New Homes are Less Expensive to Maintain

CONROE, Texas - April 20, 2013 - PRLog -- New homes cost less to maintain, according to data from a 2009 American Housing Survey.

It’s estimated that as a general rule, homeowners can expect to spend about 1% of their house's value every year in maintenance. This means that a $150,000 house will require, on average, about $1,500 a year for general maintenance. Of course, for a new home, these figures are likely to be less.

According to the American Housing Survey, new homes less than four years old come with reduced maintenance expenses. The survey shows that for routine maintenance expenses, 26% of all homeowners spent $100 or more per month on upkeep costs. However, only 11% of owners of newly constructed homes spent this amount. In fact, 73% of new homeowners spent less than $25 a month on routine maintenance costs.

Some statistics by the Cash Value of Home Maintenance show just how important home maintenance is. The statistics show that for every $1 that is spent on maintenance, up to $100 of potential repairs are avoided. Routine maintenance on a house saves the homeowner money over time.

So just how much should homeowners plan on spending each year in maintenance? According to Ilyce Glink, author of "100 Questions Every First-Time Home Buyer Should Ask." How much you spend, depends on many different factors, including the condition of your house.  

"You can expect to spend anywhere from a couple thousand dollars to more than $10,000 per year, depending on the size and condition of the house, on general maintenance," says Glink. "Some years it will be less and some more. Keeping up with the maintenance will be easier and less costly than if you wait for a small problem to grow exponentially bigger."

Whether a homeowner has a new home or an older one, it’s important for them to save for monthly maintenance, as well as for future emergency repairs. Planning for the future is something every homeowner should do, regardless of the age of their home.  

www.money.msn.com/home-loans/your-first-home-save-for-repairs-weston.aspx