Taking a proactive approach can help you save money.
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The cost of everything is rising, and home maintenance expenses are no exception. In fact, average costs to maintain a single-family home are now at an all-time high, according to a recent Thumbtack Home Care report.
Earlier this year, Zillow and Thumbtack data revealed that on average, homeowners can expect to pay $14,155 a year, or $1,180 a month, in hidden costs related to owning a home. This estimate includes changes in property taxes and utilities — as well as maintenance costs.
New data from the Thumbtack Home Care Price Index reveals the specifics of the maintenance increase. From the third quarter of 2022 to the third quarter of 2023, average home maintenance costs increased by $400 (from $6,146 to $6,548). And although the rise in costs has slowed, Thumbtack economist Jack Erb tells us that those expenses have still reached unseen levels.
Factors Fueling The Increase in Maintenance Costs
Several factors contribute to rising home maintenance costs. “Inflation has increased the overall cost of goods and services, while ongoing labor and material shortages have also driven up the price,” Erb says. And compared to last year, he says annual costs have increased in 12 out of the 17 home maintenance categories.
Average yearly costs per category
Photo courtesy of Thumbtack
“Also, just less than half of owner-occupied homes were built before 1980, and around 35% were built before 1970,” Erb says. “With demand for new builds outpacing supply, proactive home maintenance and upkeep have never been more important for homeowners.”
Ways To Keep Maintenance Costs Down
Being proactive is always better than trying to react and play catchup when repairs will be more extensive and expensive. “Like the body’s circulatory system, proactive home maintenance ensures longevity and lower costs,” Erb says.
He recommends that you start by tending to the home’s heart — your mechanical room. “Regularly change HVAC filters and keep water systems clean, much like monitoring cholesterol levels.”
Next, Erb says you should move on to the home’s framework. “Clean windows and gutters, inspect your roof for leaks, and check for paint wear and foundation issues.” Water damage and structural issues can wreak havoc on your home, so don’t push maintenance down the road.
“Finally, maintain your home’s appearance and health by attending to landscaping and finishes,” Erb says. This contributes to curb appeal, and also makes sure your home can withstand the elements and any invading critters who like to hide in upkept areas.
Michael DiMartino, SVP of project services at Power Home Remodeling, told us that it’s important to have proper attic insulation, not only to maintain a comfortable temperature inside, but also to prevent a nightmare from occuring on top of your roof. “As snow lays on your roof, a pattern of thawing and re-freezing can occur,” he says. “If that ice forms along the edge of your roof, it creates a dam that blocks melting snow from properly draining off.”
The build-up of liquid can seep into the roof shingles and eventally cause leaking inside of your home. “It can also result in major weight that your roof isn’t prepared to hold, especially if your home has been re-roofed,” he says. However, proper attic insulation and adding vents to your roof can prevent these ice dams from forming in the first place.
Speaking of insulation, DiMartino notes that not all plumbing pipes are equipped to handle frigid temperatures. “You can easily add foam insulation around pipes — especially those on your exterior walls — to ensure the water flowing through them does not freeze and allow pressure to build up.” And when you’re leaving home for an extended period of time during spells of extreme cold, he recommends leaving a trickle or drop of water running, since pipes tend to freeze or burst when there is no water flowing.
Two simple maintenance tips that can save you a lot of money: cleaning out your clothes dryer vents and checking your smoke detectors. According to the National Fire Protection Association (NFPA), the leading cause of dryer fires is dust, fiber, or lint. Cleaning the lint screen and cavity after every use can limit the amount of dust that even makes it to the dryer vent. And cleaning the dryer vent at least two times a year can help to prevent a dryer fire.
A house fire (from a clothes dryer or any other source) can cause tens of thousands of dollars in damage — assuming the home doesn’t go up in flames.
More importantly, you may only have a minute or two to exit the home once the smoke alarm sounds. But what happens if the alarm never sounds because the smoke detector doesn’t work? According to the NFPA, 3 out of 5 home fire deaths occured in homes with no smoke alarm, or smoke alarms that failed to operate. Perhaps the most important maintenance project is making sure you have smoke alarms installed and properly working. One easy way to remember to check your smoke alarms is to do it at the same time that you’re resetting your clocks when Daylight Savings Time begins or ends.
Planning For Home Maintenance And Repairs
Home maintenance is also something that home buyers should consider when choosing a house, and failing to do so is a typical first-time home buyer mistake. If Thumbtack’s most recent estimate holds steady, $6,548 in yearly maintenance costs amounts to $32,740 in five years, and $65,480 in 10 years. Admittedly, you shouldn’t need to repair a roof, stain a deck, or have a tree trimmed or removed every year. However, some of the costs — such as window cleaning, carpet cleaning, pressure washing, lawn care, and appliance repair — are ongoing costs.
“It is so important for buyers to not spend too much on a house because there are many costs associated with the monthly, quarterly, and annual maintenance of a home,” says Candice Williams, realtor at Coldwell Banker Realty in Houston, in an interview. “It’s very common for buyers to try to find a home at the higher end of their budget, but don’t factor in they risk living paycheck to paycheck to pay the mortgage and other expenses.”
And even when buyers predict that they will have enough money to cover everything, Williams recommends creating a buffer. “Life, and particularly the economy, can be unpredictable,” she warns. “For example, no one could have predicted that millions of people would be unemployed because businesses had to shut down during stay-at-home orders.”
For both present and future home buyers, the importance of properly planning for both expected and unexpected maintenance and home repairs cannot be overstated. “Budgeting for unexpected home maintenance repairs could be the difference between providing a smooth remedy or one that could cause more disaster in the home,” says Jason Gelios, a realtor serving the Southeast Michigan market, in an interview.
“Considering the average cost to fix a furnace is between $150 and $500, with a total replacement cost anywhere between $5,000 to $8,000, not having the money set aside or resources to fix the issue could cause additional damage in the home and further financial woes,” Gelios explains.
And if you don’t save up enough for maintenance, he warns it could end up costing you more in the long run.
“Maintaining a home should be a top priority for every homeowner because you never know when something could go bad,” Gelios says. “And homeowners should apply regular maintenance to their home to not only reduce the chance of a big surprise issue, but also to extend the life of the home.”