What Is the Average Cost of Maintenance on a House?

Purchasing a new home is an exciting venture that can quickly be overshadowed by the looming thought of property maintenance expenses. From plumbing to landscaping and major home repairs, maintenance can quickly become a costly responsibility if not budgeted for properly. Predicting the maintenance costs of a home will allow you to budget for home maintenance and ensure that there are fewer surprises in the future while ultimately ensuring the longevity of your home.

We will assist you in calculating the annual home maintenance costs you can expect and also walk you through some of the factors that affect the maintenance costs of a home.

Ways to Estimate a Property’s Annual Maintenance Costs

The average cost to maintain a house varies based on several different factors such as location, climate, house age, and more. By predicting these maintenance costs and making the correct provisions for them, you can save yourself from unnecessary stress over how much you’ll spend. Below are a few common methods used to estimate annual home maintenance costs:

The 1% Rule

The 1% rule generally states the annual cost of maintenance of a property will average 1% of the property’s sale price. For example, a home with a sales cost of $300,000 would generally cost around $3,000 each year to maintain. Based on that average, you would have to set aside $250 a month to reach your annual maintenance savings goal.

The Square Foot Method

Another rule is known as the square foot method. It suggests you should be saving $1 for every square foot of your home each year. The square footage of the average American home is approximately 2,300. According to the square foot method, you’d need  $2,300 for annual home maintenance, or around $192 a month.

Factors That Affect Property Maintenance Costs

While it is possible to budget for these average home maintenance costs, planning for home repairs and major maintenance can be much trickier. Let’s take a look at some of the factors that affect property maintenance costs:

Age and Condition

The age of your home and its current condition will determine the level of upkeep and maintenance required each year. Older homes will require more routine maintenance and will therefore cost more to maintain, whereas newer homes will not require the same level of maintenance just yet. If the previous homeowners did not make regular maintenance a priority, you may need to keep this in mind when budgeting for home repairs, as some areas of the house may need some work to get them in good condition again.

The Lifespan of Amenities and Appliances

As with everything in life, home systems come with a predicted life expectancy. By keeping up with routine maintenance, you can successfully extend the life of these systems. However, with time they will ultimately need to be repaired or even replaced.

It can be difficult to predict exactly when things like the roof, HVAC, or plumbing may need to be looked at. However, when it comes to things that relate to the building structure, we can make predictions based on the climate the house is exposed to, the quality of materials used, and the age of the house.

The longevity of things like the roof of your home will be largely dependent on the original materials used to build the roof and the type of weather conditions the roof is exposed to based on the climate in the area the home is located.

The most common interior maintenance issues will likely focus on the HVAC system and plumbing. A typical HVAC system lasts between 10 to 20 years, but this is also dependent on whether your house is properly insulated and professionally air sealed, without which the life of your HVAC will be significantly shortened.

Plumbing fixtures are among the hardest workers in your home, and yet they are often overlooked. While some pipes and fixtures will perform well for decades, others that are in higher-traffic areas of the home need to be repaired sooner.

Annual Costs

The largest component of operating costs for any given property will be the taxes. Unfortunately, there is no way to work around these, as they are the main commitment you agree to when purchasing a property. On average, Orange Country collects around 0.56% of a property’s market value as property tax each year.

You will also likely need to pay fees to the Homeowners Association (HOA). These fees help cover a variety of maintenance costs and neighborhood amenities, including basic upkeep like lawn care, building maintenance, home services, public amenities such as pools and clubhouses, basic security, and insurance covering common areas. These fees vary quite a bit, but the annual average in Orange County is around $1,765. This may sound costly but is worth it when you consider the vital role that HOAs play in maintaining a neighborhood and its property values.

Property Location

The location of your home will significantly affect the maintenance and repair required for your home. Severe winters, heavy rainfall, or intense heat with high humidity will all play a role in wearing down the exterior of your home as well as the interior like HVAC and plumbing systems, so they need to be carefully considered when you are forming your budget for home maintenance.

What to Budget for Common Property Maintenance Expenses

Common maintenance pertains to the weekly or monthly home maintenance needed to keep your home neat and functioning. The average routine costs of home maintenance are as follows:

• Lawn mowing: $48-$210 based on the size of the lawn
• Landscaping: $4-$12 per square foot for basic services, with a full makeover averaging $40 per square foot
• Gutter cleaning: $118-$224 depending on the size of the gutter
• Roof cleaning: $374-$606 depending on the size of the roof
• Minor roof repairs: Between $300 and $15,000 depending on the complexity of the roof repair
• Replacing HVAC filters: Disposable filters range from $35 to $90 and washable filters range from $60 to $120
• Minor plumbing repairs: Flat service fees range from $150 to $350, while the cost of repair depends on the type of repair done
• Appliance repairs and maintenance: $100-$250 per appliance
• Pest prevention: Between $80 and $120 per visit

How Genuine Property Management Can Help

Managing the maintenance and repairs of a property can be a stressful endeavor, but there’s no need to do it alone. Genuine Property Management offers quality support to homeowners wanting to rent out their properties to trustworthy tenants who will treat your homes as their own.

Our team of experts will ensure your home is in perfect condition before the tenants move in, minimizing the cost of maintaining the home. Additionally, our 24-hour maintenance center will assist with any maintenance and repairs for the duration of their contract, leaving your property in tip-top condition while you enjoy the peace of mind of knowing it will be well-maintained and looked after even without your constant oversight.

To start working with a premier Orange County property management company, contact Genuine Property Management today at 949-209-9494 or look through our website!