Author Topic: The "Ultimate Home Maintenance Guide"  (Read 4398 times)

Eudo

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The "Ultimate Home Maintenance Guide"
« on: March 23, 2014, 01:07:15 PM »
So, not being a homeowner yet, I've been trying to estimate what the future costs of homeownership will be. I ran across this detailed breakdown of the costs of home maintenance:

http://www.moneysense.ca/property/the-ultimate-home-maintenance-guide

They conclude that you need $4,500 - $10,000 a year for maintenance on a typical Canadian home. It seems a bit on the high side, and I was wondering what some fellow mustachians think. I think it's a good list of all the things you might need to do, but seems a bit excessive and costly.

By the way, I'm thinking more like San Diego than Canada, so clearly the costs are different.

I've heard the 1% rule: take 1% of the value of the property and that's your maintenance cost. That seems like it should be off in a place like coastal California where much of the property cost is the land, not the structure. You buy a $500k house in California, and the same house in Boulder, CO would cost $300k. It doesn't make sense that the maintenance costs would be higher just because the land is more expensive.

Thoughts?

Thespoof

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Re: The "Ultimate Home Maintenance Guide"
« Reply #1 on: March 23, 2014, 01:51:19 PM »
I'm a licensed home inspector and I find that people generally do very little to maintain their homes. Maintenance is generally passed on to the next person that purchases the home and they will leave it to the next person...eventually some one will have to pony up and repair things. I rarely find houses that are regularly maintained.  Most people are too house poor or don't own the home long enough to care.

Milspecstache

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Re: The "Ultimate Home Maintenance Guide"
« Reply #2 on: March 23, 2014, 02:28:10 PM »
The link seems useful but definitely over-estimates costs unless you really just want to hire out everything.  Much of that could be done yourself.  Also buying a newer house means you shouldn't need so many 'upgrades'.

Plus a $250k house on $250k land compares to a $50k house on $15k land in some areas.  Really you need to tailor the estimate to your particular type of house.  If you need help there get a home inspector to walk through with you (such as before buying).  They can tell you upgrade projects to be considered.

stevesteve

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Re: The "Ultimate Home Maintenance Guide"
« Reply #3 on: March 23, 2014, 02:57:02 PM »
I'm a licensed home inspector and I find that people generally do very little to maintain their homes. Maintenance is generally passed on to the next person that purchases the home and they will leave it to the next person...eventually some one will have to pony up and repair things. I rarely find houses that are regularly maintained.  Most people are too house poor or don't own the home long enough to care.

So do you recommend doing the things in the article?  Any thing else you'd add to the list?

dcheesi

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Re: The "Ultimate Home Maintenance Guide"
« Reply #4 on: March 24, 2014, 01:21:02 PM »
I'm a licensed home inspector and I find that people generally do very little to maintain their homes. Maintenance is generally passed on to the next person that purchases the home and they will leave it to the next person...eventually some one will have to pony up and repair things. I rarely find houses that are regularly maintained.  Most people are too house poor or don't own the home long enough to care.
I think a lot of people don't really think about maintenance until something breaks, and/or they're ignorant of what needs doing.  I'm probably as guilty of that as anyone; there were several regular maintenance items listed in the article for which my immediate response was "wait, people actually do that?!"

MrsPete

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Re: The "Ultimate Home Maintenance Guide"
« Reply #5 on: March 25, 2014, 06:33:11 PM »
I don't know that I agree.  I've heard the 3% of the house's value per year for maintenance . . . but I don't see that it makes sense.  For example, my house in a middle class suburb is worth about 150K.  Cross the county line, and you can find a similar house that'd sell for 110K.  Say both of us need the same repair -- make it a hot water heater, something easy to buy at Lowe's and install yourself.  Will my repair cost more just because I live in a "rich county"?  Makes no sense. 

I think the costs sound extreme.  I've never washed my bricks, for examples. 

arebelspy

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Re: The "Ultimate Home Maintenance Guide"
« Reply #6 on: March 25, 2014, 06:39:12 PM »
I don't know that I agree.  I've heard the 3% of the house's value per year for maintenance . . . but I don't see that it makes sense.  For example, my house in a middle class suburb is worth about 150K.  Cross the county line, and you can find a similar house that'd sell for 110K.  Say both of us need the same repair -- make it a hot water heater, something easy to buy at Lowe's and install yourself.  Will my repair cost more just because I live in a "rich county"?  Makes no sense. 

On that, maybe not.  But generally a house in a nicer area will have nicer upgrades.  Yes, replacing the carpet will cost more in 200k home than a 100k home (even assuming the same square footage).  Percentages often do break down at the very low and very high numbers, but they still make a decent rule of thumb, because yes, a kitchen remodel in a nicer home will cost more than in a not as nice home.
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homehandymum

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Re: The "Ultimate Home Maintenance Guide"
« Reply #7 on: March 25, 2014, 09:11:51 PM »
Seems about right to me (the article, that is).  We've had to do one major thing each year we've owned this house:

Instal insulation in the roof (underfloor insulation is on the 'to do' list - but not this year)
Replace sewerage pipes (tree roots)
Replace main water line in (City required the upgrade, and paid for parts but not labour)
Complete rewire (house built in 1949. some of the original wiring was disintegrating).  We moved the meter to outside the house at the same time, which almost doubled the cost of this job, but was worth it to not have strangers needing access to my house on a bi-monthly basis.  And by combining the jobs it was cheaper than making it two separate jobs.
Replace guttering (was galv steel, rusted through in many places)
Replace storm water drains between house and street (were completely blocked, leading to major flooding in the cellar)
Paint/resurface concrete tile roof (tiles have been up there since 1949. they were pretty porous and not in peak condition)
Re-paint all exterior woodwork (house is brick, but window frames and doors were well overdue a paint - like maybe 20+ years)

We've been here 7 years.  Each of those cost between about $800 (the guttering) and $7k (the rewire). (NZ dollars)

The house had been well maintained in its early years (we bought it from the estate of the widow of the original builder, who built it for themselves), but since the mid-80s (when the owner became widowed and was quite elderly), very little had been done aside from a cheap kitset kitchen remodel and a bathroom conversion to a wet-floor shower.  So there was a lot of catching up to do.

Also, in NZ, only an electrician is allowed to do electrical work, and only a plumber can do plumbing, so the scope for DIY is a bit more limited than in most States.

dcheesi

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Re: The "Ultimate Home Maintenance Guide"
« Reply #8 on: March 26, 2014, 02:58:09 AM »
It definitely seems like buying recent construction would reduce these numbers quite a bit. The author has one-time upgrades listed in most categories, and in some cases they're ten times the cost of eveything else combined!

Maybe I  need to show my gf this article the next time she starts pining for a 100yo house...

 

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