Most first time home owners state that they had grossly under estimated the cost of maintaining their home at the time they were buying it. I am no exception. It is true, as much as I enjoy my home, I wonder if it is the closest practical example of a black hole:)
To help you get an estimate, we have taken a sample house and made an attempt to evaluate its cost of maintenance. The characteristics of our sample house are as follows:
Veneer - Brick + siding
Garage - Yes
Number of Trees – 10 – large
Number of AC Units - 2
Number of Heating Units - 2
We have assumed that most tasks are being performed by service professionals. You can always do some tasks yourself and make this suit your budget. A house with the above characteristics takes about $9,000 each year in Annual Maintenance.
Over and above the annual maintenance, you also need to set aside a lump sum for the infrequent high value replacements that come based on the age of your house and its installations plus those maintenance tasks that are not annual in nature.
Please provide your comments based on your experience.