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Post by Deleted on Sept 6, 2021 16:34:54 GMT -5
Posts on another thread about buying furniture started this train of thought. Homeowners, what’s been your biggest cost so far to maintain or repair your home? Out of your own pocket, not a repair that was covered by insurance. Mister and I have a joint savings account specifically for the house, that we both regularly contribute to. He doesn’t care if I use it to buy furniture or other stuff for the house, which was the original purpose of the account, but I don’t. Well, I have used it to reimburse myself for a few small purchases that don’t even total $1k. But mostly I just let it grow, because I feel better knowing that money is there if we have an “uh oh” that we can’t cash flow or whatever. But I’ve been wanting to figure out at what point, it’s “enough” and I can comfortably use the account for its originally intended purpose as long as I keep that magic number in the account. We’ve been in the house 2 years now, and comparing it to 20 years owning my other house, this one almost feels like a money pit. My biggest repair at the other house was upgrading the electrical panel, and that cost less than $1,500. The biggest repair here so far, was fixing the sinking driveway, which cost a little over $8k. That’s just the most expensive here so far, there have been many, many less expensive repairs. Mister paid for the driveway repair without using any money from the house account, but I’d still like for him/me/us to have the option of using the money in the savings account when something needs to be repaired or replaced. I’m trying to figure out how much we need to have in savings for the house. I know HVAC systems are expensive to replace, but Mister can do the labor himself, we’d just have to buy the unit and materials, so I’m not really worried about that. What’s next in terms of expense, regarding normal repairs that insurance wouldn’t cover? A roof? It cost about $6k to replace the roof at my other house after it was damaged in a storm. This house is twice as big, plus inflation, so maybe $15k? I’m talking about needs here, not things we do to our houses just because we want to. What’s the most you’ve had to pay for a repair? What do you consider a reasonable amount for a homeowner to have in savings for potential repairs?
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swamp
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Post by swamp on Sept 6, 2021 16:38:10 GMT -5
We need a new dock. Probably $125,000
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Opti
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Post by Opti on Sept 6, 2021 16:44:13 GMT -5
We need a new dock. Probably $125,000 Ouch. How long do docks typically last?
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on Sept 6, 2021 16:52:00 GMT -5
Well, let's not count the recession, which cost me at least $150K in actual cash, even more resentment toward my XH, and another reason for my mother to dislike me.
So, maintenance wise--not unnecessary improvements that make my life better--we spent $7,000 on having the house painted last year. I'd say that's the biggest cash expense for actual maintenance so far.
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Post by Deleted on Sept 6, 2021 17:04:48 GMT -5
We need a new dock. Probably $125,000 Ouch! I honestly don’t even know what to say after that. LOL! Because fucking WOW! in my world.
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Post by Deleted on Sept 6, 2021 17:16:55 GMT -5
Well, let's not count the recession, which cost me at least $150K in actual cash, even more resentment toward my XH, and another reason for my mother to dislike me.
So, maintenance wise--not unnecessary improvements that make my life better--we spent $7,000 on having the house painted last year. I'd say that's the biggest cash expense for actual maintenance so far. Ok, we won’t count the recession for you, because it sounds like it was a real mess in your world. So, house painting is a normal expense. I’ll paint inside, but never have painted outside, even though I know it’s part of normal maintenance. My other house was all brick, with wood just around the roofline and other trim around the windows. I paid someone $400 to paint it all a few years ago. Current house is brick too, with even less wood trim. Not even along the roof line. Every window that I can see while I type this, has no wood trim around the windows. Just brick all around the window frames. It’s also brick all the way to the gutter system and is layered or whatever, starting about 5 bricks from the top. This is causing us problems as far as installing cameras and lights. Apparently even brick houses usually have a piece of wood along the roof line to attach things to? I’m not sure. But so far, we’ve been told that they would rather not mess with it, especially since if they mess up a brick, the exact same brick to replace it, doesn’t exist anymore. Sighhhh.
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Lizard Queen
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Post by Lizard Queen on Sept 6, 2021 17:23:03 GMT -5
New roof and some repairs around the chimney--a little under $8000.
