Home Purchase Plan Worksheet Page 9
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35(push mower and snow shovel!) the cheaper it will be….and you will get good
exercise! Remember: maintaining your yard helps maintain your home’s value.
Maintenance – Interior home maintenance costs both time and money. While you
may be able to change your furnace filters, clean your gutters and keep your
appliances running smoothly yourself, you may also need to hire someone to clean
and inspect your chimney and to keep your heating and AC system in top shape.
Repairs – White maintenance tasks can be predictable, the most costly part of
homeownership typically comes with unexpected repairs such as replacing or
repairing the roof, fixing loose tiles in the shower, removing an overgrown or dead
tree, or paying for mild mitigation in a damp basement. The list of possibilities is
endless, so the best thing that homeowners can do is to set aside savings for an
emergency. Some financial experts suggest budgeting for 1% or 2% of your
mortgage balance as a yearly maintenance and repair fund, but the amount you
need to save depends on the age, condition and size of your home.
THE BOTTOM LINE – While buying a home may cost a little more than you think,
the investment can still be worthwhile as long as you buy what you can afford,
budget for expected and unexpected expenses and hold onto your home for at least
7 to 10 years.
Connecticut Department of Labor
Page 9
5/28/2013
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