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  • FIRST POST
    • daver9
    • By daver9 8th May 18, 4:28 PM
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    daver9
    New homeowner, how much to stash for maintenance etc
    • #1
    • 8th May 18, 4:28 PM
    New homeowner, how much to stash for maintenance etc 8th May 18 at 4:28 PM
    I'm a long time renter about to move into my first home and I guess I need to start budgeting for all those things that used to be looked after by the landlord. General upkeep, repair work, maintenance of the building etc but not sure how much is sensible to put aside. Is there a ballpark figure for this kind of thing?
Page 1
    • Slinky
    • By Slinky 8th May 18, 5:02 PM
    • 5,587 Posts
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    Slinky
    • #2
    • 8th May 18, 5:02 PM
    • #2
    • 8th May 18, 5:02 PM
    I've seen a figure once to budget for 1% of house value per annum. Some years it could be much less, others more if you have expensive repairs.
    • fromtheshires
    • By fromtheshires 8th May 18, 5:19 PM
    • 296 Posts
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    fromtheshires
    • #3
    • 8th May 18, 5:19 PM
    • #3
    • 8th May 18, 5:19 PM
    It all depends on how big and old the house is along with local conditions. A two bed mid terrace in a town will cost less to maintain than a two bed mid terrace on the coast.

    think of what can and most likely will go wrong. Off the top of my head, these have all happened in my houses. now they dont all happen in one go, but again if you buy everything at the same time, there is a higher chance of things breaking like dominos.

    Leaking pipework you cant see until its stained through the ceiling
    Boiler replacement and installation
    Replacement door lock as key snapped in barrel
    Replacement cooker
    Replacement washing machine
    Replacement fridge / fridge freezer
    • troffasky
    • By troffasky 8th May 18, 5:34 PM
    • 115 Posts
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    troffasky
    • #4
    • 8th May 18, 5:34 PM
    • #4
    • 8th May 18, 5:34 PM
    Start by looking at what your survey said about the condition of the house you've bought. Do a bit of googling on the various points it mentions and look at threads about those maintenance topics in the "In My Home" forum.
    • ThePants999
    • By ThePants999 8th May 18, 5:40 PM
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    ThePants999
    • #5
    • 8th May 18, 5:40 PM
    • #5
    • 8th May 18, 5:40 PM
    I've never subscribed to the % of house value thing. Being in the North doesn't make a house cost significantly less to maintain, but it does make it worth significantly less ;-) And I'm pretty sure that 1% figure has been around for a long time - but house price inflation has far outpaced house maintenance cost inflation in recent years.

    FWIW, I budget 200/mth on a 4-bed detached house, and so far that's seemed vaguely appropriate.
    • ThePants999
    • By ThePants999 8th May 18, 5:49 PM
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    ThePants999
    • #6
    • 8th May 18, 5:49 PM
    • #6
    • 8th May 18, 5:49 PM
    Indeed - or very new houses where some stuff will be covered by NHBC guarantee.
    • PasturesNew
    • By PasturesNew 8th May 18, 6:17 PM
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    PasturesNew
    • #7
    • 8th May 18, 6:17 PM
    • #7
    • 8th May 18, 6:17 PM
    It depends what you include too ... new gas boiler every 10-12 years, or just getting the roof fixed.

    It wouldn't hurt to put aside, say, 100/month, if the house is over 70 years old ... just so you've got something if/when something big/major goes wrong.

    If the house is quite newish, then 250/year would cover it .... but if you're still there in 10-12 years' time and the boiler blows you'll just have enough ... if nothing else goes wrong the following month.

    So long as you save something, religiously, the actual amount is probably immaterial.... so try 60/month (2/day) for modernish houses, 80/month for something 1920-1960 and 100/month for anything pre 1920.

    It really is luck, judgement, experience, location and the state of each relevant item as it stands today.
    • moneyistooshorttomention
    • By moneyistooshorttomention 8th May 18, 7:32 PM
    • 17,154 Posts
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    moneyistooshorttomention
    • #8
    • 8th May 18, 7:32 PM
    • #8
    • 8th May 18, 7:32 PM
    I'd say it's basically down to what sort of condition the house is in.