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buystoys
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Post by buystoys on Sept 6, 2021 17:39:45 GMT -5
New fence (old one was in bad shape and had all kinds of holes in it) - $20,000 Maintenance free material put on all exposed wood (eaves, carport ceiling, etc.) - $20,000 New windows - $5,000 New septic - $10,000 New swimming pool to replace old one that had a deck that was falling apart - $50,000 We've done other work on the house, but I wouldn't call it maintenance.
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laterbloomer
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Post by laterbloomer on Sept 6, 2021 17:47:43 GMT -5
We need a new dock. Probably $125,000 Why so much?
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Post by Deleted on Sept 6, 2021 17:53:02 GMT -5
New roof and some repairs around the chimney--a little under $8000. We’ve already gotten the chimney repaired once. We got that done soon after we moved in because the fireplace would be wet after it rained. I’ve lived in and visited houses and apartments that have fireplaces, so I’ve seen enough to call what we have here a “real” chimney. It’s built onto the back of the house with the same bricks, but it’s a real and large structure by itself, not just a box on the roof, like I’ve seen in other houses and in apartments. It extends above our roof, still encased in brick. Two things that scare me as a homeowner….. water being where it’s not supposed to be and electricity issues. Both of those are emergencies for me, as a homeowner. I knew a fireplace isn’t supposed to be wet or damp, so I insisted on taking care of whatever was causing that, immediately. There’s another $2k plus work that needs to be done on the inside of the chimney. Because we haven’t had that done yet, we’ve never used the fireplace. Despite the seller’s indignant claim that they’d used the fireplace with no issues. As if that negates the reality that using the fireplace as he left it, was not safe…… even aside from the issue of water coming into it from the chimney.
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Lizard Queen
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Post by Lizard Queen on Sept 6, 2021 18:00:27 GMT -5
New roof and some repairs around the chimney--a little under $8000. We’ve already gotten the chimney repaired once. We got that done soon after we moved in because the fireplace would be wet after it rained. I’ve lived in and visited houses and apartments that have fireplaces, so I’ve seen enough to call what we have here a “real” chimney. It’s built onto the back of the house with the same bricks, but it’s a real and large structure by itself, not just a box on the roof, like I’ve seen in other houses and in apartments. It extends above our roof, still encased in brick. Two things that scare me as a homeowner….. water being where it’s not supposed to be and electricity issues. Both of those are emergencies for me, as a homeowner. I knew a fireplace isn’t supposed to be wet or damp, so I insisted on taking care of whatever was causing that, immediately. There’s another $2k plus work that needs to be done on the inside of the chimney. Because we haven’t had that done yet, we’ve never used the fireplace. Despite the seller’s indignant claim that they’d used the fireplace with no issues. As if that negates the reality that using the fireplace as he left it, was not safe…… even aside from the issue of water coming into it from the chimney. I hear ya. We've never actually used our fireplace, either, and the price I mentioned was follow up repairs due to faulty design of how the chimney meets the roof. We previously got a new chimney cap on the chimney, the price of which I don't remember.
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Post by Deleted on Sept 6, 2021 18:02:11 GMT -5
New fence (old one was in bad shape and had all kinds of holes in it) - $20,000 Maintenance free material put on all exposed wood (eaves, carport ceiling, etc.) - $20,000 New windows - $5,000 New septic - $10,000 New swimming pool to replace old one that had a deck that was falling apart - $50,000 We've done other work on the house, but I wouldn't call it maintenance.
We *need* a fence, but we have to sort out issues with property lines and rules concerning them, easements (which we seem to have a lot of, plus rules since our house was one of the first built in what came to be this neighborhood) and other stuff, first. We would definitely need a surveyor to mark our property lines and there’s no point in doing tht until we are definitely building a fence. We got a quote from someone that came out, for $12k. And that did not include fencing in our entire back yard. Mister wanted new windows before we even moved in, and I agree that we need to do SOMETHING. You can easily feel the outdoor air coming in around most of our windows and doors, as we discovered last winter.
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Post by Deleted on Sept 6, 2021 18:07:06 GMT -5
We've had very few "uh-oh" expenses but plenty of maintenance that we (later I) did to prevent some.
