If you are a homeowner or looking to become a new homeowner in Crow Wing County, it is a good idea to set up a house fund to cover the expenses that arise with owning a home. There are some years where you may have to only perform routine maintenance on your home, but then when you least expect it an unaffordable disaster may occur. If you have an older home a time will come where you may need a new roof or furnace and these can both be costly. Here are a few tips to starting a house fund to help you when you find yourself in a bind.
- First determine how much you can save. To figure a number you should need yearly to maintain your home take 1% – 3% of your house’s initial price. For instance, if you purchased a Crow Wing County home for $200,000 you should plan to budget $2,000 to $6,000 a year for upkeep, and for any repairs that may be needed.
- Start a savings account that will be devoted only to home upkeep and repair. Set a certain amount aside each month and consistently add to the account. Ideally, any home maintenance costs should be paid for from this savings account.
- Determine how much you can comfortably put away each year into this account, and then divide that number by 12. Going forward put this amount aside each month.
- Setting aside money monthly into the house fund when it is not your routine can easily be forgotten. Many financial institutions have made it easy for you to arrange to have the money automatically transferred from your main account to your house fund savings each month.
- Routine maintenance on your home can save you money in the long run. If you decide to sell your Crow Wing County home providing routine home maintenance on your home will help increase the value of your home. It is estimated that by doing routine home maintenance on a yearly basis, you will increase the value of your home by 1% a year.
Want to know more about home maintenance visit here. .If you are looking to buy or sell a home in Crow Wing County, contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.
Bill Grunewald/ Edina Realty.
Licensed in Minnesota/ Lic # 20204156