This is of particular interest because it's our first year, and we know that although our home was well maintained for many years, for the last handful or so, not so much. I also keep the books in our house, so it's my job to budget well.
This one video (made in 2013 in case it matters) I'm watching says 1% of the purchase price for an older home that has been maintained, but isn't necessarily updated. In the video, he uses $250,000 as his example for the math (The speaker is from Oregon.) He uses this number because he says a home that's been maintained sort of has its own cycle of when certain things will go. So if you are going to continue that cycle, that's roughly going to be what you're dealing with. He then goes on to say if that number seems high, think about how often a furnace or roof needs replacing, and the averages are pretty spot on so long as they don't happen too close together close to your purchase.
For us, that doesn't seem like much because of what we paid--so only $1000. Technically, we'll spend that insulating the attic this year, which isn't really maintenance even though doing so will help maintain certain things.
Now, if I look at Redfin, they say our home is worth $198,837, so that'd be twice the budget. I'm thinking that'd be a better baseline to work from.
How did folks figure out what to budget? How close were you?
Your
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