The worst unexpected one was when we moved in. The HVAC was 20 years old and we knew it. We had to replace the furnace that fall and the AC the following spring. Most expensive preventative maintenance- exterior painting with the highest grade of paint, $6,000. I also had a deck torn out and replaced with TREX for something like $4,000. Roof had just been replaced when we moved in 6 years ago and has a 50-year warranty so I don't worry about that.
Possible issues: HOA assessment for dam repair, maybe $1,000 (it will be partly covered by HOA reserves) and at some point I'll need to have the driveway repaired- it's got some major cracks.
I HIGHLY recommend insurance for sewer/water pipe problems. You are responsible for any issues with the pipe between your house and the street. A friend is facing a $20,000 bill for the tree roots interfering with the pipe in their yard. She's not the first person I know who had that happen. I pay $18/month for coverage. Your homeowner's insurance may cover some but look into it- apparently my friend had shopped for a lower premium and ended up with a new company that provided no coverage.
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Tiny
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Post by Tiny on Sept 6, 2021 18:22:33 GMT -5
Mine are mostly 20 Plus years old and I bought a fixer upper that needed work right away (within the first few years) New roof (tear off) on house and garage $5500. Replace concrete and brick front porch and iron railings - with a concrete porch and new railings $6K solved sewer back up problem during storms with a check valve (City sewers and storm drains are one and the same - sewers are gravity driven). 5K (with yearly maintenance of about $100 to $150). Worth.Every.Penny. Had a bunch 6 or 7? cracks in my foundation sealed to prevent seepage $4K Worth. Every. Penny. These happened within the last 10 years: Replaced all the storm windows and gutters and soffits and front storm door and front door - 10K (I did not do replacement windows - I repaired repainted my original double hung windows. New furnace and AC 8K (I had some extra work done to move the AC unit off my patio this added alot to the bill but worth every penny). Replaced the drum trap (part of the drain) under the main bathtub when it clogged (and I then broke it so it started leaking). called a plumber (I have 70 year old pipe - not touching this big of a job with a 10 foot pole. Left it to the professionals) $800.00 Replaced my 25 plus year old water heater (pre-emptively) as a DIY - I think it cost about $600 (we did work on the laundry tub drain too).. Replaced my old toilet with a "comfort height" one mostly because I couldn't find the "flush innards" to fit the old toilet to fix the "constant running problem". This was a $300 DIY. And I do like the new toilet - it was worth the expense (even though I could have kludged the old toilet innards to keep it working). During another DIY to install water shutoffs to the toilet and under the bathroom sink - the whole house water shut off started leaking... needed a plumber - who couldn't get the water shut off at the buffalo box at the street - the city couldn't get it shut off either, I had a "water feature" in my basement for 4 weeks - and then the city repaired the buffalo box and the plumber was able to shut off the water and put a brand new shut off on my water line. I could have had relatives do the repair (and shut off the water at the box after the city fixed it) - but I have 70 year old lead water pipe coming into my house. We weren't touching that with a ten foot poll - incase it cracked. We left it to the professionals. Plumber coming out to my house 3 times and eventually installing the shut off - $250.00 Yes I have a lead water pipe carrying water into my home. I cope with it - just like I cope with the lead paint and possible asbestos under the linoleum in the kitchen. There have been all sorts of DIY projects over the years as well - replaced ceiling light fixtures, added sensor lights outside on garage. Because they were DIY it usually cost less than $100 (and a day) I will be replacing my roof in the near future - I've got a 7K budget. And then there's this: I have a problem with an outside drain and the outside concrete stairs to my basement. The problem extends into my basement. I'm guessing this is gonna cost about 10K to fix. I am also considering having the water line into my home replaced (get rid of the Lead pipe) If the drain problem (above) is more extensive than I think and extends under the foundation to the front of the house - I will probably just bite the bullet and get the water pipe and drain repaired. I'm guessing that's a 25K to 30K project. 95% of the houses in my neighbor have the same issue with lead water pipes and old drains. The 5% that don't are flipped houses - where the City forced the flipper to replace the water and sewer lines.
