🏡 New Year Resolution: The ‘1% Rule’ For Homeowners

As we kick off the new year, here’s a smart financial resolution that can save you stress and money down the road: the 1% Rule.

What is it? Financial experts recommend setting aside 1-3% of your home’s value each year for maintenance and repairs. This proactive approach helps you avoid being caught off guard by unexpected expenses like a failing HVAC system, roof repairs, or appliance replacements.

Here’s how to make it work:

• For a $300,000 home, that’s $3,000–$9,000 per year

• Break it into monthly savings: $250–$750/month

• Keep it in a separate savings account labeled “Home Maintenance Fund”

• Use it only for home-related repairs and upkeep

Newer homes might lean toward the 1% end, while older homes often need closer to 3%. Either way, you’ll have peace of mind knowing you’re prepared when something needs attention.

This simple habit can protect your investment and keep your home in great shape for years to come.

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