In search of hard numbers on what it costs to maintain a home

A recent edition of the The Globe and Mail’s popular Finance Facelift feature highlights our fuzzy thinking on how much it costs for household maintenance.with a house they figure is worth $2.1-million. They currently budget $5,000 per year for home repairs, which drew a comment from the financial planner looking at their situation. He said a good basic rule is to set aside 1 per cent of a home’s value annually for upkeep, repairs and upgrades, which in this case would be $21,000.

The question to ask is this: If your household had a major repair bill, how would you afford it? Your emergency fund might contain the money you need, or maybe investments in your tax-free savings plan. You might also be able to dip into money put away for other purposes like a vacation.

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