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busymom
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Post by busymom on Sept 6, 2021 18:26:27 GMT -5
Replacing the furnace and the air conditioner. Of course, they both died less than 2 years apart. Oh well, we got more mileage out of them than expected. We've done smaller things as they've come up.
Insurance covered the damage cause by two big hailstorms. Replaced the roof after the first one, but after the 2nd storm we had to replace both the shingles AND the siding. So thankful for insurance. We just paid the deductible.
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susana1954
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Post by susana1954 on Sept 6, 2021 18:42:54 GMT -5
One major expense was the renovation/repair of the master bathroom and dressing area. That was $11,200. It looks beautiful, but it was done because it had to be done. Another was replacing the flooring throughout with luxury vinyl plank. That was $13,000+. Exterior painting was about $7500. A new hvac system was $7500. New gutters/vinyl soffits/vinyl fascia boards were about $6500. Corrective drainage system because of water intrusion into the basement was about $5000. The new roof that was just put on was about $14,000. But I just had to pay the $2000 deductible for that. However, this was the second roof in 11 years. We repaired the previous one multiple times at a few thousand a pop. One part just started sliding off if that tells you anything about quality. Warranties don't matter when the installer goes out of business. Don't get me started on all the small projects ranging from a new hot water heater to new stove to new light fixtures on. I actually have a "house book" with before/after pictures of all the various projects to remind me where all my money has gone. I'd say it has easily been over $70k. On the other hand, I know exactly what has been repaired and that it was done right. No way I want to buy another house EVER. Your house isn't 40 years old, though. Of course, this one wasn't either 17 years ago.
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nidena
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Post by nidena on Sept 6, 2021 18:46:46 GMT -5
With the experience in my Delaware house, I tend to expect to spend between $3,000 and $10,000 each year. One year down in this house and that expectation is holding true.
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giramomma
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Post by giramomma on Sept 6, 2021 19:38:10 GMT -5
On another money board I'm on, they suggest saving 1-3% of the worth of the house every year. This would be excluding big projects: new roofs, windows, major renos. One is supposed to save for those separately.
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swamp
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Post by swamp on Sept 6, 2021 20:01:20 GMT -5
We need a new dock. Probably $125,000 Ouch. How long do docks typically last? Ours is over 50 years old
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swamp
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Post by swamp on Sept 6, 2021 20:04:15 GMT -5
We need a new dock. Probably $125,000 Why so much? It’s a breakwall build out with concrete walkway. Tear out walkway. Rebuild cribs. Replace staves. Rebuild walkway. Also have a davit to remove.
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Post by Deleted on Sept 6, 2021 20:04:49 GMT -5
One major expense was the renovation/repair of the master bathroom and dressing area. That was $11,200. It looks beautiful, but it was done because it had to be done. Another was replacing the flooring throughout with luxury vinyl plank. That was $13,000+. Exterior painting was about $7500. A new hvac system was $7500. New gutters/vinyl soffits/vinyl fascia boards were about $6500. Corrective drainage system because of water intrusion into the basement was about $5000. The new roof that was just put on was about $14,000. But I just had to pay the $2000 deductible for that. However, this was the second roof in 11 years. We repaired the previous one multiple times at a few thousand a pop. One part just started sliding off if that tells you anything about quality. Warranties don't matter when the installer goes out of business. Don't get me started on all the small projects ranging from a new hot water heater to new stove to new light fixtures on. I actually have a "house book" with before/after pictures of all the various projects to remind me where all my money has gone. I'd say it has easily been over $70k. On the other hand, I know exactly what has been repaired and that it was done right. No way I want to buy another house EVER. You house isn't 40 years old, though. Of course, this one wasn't either 17 years ago. Actually, the other house is more than 40yo. This one, it will be 40 years since it was built in just a few years. When we bought this house, Mister’s intention was to give me my forever home, so I feel you on not wanting to buy another house, EVER. Thank you for sharing what you’ve done to your home so far, and the numbers.
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TheOtherMe
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Post by TheOtherMe on Sept 6, 2021 20:05:01 GMT -5
I have an emergency fund--to keep it separated from regular savings.
