Contact 905-902-2284

Have repairs but not the budget? Here are some money saving tips!

Posted 2 years ago

Every year that goes by as a homeowner, there’s always some updating to do, whether it’s landscaping, replacing the roof, driveway paving, basement renos, etc…the list can be endless. Just like your car, regular maintenance is a necessity, and the same holds true for your home. Even for condo owners where much of the exterior maintenance is covered by condo fees, there may still be some “beautifying” that you’ll want to undertake in addition to what the fees cover.

Have repairs but not the budget? Here are some money saving tips! | Gaby Leveille | Real estate agent Burlington Hamilton Milton OakvilleSo that leads to the next big thing…budgeting for these updates. How much money should you be putting away for these types of regular maintenance or repair items that come along? These tips will help you figure it out:

Use the one per cent rule – To set aside enough money for home maintenance projects every year, a popular guideline is to follow the one per cent rule. Basically, set aside one percent of the purchase price of your home each year for ongoing maintenance. For example, if your home cost $500,000, budget $5,000 per year. It’s a pretty safe estimate to make, especially when not all things need to be fixed at once. One year it may be the roof, but the next year, it could be a fresh coat of paint on the front door and other smaller miscellaneous items. It all balances out and at least you’ll be prepared.

Assess your home – The age, size and condition of your home will also need to be taken into consideration when determining a maintenance budget. For example, do you have an older detached home with a generous-sized backyard? Your budget for maintenance could be higher than a newer townhome with a smaller backyard. Or, if you’re in a condo, find out what the condo corporation has planned for future maintenance and beautifying projects that could result in increased condo fees.

Keep track of repairs – For your own sanity, keeping track of repairs as they happen is key to keeping within your budget. Keep receipts and contact information from contractors and mark everything down in a calendar, daytimer, or create your own tracking sheet using your favourite computer program. Microsoft Excel is a popular one to create great spreadsheets and budget worksheets; Microsoft Word is also a good option and very simple to use.

Posted in December 2015 |

A good home insurance policy is vital

A cursory overview of your home insurance policy is enough to cause your eyes to glaze over, but it is an important document to understand. Although it won’t win any rave reviews or Pulitzer Prizes, it’s imperative to read the fine print and ask questions about details you don’t understand. Considering that your home is… Read More…

TREB reports record home sales in 2015

Toronto area house hunters didn’t let the busy holiday season stand in the way of their new home purchase. The second best sales result on record for December capped off a record year for TREB MLS home sales in the GTA. The Toronto Real Estate Board reported 4,945 sales in December, bringing the 2015 calendar… Read More…

Fifth straight month for record sales in Hamilton-Burlington

Christmas shopping and holiday parties didn’t slow down house hunters in the Hamilton-Burlington area last month. The Realtors Association of Hamilton-Burlington (RAHB) reported 802 sales processed through MLS in December of 2015. Sales were 1.3 per cent higher than the same month the previous year, 17.6 per cent higher than the 10-year average, and were… Read More…

Leave a Reply

Service en français disponible