Minerva Studio | Istock | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Some expenses that go with homeownership can often be unpredictable \u2014 and costly.<\/p>\n
Last year, homeowners spent an average of $6,000 on maintenance and repairs, according to a recent report<\/a> from insurance firm Hippo. A separate study<\/a> from home services website Angi that measured similar 2022 costs shows maintenance averaged $2,467 and home emergency spending \u2014 i.e., an unexpected repair \u2014 was $1,953 on average ($4,420 altogether).<\/p>\n Regardless of what you may fork over for those expenses, they have the potential to upend a household’s budget when unexpected. While some of the costs may be unpredictable, there are things you can do to mitigate their sting, experts say.<\/p>\n More from Personal Finance:<\/strong> For starters, the general advice is to annually set aside at least 1% to 3% of your home’s purchase price to cover a combination of home improvements, maintenance and repairs, said Angie Hicks, chief customer officer of Angi.<\/p>\n “That’s for all three buckets,” Hicks said. “For a $400,000 home, the [$4,420] in maintenance and emergency spending in our report is closer to 1%. You want to make sure you have that 1% covered.”<\/p>\n The median selling price for a home stood at $393,756 as of November, according to Redfin. (One percent of that amount is $3,937.)<\/p>\n<\/div>\n While it’s wise to have money set aside, maintenance can help reduce what you spend on unexpected repairs, Hicks said.<\/p>\n “We’re seeing an increased focus on maintenance activities, which is good to see,” Hicks said. “When there are inflationary pressures<\/a>, people \u2026 don’t want to be surprised, so they start doing more maintenance-type projects that they might have previously skipped over.”<\/p>\n And some things \u2014 such as remembering to regularly replace your furnace filter to help keep the system run optimally \u2014 can often be done by the homeowner.<\/p>\n<\/div>\n In the Hippo report, which was based on a survey of about 1,000 homeowners, 65% of respondents who had something go wrong in their house last year said they could have prevented it with proactive maintenance.<\/p>\n By way of example: It’s worth doing a visual inspection of your roof a couple times a year to make sure you don’t see any missing or curled shingles that warrant a repair before the problem worsens and you’re facing extensive water damage, Hicks said.<\/p>\n “You don’t want a leak,” Hicks said. “Water is the worst enemy of your house.”<\/p>\n While the specifics of a necessary roof repair determine the cost, the average is $1,000, according to thisoldhouse.com<\/a>. That compares to an average $3,342 shelled out for water-damage repairs, according to Angi.<\/p>\n<\/div>\n It’s worth getting your main systems, such as heating and cooling, serviced on a regular basis, said Courtney Klosterman, home insights expert at Hippo.<\/p>\n Also, “get to know the critical systems in your home \u2014 major appliances, plumbing, electrical, etc. \u2014 so you can monitor them for wear and tear over time,” Klosterman said.<\/p>\n<\/div>\n You may want to keep track of how long major appliances in your home will last. For example, furnaces generally last 15 to 20 years if well-maintained, according to home appliances maker Carrier<\/a>. If yours is closing in on that age, you’ll know to be financially ready to replace or repair it instead of being surprised by its failure.<\/p>\n Unexpected house-related costs have a way of weighing more heavily on homeowners, Klosterman said.<\/p>\n “When one thing goes wrong, it brings a wave of anxiety and dread about what could go wrong next,” she said. “Taking a proactive approach to home care can save not just money but time and anxiety, as well.”<\/p>\n<\/div>\n<\/div>\n
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Here are some tips to build your emergency savings this year<\/a><\/p>\n<\/div>\nAim to set aside least 1% of your home’s value<\/h2>\n
Maintenance costs may reduce repair expenses<\/h2>\n
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Monitor and maintain your home’s systems<\/h2>\n