Why All Homeowners Should Have a Maintenance Fund
Homeowners spend a lot of time maintaining their properties. Whether it’s taking care of their lawn, painting their walls, or fixing their leaky faucet, most homeowners will spend time on maintenance at some point in their lives. However, while maintenance might be a common activity for most homeowners, not everyone has the time or resources to do it regularly. That’s why many people have a maintenance fund. A maintenance fund is a financial reserve set aside for regular maintenance projects. This ensures that you have enough money to tackle maintenance as soon as you notice a problem. By creating a maintenance fund, you can save money and spend less time maintaining your home in the long run. Below, we discuss why creating a maintenance fund is a good idea, as well as the best maintenance fund options.
Why Have a Maintenance Fund?
Maintenance is a crucial part of home ownership. Every year, it’s estimated that about 25% of home problems go unreported, and that about 50% of all home problems can be avoided with just a little maintenance. That means that you could be spending hundreds of dollars on repairs each year that you could have prevented by doing a little maintenance. With a maintenance fund, you’re able to save money by avoiding costly repairs. You might also be able to spend less time maintaining your home by using the fund instead of doing it yourself. With a maintenance fund, you’re able to delegate maintenance work and focus on other things, like your finances or your family.
What To Include In Your Maintenance Fund
The first step to setting up a maintenance fund is figuring out what to fund. Before you can decide what to put in your fund, you need to know what you’ll be funding. This includes identifying your top maintenance problems so that you can prioritize what you want to tackle first. Once you know your problems, you can decide how much money you’ll use to solve them. Decide how much you want to put in your fund and when you want to use it. Using a specific amount and specific time frame will help you stay on track. You may also choose to use a budget when you choose how much to put in your maintenance fund. This can help you stay focused on your goals and reduce the likelihood of overspending.
Best Maintenance Fund Options
There are a lot of different ways to fund your maintenance fund. Below, we discuss the best options. – Credit Card Maintenance Plans: Many credit card companies offer maintenance plans that help you save on your monthly bills. These plans often include perks like extended warranties and roadside assistance, which can make them worth the extra cost. – Homeowner’s Insurance Alternative: Many insurance companies offer insurance alternatives that allow you to set up a maintenance fund. You can use this fund to pay for routine maintenance projects, like home repairs or pest control. Make sure to read the fine print to make sure that you don’t incur extra fees. – Homeowner’s Association (HOA) Fees: Most homeowner’s associations charge a fee for maintaining your community. These fees can add up quickly, so you may want to set up a maintenance fund to help you take care of them. – Your Bank: If your bank has a maintenance plan, you can also fund your maintenance fund with it. You’ll need to call your bank and talk to a customer service representative to set up a maintenance plan.
Final Words: Take Advantage of Your Maintenance Fund
Creating a maintenance fund is a great way to save money and keep your home running smoothly. This doesn’t need to be an expense you do only when you have extra time, though. You can create a maintenance fund and use it regularly to avoid expensive repairs and lower the amount of time it takes to take care of your home.