    If it's either new (and not bodge built) or older (but has had all necessary work on it done) then I don't think it's necessary to put to one side monthly money for upkeep personally.

    If it's older and not properly maintained - then do so.

    But then my own personal philosophy boils down to:

    - Mine is a 1970s house and I've renovated it and a brick-built/slate-roofed house of that age wouldnt need anything at all spent on the structure of it for the rest of my lifetime (I'm in my 60s), as I've renovated it since getting it. So - I'd only think I might be due to replace boiler (again) the once during my lifetime and might have to replace cooker, fridge, freezer, washing machine (ditto - also pretty new). I'm bargaining on having the inside rooms redecorated, say, once every 10 years.

    So I keep a bit of savings to one side that's basically for me personally but, if I had to, then I could spend it on the house.

    I'm just hoping that the fact the house is actually different style to the brick-built/slate roof houses I'm used to (ie typical of West Wales - is rendered and has concrete tile roof - won't cost me any money at all ever for that fact) and it's down to whether I willingly choose to have it repainted outside ever again and hopefully the render and roof will be fine for the rest of my life. Basically - if I wouldnt have to spend it on style of house I'm used to - then I'm not going to spend it on my current house if I can help it unless I have money genuinely spare I have no use for for myself - but that's my take on things.

    But that's my personal take on things.
    Last edited by moneyistooshorttomention; 08-05-2018 at 7:40 PM.
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    • todayisagreatday
    • By todayisagreatday 8th May 18, 7:48 PM
    • 173 Posts
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    todayisagreatday
    • #9
    • 8th May 18, 7:48 PM
    • #9
    • 8th May 18, 7:48 PM
    I think initially when you move in you need to allow for the unplanned.

    Despite us having a full building RIC survey there were some things that we noted need doing:

    - Chimney swept (was mentioned in survey but firebricks also needed replacing as hole in back)
    - Septic tank emptied (didn't know when it was last done)

    We replaced all locks as a security precautions. The alarm was working but we needed the code changing and it servicing as we found one of the sensors wasn't working and it kept going off (great way of introducing yourself to the neighbours!) Also things like TV aeriel - again we had one but it had aged that bad we couldn't get any TV signals.

    Things may also break or not work, especially if the property has been empty for a while.

    For example the shower worked in that water discharged but the element had gone so wasn't hot. New shower needed plus fitting. The boiler timer went kaput a week after moving so that needed replacing.

    If it's a new build then you may not have these issues but defin put a few hundred pound aside for the first month as 'extra'. We literally planned to do nothing as we are completely remodelling it so we moved in with mismatched furniture, odd bits of carpet etc people had given us all things temporary but some things we just had to get sorted, some expected, some not.

    Above all else, if you can find a local Facebook site of the area it's handy for using asking for recommendations for tradesmen.
    • tacpot12
    • By tacpot12 8th May 18, 7:56 PM
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    tacpot12
    I live in a large Victorian house, and put aside 200 per month for "House" expenses. Coincidentally, this is 1% off the house's value pa. From this, we pay for replacing carpets, furniture, household appliances, the boiler, painting and decorating, repairs and renovations.
    • LandyAndy
    • By LandyAndy 8th May 18, 8:04 PM
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    LandyAndy
    I've seen a figure once to budget for 1% of house value per annum. Some years it could be much less, others more if you have expensive repairs.
    Originally posted by Slinky
    This. 1-2 % per annum is a sensible provision.

    I've lived here 12 years and based on the purchase price that would be somewhere between 40 and 80 thousand. My spend in that time has been between those two figures.
    Last edited by LandyAndy; 08-05-2018 at 8:07 PM.
    • ThePants999
    • By ThePants999 8th May 18, 11:10 PM
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    ThePants999
    This. 1-2 % per annum is a sensible provision.

