How much should you save for home maintenance each year?

We quote for home owners and landlords every week, and people are regularly taken aback by what major maintenance costs. Wages and materials have climbed hard — some of it has doubled in two years.

When an owner has not got the cash for necessary repairs, it almost always means nothing has been put aside.

With the average house over a million dollars, it is probably your largest asset. A house that is not maintained does not gain value as quickly as one that is, and it can lose value outright. Money spent on maintenance stops small problems becoming big ones — and past a certain point, only a costly replacement or full renovation will do. Only about 40 percent of houses are in good shape.

So how much a year?

• A brand new house: nothing much for the first five years.
• After five years: aim for $3,000 a year.
• After fifteen years: $5,000 a year will carry you through most major repairs.
• An older or larger house: think $8,000, even $10,000.

The other route is doing it yourself. You will save roughly 40 percent of the cash, and pay for it in weekends.

How long things last

• Corrugated roofing, without maintenance40 years
• Corrugated roofing, with maintenance60 years
• Exterior paint, new10 years
• Exterior paint, repainted5–10 years
• Gutters20 years
• Timber cladding, with maintenance40 years
• Timber cladding, no maintenance20–30 years
• Decking15 years
• Decking, maintained20–25 years
• Substructure30 years
• Fencing, no maintenance15 years
• Fencing, maintained20–25 years

Repairs & maintenance →