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    • daver9
    • By daver9 8th May 18, 4:28 PM
    • 6Posts
    • 3Thanks
    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 2
    • Grenage
    • By Grenage 9th May 18, 10:17 AM
    • 1,434 Posts
    • 1,337 Thanks
    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.
    • ThePants999
    • By ThePants999 9th May 18, 1:01 PM
    • 1,114 Posts
    • 1,371 Thanks
    ThePants999
    Unlucky? Most of the expenditure has been elective upgrading.
    Originally posted by LandyAndy
    Right - that's different then. The OP asked about "general upkeep, repair work, maintenance" - I consider upgrading to be separate, and it looks like the OP does too. And yes, I agree, my spend on upgrading has dwarfed my spend on maintenance.
    • moneyistooshorttomention
    • By moneyistooshorttomention 9th May 18, 2:17 PM
    • 15,596 Posts
    • 43,325 Thanks
    moneyistooshorttomention
    Right - that's different then. The OP asked about "general upkeep, repair work, maintenance" - I consider upgrading to be separate, and it looks like the OP does too. And yes, I agree, my spend on upgrading has dwarfed my spend on maintenance.
    Originally posted by ThePants999

    Absolutely

    I bought my 1970s house a few years back here and the vast majority of my (large) expenditure was "upgrading" to get it to normal standards. Though I have spent a LOT of money on this house - not much of it was "normal maintenance". Vast majority was "getting it upgraded to normal standards in the first place" or re-doing a job because of a workman being duff standard (rather than normal standard).

    Actually - for being a cheaply done 1970s house - and spent several years in it now - I am trying to think whether any of the money at all I have spent on the house was maintenance. I don't think it was. I think, in all honesty, that the only money I've spent on "maintenance" in the approx 5 years I've had the house was the cost of the yearly boiler maintenance (c. 100 pa). The rest was "getting it to normal standard" or "re-doing bodger workman work".
    Last edited by moneyistooshorttomention; 09-05-2018 at 2:19 PM.
    Like Frankie said - I did it my way.
    It's MY life......
    • Quizzical Squirrel
    • By Quizzical Squirrel 9th May 18, 2:54 PM
    • 166 Posts
    • 4,538 Thanks
    Quizzical Squirrel
    Where I live, many buyers don't buy at their financial limit. They leave money for maintenance and modifications.
    It's perfectly normal to spend double the house value (sometimes much more) on renovations.

    Obviously you have to factor in the ceiling value and style of the street but I'm just saying people are not deterred from buying 'beneath' them and making it their own.
    The land is the important thing.
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