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View Poll Results: Home maintenance: How much have you spent (or expect to spend if you have a detailed budget)?
Under .5% of home value 9 26.47%
About .5%-1% 7 20.59%
About 1%-1.5% 7 20.59%
About 1.5%-2% 1 2.94%
About 2%-2.5% 2 5.88%
More than 2.5% 8 23.53%
Voters: 34. You may not vote on this poll

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Home maintenance cost
Old 10-22-2006, 12:42 PM   #1
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Home maintenance cost

Please include all capital investments necessary to upkeep a home. Major appliance replacement etc.
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Re: Home maintenance cost
Old 10-22-2006, 12:56 PM   #2
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Re: Home maintenance cost

Difficult to nail down exactly as the major expenses are infrequent, but large (furnace, windows, etc).
Averaged out I would say about 1.5% for us.
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Re: Home maintenance cost
Old 10-22-2006, 01:32 PM   #3
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Re: Home maintenance cost

I voted .5 to 1%. I would not be at all surprised if maintenance cost ends up being more than this long term.
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Re: Home maintenance cost
Old 10-22-2006, 01:33 PM   #4
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Re: Home maintenance cost

Total over the last 28 years: 30 or 40 %.

Don't know what that is per year.
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Re: Home maintenance cost
Old 10-22-2006, 01:44 PM   #5
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Re: Home maintenance cost

I was surprised at how much we wanted/needed to spend when constructing our RE budget. I figured a few hundred bux every year just for odds and ends. Then, because our house is 30 years old, I threw in doing something major every third year. You know, complete bath remodel, complete kitchen remodel with appliances, new carpets and drapes, new roof, new heating and cooling system, new driveway, etc. It got up to over 2.5% very easily.

If you're talking a newer home, it's a completely different analysis.

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Re: Home maintenance cost
Old 10-22-2006, 01:50 PM   #6
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Re: Home maintenance cost

Wouldn't a $ per Sq Ft be more accurate? I'm sure my % of market value is much less (1100sf ranch in a moderate climate worth $600K) than someone in Indiana with a 3500sf two story with a market value of $100-200k. Sure I probably pay more for labor and materials but I don't think it would be proportional. I voted <.5 which would be $3K a year and I would have a hard time spending that unless I was a constant remodeler.
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Re: Home maintenance cost
Old 10-22-2006, 02:14 PM   #7
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Re: Home maintenance cost

Quote:
Originally Posted by youbet
I was surprised at how much we wanted/needed to spend when constructing our RE budget. I figured a few hundred bux every year just for odds and ends. Then, because our house is 30 years old, I threw in doing something major every third year. You know, complete bath remodel, complete kitchen remodel with appliances, new carpets and drapes, new roof, new heating and cooling system, new driveway, etc. It got up to over 2.5% very easily.
That is probably a good way to look at it. I voted .5 - 1.0% and that more than covers it for appliances, roof, plumbing, a prorata cost for new heating and A/C, and various odds and ends. That would suffice in retirement if we are willing to stick with what we have now. But, I suspect that over thirty years of retirement we are going to want to completely redo the upstairs bathroom, we will probably decide to redo our patio, etc. That stuff can add up. The kitchen is recent, with all the granite countertops and other modern foo-foos - so we should be good for twenty years there. By then we may not care about food
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Re: Home maintenance cost
Old 10-22-2006, 08:42 PM   #8
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Re: Home maintenance cost

I have trouble separating "home maintenance" from the "entertainment" category.

Without the solar water heater & photovoltaic projects we were at 0.5% max. With them we were still below 1.5%, and that's not counting the cash flow from the energy savings.
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Re: Home maintenance cost
Old 10-22-2006, 08:57 PM   #9
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Re: Home maintenance cost

Quote:
Originally Posted by Nords
I have trouble separating "home maintenance" from the "entertainment" category.
Oh boy....... Nords, ya gotta do something to spiff up your concept of entertainment. Or..... if you're saying that changing the faucet on the kitchen sink is fun like going out for some live music and a few cocktails..... uhhh... OK.
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Re: Home maintenance cost
Old 10-23-2006, 12:17 AM   #10
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Re: Home maintenance cost

Quote:
Originally Posted by youbet
Oh boy....... Nords, ya gotta do something to spiff up your concept of entertainment. Or..... if you're saying that changing the faucet on the kitchen sink is fun like going out for some live music and a few cocktails..... uhhh... OK.
Hey, every morning (after I check the surf forecast) I check Craigslist to see if anyone's selling their used solar gear. I'm always happy to buy a few hundred more watts!

Spouse enjoys hunting down a bargain, and I thoroughly enjoy turning used crap into functioning equipment. The last project involved many fine mornings up on the roof with spouse discussing life, or teaching the kid how to glue conduit & solder copper pipe. Quality family bonding time.

We used to do most of our socializing with our shipmates. That was fun at Naval Postgraduate School but not so fun everywhere else. We spent last Saturday night (Hickam AFB Seabreeze Restaurant) at the wetting down of a shipmate (live music & frosty beverages). We had a good time but the loonies that my spouse works with tended to bring down the evening. We had a good time but, eh, I'd rather be surfing or putting something together.

Or maybe we just need a new batch of non-work friends...
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Re: Home maintenance cost
Old 10-23-2006, 01:10 AM   #11
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Re: Home maintenance cost

This is one of the categories that varies a lot from year to year for me. I include money spent on yard work, home repairs and improvements, new furniture, major appliance replacement and repair, and probably a few other things I can't remember right now. As a percentage of total spending (6 month intervals), this category has run from as low as 0.2% to almost 7% over just the past 3 years. The average over this period is 3.0%.

(edit Oops. I just noticed that you asked for the cost as a percentage of the value of the house, not a percentage of your annual spending. In that case, it is far less than 1%.
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Re: Home maintenance cost
Old 10-23-2006, 10:01 AM   #12
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Re: Home maintenance cost

the problem I am having with this exercise is that I don't believe the cost of home maintenance is rising at the same ridiculuous rate as house values have risen recently. So I'm not convinced that % of home value is the correct metric.

That being said, our budget works out to about 1.5% of the home's value. But it would have been more 2 years ago, before the house appreciated.
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Re: Home maintenance cost
Old 10-23-2006, 10:12 AM   #13
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Re: Home maintenance cost

I don't think this poll tells us much (too many variables), but I voted.

Been in this house 5 years. Spent exactly 25% of the price of the house
in those 5 years. You do the math.

JG
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Re: Home maintenance cost
Old 10-23-2006, 12:23 PM   #14
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Re: Home maintenance cost

So far, in 6.5 years, the only major expense for me was replacing the A/C. Lots of minor expenses, involving keeping the sprinkler system working, installing some gutters, replacing a few sheets of siding on the garage, adding some landscaping, a bit of painting here and there, and a lot o' pookie... :P

Will, at some point, need new kitchen appliances, and would like to redo both bathrooms, but will do much of that work myself.

There's a differrence between "upkeep" and "improvement"...
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