Budgetting for cost of repairs

moneyistooshorttomention

LandyAndy wrote: »

Flat roof. Think £30 per square metre and budget on having it done every ten years or so (should last longer)

Depends on what material has been used. I would say a standard one would last 15-20 years. A "rubber" one would last 40 years, maybe more.

moneyistooshorttomention

Ciderarmy1987 wrote: »

Ok that makes sense, is what were thinking of doing but we weren't planning to have such a huge rainy day fund.

Do you think it makes much difference that we are both teachers and have pretty good sick pay cover if we get ill and are both young, 25 and 28

Yes - it does.

A public sector job is a form of "savings" of itself. I always used my job (prior to retirement) as a form of leverage if you like. I planned on the basis that I would have to be given a certain amount of notice if the worst came to the worst/I'd have to be given sick pay for a certain length of time if illness struck/etc.

I find it a bit odd to allow financially for unplanned pregnancies. Its the 21st century. So I dont see any need to take that into account personally.

Health problems are, by and large, not likely to arise for most people to any great extent until they get to their 50s - and then most people do seem to start having rather a lot...(but there is always the exception to that rule in both directions).

Re how much to set aside for repairs - I just went eek at the thought of being expected to put aside £35-£70 per week for repairs on my house. I think I've spent very little actually on repairs to my house. I would hazard a guess that I have probably spent no more than £5,000 at most on repairs to my house in my occupancy (over 20 years). What I HAVE spent one heck of a lot on is putting right neglect by previous owners of the house and I try not to think just how much that has cost me (I'd hazard a guess at over £15,000 easy...). But actual maintenance (rightfully due to be done during my own occupancy of the house) has been pretty minimal.

I would suggest making out two lists for work on the house. List 1 is "Repairs that should have been done already - eg rewiring, new roof, modern boiler, doubleglazing". List 2 is "Maintenance that might come up during my ownership". Cost both lists out. List 2 is minimal and I wouldnt bother my head too much about that - it won't require much money to be set aside for that (but do factor in some money for that).

Its List 1 that will be the likely bugbear. Start at the top of the house (ie roof) and work down the house and estimate a figure for each item on it. I used to work on the basis of doing one or two "Previous Owners Neglect Major Job" per year. So - Year 1 was Previous Owners Rewiring and Kitchen. Year 2 was Previous Owners swop some of the windows for UPVC ones and so on. I think Previous Owners Swop The Roof job got done in about Year 15. My own "maintenance and upkeep" work got slotted in on an "as and when" basis.