Housing experts recommend budgeting about 1% of the purchase price of your home per year for home maintenance and repairs. Of course, the actual amount spent will vary from month to month and year to year. For example, if someone owns a $240,000 home, they should plan to spend around $2,400 per year or about $200 a month on home maintenance. Ideally, this money should be set aside in an earmarked account so that it is available as needed.
Cost to replace a roof, central air conditioning, and furnace are all pricey items. Appliances do not last forever either. For more information on maintenance schedules and the life of appliances, consult this fact sheet from University of Illinois Cooperative Extension called "Opening Doors for Housing Success": www.ace.uiuc.edu//cfe/housingsuccess/maintainfs.PDF.
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