My big one is buying and having a sump pump installed every two years.
I had a comfort height toilet installed. That was a want, not a need.
I know in a 12 year old house, I'm due for a water heater and probably HVAC.
Of the new appliances that were here, the refrigerator has been replaced.
I replaced 3 windows because I wanted to.
After I get home from Canada I want to have the bathtub pulled out and a tile shower installed. The tub is one of the fiberglass inserts and I hate it.
I also need to have the deck pulled off and I want a Trex deck. Don't know when I will do that.
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Post by minnesotapaintlady on Sept 6, 2021 20:43:55 GMT -5
I haven't had anything really big yet (22 years). I replaced the well pump twice, but insurance covered it the second time. I think the first time was $5800. That's probably the biggest one time expense that wasn't wants.
I suppose the furnace, AC and water heater are on their last legs, but when I had the burners replaced in the furnace last year he said it's still looking good, so maybe it will go for awhile.
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Post by The Walk of the Penguin Mich on Sept 6, 2021 22:27:52 GMT -5
TD bought his house pretty new. The builder lived in the house, built it to his specs, divorced and the house went up for sale. The builder did put in top of the line everything for himself, so we have benefitted from this. However, that was 25 years ago….I moved in 10 years ago so have watched expenses mount.
Before I moved in, he pulled up the carpet and put in hardwood floors. Other than the HW heater, that was his only expense.
I moved in in 2012. First thing that happened was my wheelchair destroyed the carpet in the master bath (I guess carpet in bath was very 1990s). That got pulled up and the bathroom floor tiled. I think that was about $5k. Next came the laundry room floor, there was peach vinyl flooring (the whole house was done in peach, turquoise and purple…it’s all gone now). That was about $800.
The garage door motor went, whole thing needed to be replaced. Think that was around $500. Another HW heater which he did. We replaced the peach counters with quartz, put in a back splash and replaced garbage disposal and HW tap and fixtures. That was about $3k when all done Furnace went in 2015, around $5k. Roof replaced, about $17k. Roofing guys mentioned they noted some rotting siding. Interior repainted, about $15k. We bought a new sofa, recliner and tables….about $8k for all. Siding redone, privacy wall rebuilt and house painted. That ran $50k. Needed some foundation shoring pillars installed $17k. Decks rebuilt, another $6k. Cabinet doors replaced, another $5k.
All of these things were in a house that NOTHING was needed for nearly 20 years, but they all hit at once over 10 years. Nothing was done was something that needed done NOW, but TD was looking at retirement and wanted to get it done while he was working. So right now, pretty much everything that needed to be done has been done. There should be no more major expenses necessary.
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WannabeWealthy
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Post by WannabeWealthy on Sept 7, 2021 6:21:09 GMT -5
On another money board I'm on, they suggest saving 1-3% of the worth of the house every year. This would be excluding big projects: new roofs, windows, major renos. One is supposed to save for those separately. Can you provide a link?
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jeffreymo
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Post by jeffreymo on Sept 7, 2021 6:32:30 GMT -5
We’ve been in our house 13 years. We’ve replaced 2 water heaters. First one cost $320 because it was a scratch and dent that a friend installed. This year it cost $1350. A/C unit in 2010 cost $2600. Driveway replacement (concrete) cost $4400 in 2012. At some point we replaced a garage door spring and it was probably $200-300. And at another point we replaced the garage door opener for $500-600. Carpet had to be replace in 2017 and cost $3000 or so for 1300 square feet. Exterior house painting was $2100 and 2/3 of our interior painted cost $550. In 2019 we had to buy a new refrigerator so we replaced all appliances for $2200.
