Preflections

I used to think I knew it all...but that was along time ago.
Its cold again here in Wisconsin and most of the leaves have fallen from the varied deciduous species in my neighborhood.  The season is one of rest, relief, and anticipation.  Rest from the busy season of my day job, relief from tired feet, and the anxious waiting for what is expected to be a joyful time for most of the families I know.  Unlike most businesses, November - January are the slowest months for a home inspector, which means my schedule is less full and I have time to stop and think.
I used to think life was long....but now I know how short it is.
I used to think a house built early this century was new....but nothing is new for long.
I used to think new appliances wouldn't need repair...but I was wrong.
I used to think a mortgage payment would be enough to include in my annual house budget...but that was before I owned three houses and learned things quit working or get broken on a regular basis- repairs and upkeep should all be a part of a homeowner's annual budget.   So how much should you budget for repairs on your home?
Determining the dollar amount you might spend on your home in a given year isn't easy.  There are a lot of variables and unknowns that make this part of budgeting a real pain.  If you've lived in your home for at least five years and you've kept good records of expense you can probably come up with a pretty good number of what your home actually costs to operate and maintain.  And if you've slept in the same camp for the last five years you probably have some guesstimates on what major components of your home will need to be replaced next- hopefully you're saving a little bit in anticipation of those big expenses (such as HVAC equipment or a new roof covering).
But if you're a new homeowner you may be scratching your head right now and thinking to yourself- "um, how much should I budget for repairs and maintenance?"   Well, I'm glad you asked!  If your house is more than 20 years old, a good rule of thumb is to estimate between $1.25- $1.50 per finished square foot of the home.  So for a house that is 2000 sq ft the formula is 2000 X $1.50= $3000 per year.  3000 divided by 12 months  = $250 per month in estimated expenses.  Sorry to break it to you, but your home is gonna expect you to fix it from time to time.   In the last month I have personally dealt with a backed up floor drain, a failed sump pump in my finished basement, and a gas oven that quit heating up.  All of these cost me hundreds of dollars and time.  And while cleaning out the gutters today I just discovered that a gable vent in the attic has been damaged by an animal-  and that's just the way it is for a homeowner- there is always something in need of repair, so budget and plan for it.  Your home inspection report can only report on what was visible and problematic at the time of inspection, it is not a guarantee that your home is or will ever be maintenance free. 
-Enjoy the holiday season!
​Marc