What Should be Your Budget for Home Repairs? : ezLandlordForms

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Spencer S

started a topic over 5 years ago

Some of the factors that decides your budget is how old it is, when did you last updated your major systems, where is you home located, what is your take, share your views?

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Scott H

said over 5 years ago

10% of rent for the year or less is what I budget for.

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Matthew M

said over 5 years ago

For me; I saved 25% of monthly rent until I had three months full rent saved sitting in the bank. That way, there's no non-covered expense that will have me scrambling to find a tenant for a half ready apartment...and that's when the bad ones always seem to show up. I can't begin to say how nice it is to have a one-two month window between tenants to inspect and upgrade units without worring about the lost rent. As my 4-flat is newer (1985), it's all modern plumbing, electrical and (most important) drywall. Now, once a year, I budget 1/2 months full collected rent on having the common areas carpets cleaned, walls painted, gutters cleaned and roof/foundation inspected. Been working like a charm since 2005.

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Jeffrey J

said over 5 years ago

According to me, If i'm in your place then i definitely save money and I do invest money for home repairs. Firstly, i analyse my monthly income after analysing our monthly income i'll do create a chart that describes my monthly budgets as well as that chart shows my monthly savings for each expenses. after on month i calculate my total savings and if i satisfied my strategy then i continuously apply that strategy, if that strategy not up to the mark then i change my strategy and discuss our family members.

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Gloria W

said about 5 years ago

Home repair budget depends on various factors. I stay in CA and recently I hired Home Quality Remodeling team https://homequalityremodeling.com/ for certain home renovation. They worked perfectly and did not charge very high. I did many home repairs and renovations at affordable rates.