    I've lived here 12 years and based on the purchase price that would be somewhere between 40 and 80 thousand. My spend in that time has been between those two figures.
    Originally posted by LandyAndy
    You have surely been very unlucky. For the average 350K house, I feel that 40,000 of maintenance over 12 years is the top end of what's likely, not the bottom end.
    • jamesperrett
    • By jamesperrett 9th May 18, 12:30 AM
    • 833 Posts
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    jamesperrett
    We've been in our current house for around 10 years and have probably spent around 12 thousand on maintenance (which included having the roof stripped and refelted). However, over the years, we've also spent nearly 30 thousand on improvements and changes.
    • TheGardener
    • By TheGardener 9th May 18, 5:42 AM
    • 2,483 Posts
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    TheGardener
    I have a 'house repair/maintenance fund' of 150 per month. Its been about right for a 3 bed, mid 1950's semi. I generally increase the amount we save up by about 10 per month annually.
    • Davesnave
    • By Davesnave 9th May 18, 8:05 AM
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    Davesnave
    I may have missed it, but maybe no one has addressed how being handy with practical tasks affects maintenance spending over time.

    Perhaps not everyone ought to fit a kitchen, but just being able to carry out fairly routine painting, decorating and mending jobs will save a large amount. There are so many helpful You Tube videos out there to assist.

    There's the initial cost of tools to consider of course, but if cared-for, many will last a long time. For example, I'm still using ladders purchased 40 years ago, my cement mixer's almost 30 and some of the best garden tools I have are older than I am!
    A garden is never so good as it will be next year....
    • LandyAndy
    • By LandyAndy 9th May 18, 8:09 AM
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    LandyAndy
    You have surely been very unlucky. For the average 350K house, I feel that 40,000 of maintenance over 12 years is the top end of what's likely, not the bottom end.
    Originally posted by ThePants999
    Unlucky? Most of the expenditure has been elective upgrading.
    • maisie cat
    • By maisie cat 9th May 18, 8:25 AM
    • 590 Posts
    • 701 Thanks
    maisie cat
    There will be big ticket items that may or may not have been identified in the survey. They can be planned. The % thing doesn't really work, many trades are not that dissimilar geographically. I spent 15k in 8 years in my last house and around 60k in 12 years in this house. That did include 20k windows and 2 boilers because the first was installed incorrectly and subsequently condemned. We have rewired and replaced plumbed/heating, new bathrooms (3) and kitchen. Most people wouldn't not do that lot in 12 years I suspect
    • walwyn1978
    • By walwyn1978 9th May 18, 8:28 AM
    • 538 Posts
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    walwyn1978
    Unlucky? Most of the expenditure has been elective upgrading.
    Originally posted by LandyAndy
    Exactly that, which is the other point of running a savings pot - as and when something breaks you can not just replace like for like but get better (e.g. our main bathroom fixtures are leaking and the tile work needs redoing - at the same time as sorting that to minimise disruption we'll put a freestanding shower unit in that we've wanted to have since we moved in.)

    And big yes to what Davesnave said about DIY, can really keep costs down - even on bigger projects there's plenty of information out there to help and guide.

    FWIW we try to save about 2K a year to cover maintenance and upgrading, although the upgrading can add to that. Largish detached house.
    • daver9
    • By daver9 9th May 18, 9:45 AM
    • 6 Posts
    • 3 Thanks
    daver9
    Amazing tips and insight, thanks. I'm new to all this so great to get a range of perspectives. For info, it's a mid 50's end terrace (ex-council) in pretty good shape costing 165k. I think separating elective work and maintenance fund is something we should do and the figures being kicked around in here seem achievable. You've put me at ease, thank you!
    • Grenage
    • By Grenage 9th May 18, 10:17 AM
    • 1,623 Posts
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    Grenage
    We have a simple emergency fund for such things; enough to cover the roof needing a complete replacement, or the boiler exploding and setting fire to the parrot. It's never been needed, and has been sitting in an investment ISA for years.

    Ongoing maintenance we simply save for things as we want to do the work.
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