When purchasing your home, you’re likely going to take on a mortgage. The average mortgage payment on a 30-year-fixed-rate loan is $1,159. Your mortgage has the niceness of predictability, but not all home maintenance expenses are created equally. The average American spends approximately $3,018. Your expenditure could be higher or lower, depending on the condition of your home. Your best bet is to assume your costs to be 1-4% of your home’s value. Meaning if your home is worth $250,000.00, you’ll be spending between $2,500 and $10,000. It’s a large range, so how do you budget yourself? Going with the assumption that your home maintenance fees are going to be on the higher end of the spectrum, so you over-budget. Over-budgeting is better than budgeting incorrectly. It’s a great idea to have an emergency fund, if your home is on the older side, survey with a contractor to find out what needs will have the most immediacy within a year or so, that way you budget with an eye specifically on those items. If you need to determine the viability of a claim, or if the claim you’ve made is being handled properly our Gables Insurance Recovery team is ready to help you figure out and negotiate your settlement.
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