There are a couple of rules of thumb that can help guide you when budgeting for unexpected home repairs. According to the one percent rule, you should set aside at least one percent of your home’s value every year for home maintenance. For a $360,000 house, this works out to $3,600 per year, or $300 per month.
Here are some ideas on how to save money…of course you will need to weight the pros and cons of what will work best for you:
- Create and stick to a budget
- Pay Cash
- Prioritize projects and take your time
- Do a lot of it yourself
- Reuse materials
- Balance high and low-end materials
- Wait for sales before making big purchases
- Enlist the help of friend
- Be smart about hiring help
- Find money-saving hacks from DIY videos
- Keep your home’s footprint the same
- Stick to the classics-avoid trends that will become outdated
- Don’t skip on cost-saving opportunities
- Sell anything you are not using
- Use credit cards that have rewards
