How much does it really cost to maintain a home?

If you’ve already purchased a home, good for you! Now you need to make sure you have enough money in your budget to pay for maintenance and improvements to your property. And if you’re still weighing whether to buy a home, now’s the time to consider whether your budget has enough leeway to cover the hidden costs of purchasing a home before you buy it.

Home maintenance expenses

To keep your home secure and in good condition, maintenance is key. Some costs can be reduced if you do the work yourself. The list of home maintenance tasks is lengthy, but typically includes:

• Lawn maintenance. If you have a lawn, it needs to be mowed. It also may need water, fertilizer, reseeding, weeding, and aerating to maintain it properly. Leaves may need to be raked and disposed of. You can handle these tasks yourself by purchasing some garden tools and chemicals, or pay professionals to do it for you at a greater cost.
• Tree trimming or removal. Trees need to be trimmed and possibly removed over time. Depending on your trees’ size, you may be able to handle annual pruning, but trimming large branches and removing trees is best left to professionals. These services can run into the thousands of dollars.
• Pest control. Depending on where you live, you might be able to control pests such as ants, termites, and other creepy-crawlies on your own with the purchase of pesticides. If you live in a warm climate or densely wooded area, you may need to hire a professional to keep pests under control.
• HVAC inspections and filter replacement. Most heating, ventilation, and air conditioning (HVAC) contractors recommend servicing your air conditioner, furnace, or heat pump once a year. Expect to replace air filters as frequently as every other month, depending on the type of the filter and how often the system runs.
• Fireplace inspection. If you have a wood-burning fireplace, have it inspected at least every other year and cleaned regularly.
• Window washing. “I don’t do windows” didn’t become a catchphrase for nothing. Keeping windows and sills clean is a chore, and their type and location can make a tedious job difficult. A window cleaning service can make short work of it.
• Cleaning. If your home isn’t kept clean, the buildup might attract rodents or insects and mold could grow. If you can’t keep up with the cleaning yourself, you may need to hire a housecleaning service. And you may want to pay for a spring cleaning once a year, even if you do the weekly cleaning.
• Snow removal. If you live in an area with winter snow or ice storms, your sidewalks and driveways may need to be shoveled and treated. You can do it yourself by purchasing a snow shovel or snowblower and a bag of deicer, or hire someone to do it for you.

Note: If you belong to an HOA, the maintenance of your yard, driveway and walks, and/or the exterior of your home may be taken care of for you.

Home expenses over time and when problems occur

Time marches on and weather happens. Neither is kind to your home and property. As your house ages, the amount of maintenance is likely to increase—as is the cost. And in the case of a major storm or other natural disaster, you may incur additional home repairs:

• Basements. A basement is a desirable feature that typically adds value to a home. Because they’re below grade, they can easily flood, and the damage could be costly, especially if your basement is finished. To help keep them dry, many basements have sump pumps that take in water gathered around the foundation and discharge it away from the house. Sump pumps can fail unexpectedly and can be costly to repair or replace. You may be able to replace it yourself and save some money, but hiring a pro is more convenient.
• Painting. Exterior paint doesn’t last forever, especially on trim. You may need to paint every few years, depending on the age of your home and the type of siding. An interior paint job may last longer, unless you have children or pets.
• Sewer and septic maintenance. Some sewer lines regularly need rodding to remove tree roots if you live in a wooded area. If you have a septic system, the waste tank must be emptied routinely and the drain field pipes may require maintenance or repair.
• HVAC system. A heating and air conditioning system typically lasts about 10 to 25 years. As it ages, operating costs may increase, eating into your budget, or it might stop working and require repair or replacement. An HVAC system can be costly to replace, but having an emergency fund can help you afford big home repair expenses like this one.
• Water heater. Your water heater has a lifespan of 8 to 15 years and may quit working without warning, possibly flooding your home when it does. If your water heater is in your basement or garage, the damage may be minimal, but if your water heater is located on the first or second floor or in the attic, a flood could cause major repair bills.
• Roof. Depending on the material, your roof may last 20 to 30 years from the time of installation. Replacing a roof is a major expense and yet another reason to ensure you have a well-funded emergency fund. If your roof is damaged in a storm—perhaps by hail or a falling tree—your home insurance should cover much of the cost of repair or replacement, but you may have a hefty deductible.
• Other items. Your home includes plenty of things you may need to replace over time, including the appliances, windows, siding, doors, flooring, gutters, driveway, fencing, deck or patio, and many more.