How Do I Estimate Home Maintenance Costs?

One of the first things that throw new homeowners for a loop is the need to set aside funds for ongoing maintenance, especially if the house is relatively new. Indeed, newer homes usually don’t require frequent maintenance, but that’s not necessarily the case once you live inside the house.Wear-and-tear can quickly begin to take a toll if you have a large family and, maybe, a few pets. When that happens, the cost of repairs can come as a shock, and they always seem to come up when you least expect – or can least afford – an immediate fix.Still, the need for home maintenance is crystal clear. According to a recent survey by Hippo, 81% of homeowners are liable to have a home maintenance need within the first year of ownership. The figure is just as high for older, existing homes that have been lived in for decades.An old house has a certain nostalgic quality, but the maintenance and upkeep costs are higher unless the property is maintained thoroughly. The catch is that some homes aren’t...