How to Create a Home Repair Budget
Owning a home comes with considerable maintenance and some unfortunate unexpected repairs. If you’re a homeowner in the Jacksonville area, you should have some money set aside for home repairs. Even if saving money makes things a little tight, you don’t want to be caught without any extra funds if your air conditioner quits in the middle of July.
Set Aside an Emergency Fund
When you buy a home, you should immediately start saving money for emergency repairs. A few thousand dollars a year, or about 2 percent of the value of your home, will create a nice monetary cushion in case something happens. Dealing with an unexpected home repair, like an AC that quits in the middle of the summer, becomes more stressful when you don’t have the funds to cover it.
Keep this fund separate from other savings accounts. No matter how tempting it is to grab the money for a plane ticket or a spa day from this extra cash, don’t dip into it for anything but home repairs.
Create Repair and Remodel Budgets
Thankfully, we often know when repairs or remodeling projects are looming. Your yearly HVAC maintenance appointment, for example, gives you information about the life of your HVAC system. If we think it’s going to quit in the near future, we’ll let you know so you can start saving.
Get an estimate for the next project you’re going to get done. For larger projects, you can get a loan to cover some of the cost. Whether you’ll be paying for the whole thing upfront or borrowing part of the money, you can now calculate how much money you need to save up and set aside to get the project underway.
To avoid having your heating or cooling quit on you when you need it most, schedule annual HVAC maintenance with Mike Merritt’s Heating and Air. You can call when you need us or set up a maintenance plan to save some extra money. Call today: 904-240-4038.
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