Overview
Home maintenance costs are real and often underestimated. The 1% rule (budget 1% of home value annually) is a starting point, but older homes and certain regions require more. Understanding what maintenance costs look like over 5-10 years helps you model true home affordability beyond the mortgage payment.
Home maintenance costs are real and often underestimated. The 1% rule (budget 1% of home value annually) is a starting point, but older homes and certain regions require more. Understanding what maintenance costs look like over 5-10 years helps you model true home affordability beyond the mortgage payment.
What You Need to Know
- 1% rule: budget 1% of home value annually for maintenance -- ,000/year on K home
- Older homes (pre-1990) often require 1.5-2% annually due to aging systems and materials
- Major systems lifespan: roof 20-25 years, HVAC 15-20 years, water heater 10-12 years, appliances 8-15 years
- First year of ownership often has ,000-,000 in initial setup costs beyond regular maintenance
- Create a home maintenance sinking fund by saving -/month depending on home age and value
Calculate Your Affordability
Use the home affordability calculator with your specific income, debts, and down payment to see your realistic maximum home price range.
Calculate How Much Home You Can Afford
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