, you can catch minor issues before they become major problems, saving you money in the long run.
"Earlier this year (2023), Zillow and Thumbtack data revealed that on average, homeowners can expect to pay $14,155 a year, or $1,180 a month, in hidden costs related to owning a home." -Forbes
Set Aside an Emergency Fund
In addition to regular maintenance, it's essential to set aside an emergency fund for unexpected repairs. While regular inspections can help prevent many issues, there may still be unforeseen circumstances that require immediate attention. By budgeting and saving for an emergency fund, you can prepare yourself for any unexpected repair costs without disrupting your overall financial stability.
"According to data from the JCHS, the market grew by 23.8% in 2020 and 2021, exceeding the estimated 12.5% for the same time frame. Americans spent $363 billion on home improvements, renovations, and repairs in 2020 and $406 billion the following year." - Architectural Digest
Consider Long-Term Savings
Investing in a home maintenance plan can help you save money in the long run. By addressing minor issues promptly and maintaining your home's systems, you can avoid costly repairs and extend the lifespan of your property. Alliance Protects offers customizable maintenance plans designed to fit various budgets, providing you with peace of mind and long-term savings.
"From the third quarter of 2022 to the third quarter of 2023, average home maintenance costs increased by $400 (from $6,146 to $6,548)" - Forbes
Contact us today to learn more about our services and discover how our customizable maintenance plans can fit into your budget for a well-maintained home.
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