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Post by Deleted on Sept 7, 2021 8:54:09 GMT -5
I can't complain too much about the house I bought in NJ in 1997 after my divorce- bought for $350K and sold 6 years later for $550K- but everything seemed to be programmed to go wrong in the first year. The pool filter went. Then the pool pump died. The reason that the gas lead to the grill I bought didn't connect was that the previous owner had put the wrong fitting at the end- DH (who was then BF) told me it was downright dangerous. The built-in microwave had to be replaced. The first month in the house we had an extraordinarily heavy rain, the tail end of a hurricane, and there was an inch or so of water in most of the basement. There was a sump but the sump pump didn't work. FINALLY in 2002 I got a a job that paid a real bonus and spent $8,000 for french drains in the basement and two sump pumps. Best $8,000 I ever spent. Before that, heavy rain meant pushing all the water into the sump with a broom and mopping the floors.
I could just about afford to keep that house in good repair and pay the mortgage. I was a single mother and not getting CS (knew going in that he wouldn't pay it and agreed to a Property Settlement that anticipated that). After moving to the KC area with lower housing costs, we/I have been able to upgrade periodically. We probably just about broke even on the first house here but we'd made improvements that we enjoyed. I think I'll be doing better on this one given sale prices in the neighborhood. I make my decisions based on taxes (hard to estimate them right due to investment income so sometimes I have to pay a lot, sometimes I get a lot back) and whether or not I have any other extraordinary expenses. Last year's quartz countertops were financed by a tax refund.
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Tiny
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Post by Tiny on Sept 7, 2021 9:23:57 GMT -5
Meant to add - I have $250 a month (currently going to investments) for house 'maintenance' - I currently have 10K in investments allocated to house maint.
Depending on the expense I might pay for it different ways:
I tend to cash flow anything under $500 (I use my allowance or put off some other small purchase).
For most other things I use some of the saved up money as "cash up front" and then either use my HELOC and/or maybe a 0% offer on an CC (for an amount I can pay off within 24 months). The $250 a month gets diverted to the debt along with another $300 (car payment being paid to investments) and then whatever I can pull from my "cash flow" - another $50 or $100 a month to pay off the HELOC or CC in a timely fashion. I have another $500 a month going to investments I could divert if I had to (but I'd really rather not as it's earmarked for vacation or something else I want.
If I absolutely had to - I'd use my EF or investments to pay for the repair. I'm not debt adverse so taking a short term (upto 24 months to pay off) doesn't bother me all that much.
I don't have to find money for paying off the debt in my budget - it's all ready there (the $250 at a minimum)
I "save to spend" a lot of my income. (Which is probably why I have problems answering the question "How much money do you save?" It's either a really lot or very little depending on the context. )
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buystoys
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Post by buystoys on Sept 7, 2021 9:26:39 GMT -5
I have 1% of our house purchase price in the annual budget for repairs. I already decided that next year it's going to be 1% of the current sale price instead. Not that we've ever had a problem with paying for the repairs, but just to put aside a little more. What we spent this year was a combination of what we hadn't spent in the past plus our major projects budget for the year. We also had some of that budget line that hadn't been spent in the previous years to help pay for all the work we did this year. We've also had trees cut down this year, yard grading, and electrical work that I don't count as part of "repairs" or true maintenance on the house. These are all one time expenses that have come out of our surplus. This year, though, we've used up all the surplus. I told DH that we can't do any more projects, even small ones, this year.
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Ryan
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Post by Ryan on Sept 7, 2021 10:46:27 GMT -5
We bought an old-ish house (1950's). A lot of these weren't totally necessary at the time, but here are the large expenses that I can think of. If I remove the "optional' stuff, I'd say that $5K/year would be enough to cover the necessary stuff. I would think for most houses, the biggest necessary expense is the roof....around here old sewer lines can cause some issues as well.
EDIT: As I look at the "necessary" expenses, they actually aren't really all that necessary. If I really needed to, I could probably eliminate half of these. I also could've delayed fixing things, but I am more the type of person that likes to stay ahead of repairs.
Necessary: Flooring - $3000
Sprinkler System - $4000 HVAC - $3000 Hot Water Tank - $700 Sump/Ejector Pit replacement plus pumps - $2500 New Roof - $17,000 Painting - $4,000 Chimney Cleaning/Liner Replacement - $2,000 Appliances - $4000
Optional: Patio - $15,000 (DONE) Addition - $110,000 (DONE) Siding - $17,000 (next year) Fence - $10,000 (next 5 years)
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