An Arizona homeowner with $5,000 set aside for emergency repairs questioned whether that cushion would be enough after three neighbors experienced leaks that required major roof repairs.
Since their house was seven years old, they were concerned about how soon they might face similar expenses.
Here's what to know
"How much money or cash do you all set aside for home maintenance and emergencies?" they asked in Reddit's r/HomeMaintenance forum. "Should I be setting $5K a year or $10K a year and more for such use? I know we can use third-party warranty services also, but they are limited, so I'm thinking it's good to set aside a chunk of money every year for home repair issues."
They named roof leaks, carpet damage, water damage from a washer leak, the water heater, and air conditioner.
"I set aside about 1% of the home's value per year. That's the number I've seen thrown around the most," one commenter said. "For a newer build maybe you can get away with less, but an older place with original HVAC or roof, you might need to front-load the savings."
Another user agreed, writing, "The age of the roof and HVAC really changes the whole math on this."
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The OP responded to the commenter who mentioned the 1% figure, adding: "I'll keep it in mind. I do have a little more set aside, like $5K already set aside for home repair emergency. … New home builds are just crap these days."
For the poster's $450,000 property, that would amount to $4,500 annually, or $375 a month.
Where can I learn more?
Other homeowners' roofing experiences show how unexpected costs can complicate a repair budget.
• One California homeowner received $20,000 to $25,000 quotes for roof replacement, with surprise costs lurking.
• Another California seller's 11-year-old roof needed a replacement, and one quote reached $49,000.
• An Indiana homeowner's $16,000 roof developed problems when shingles started lifting a year later.
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