for a rainy day takes on new meaning if your roof
springs a leak during a storm.
financial planners tell our team that homeowners should
build up an emergency maintenance fund of about $5,000.
That way, you can handle a sudden expense, such as the
need to replace a roof or a furnace.
course, how much you can set aside for home-related
matters will depend on your homeís condition, your
income and other expenses and savings goals. Planners
say itís important to take a balanced approach to
financial priorities, with attention to saving in case
of job loss, paying off consumer debt and taking
advantage of retirement savings options.
since your home is such a major investment, itís also
smart to be prepared to afford routine maintenance and
you donít have a good sense of your homeís current
condition, consider the services of a reputable home
inspector. Plan to take advantage of the inspectorís
knowledge by accompanying him or her during the
inspection. You can use the detailed written report you
should receive soon after the inspection as a starting
point for planning home project priorities.
that you donít have to do a big project all at once.
For instance, you can have new windows installed one
room at a time.
money is tight and you can only build a home emergency
and project fund slowly, postpone purely cosmetic
projects and focus on necessary maintenance.
youíre not sure how to get started on a home fund,
open a savings account thatís attached to your
checking account. Set up the accounts so you
automatically transfer a regular amount from checking to
savings every month or pay period.
of this, you can plan to pay for routine maintenance and
emergencies. Savers often notice that they forget about
automatically set-aside money, so that it builds up
faster than they might have imagined. That makes dream
projects easier to afford.