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A first-time homeowner’s maintenance and repairs budget guide

Buying your first home is an exciting time. Once you have successfully secured your mortgage bond and paid your transfer fees, you’re all set to move into your beautiful new home. But what you shouldn’t overlook are the ongoing costs associated with property ownership.

Your home is an asset and in order to retain and grow its value, you will need to maintain various aspects. The best way to keep up to date with your maintenance requirements is to set up a budget.

WHAT TO BUDGET – general budget recommendations:

• Annual Maintenance

Set aside 1-4% of your home’s value annually for general maintenance such as landscaping, gutter cleaning, and pest control. The property size and condition will dictate how much you should budget. A large 4-bedroom family home will have higher maintenance costs than a 2-bedroom sectional title unit.

• Emergency Maintenance

Consider setting up a separate fund for any unforeseen maintenance issues e.g. a burst geyser.

HOW TO BUDGET – ways to budget to make funds available:

  • Consult your local contractors and obtain quotes for roof repairs, geyser replacements and swimming pool pumps to know what to budget.
  • Set up monthly transfers into savings accounts to ensure the money is readily available.
  • Make sure you are consistent with the payments so as not to fall behind.

PRACTICAL ADVISE – ways to minimise repair costs:

  • Be proactive and create and regularly update a seasonal and annual maintenance schedule to catch small issues timeously.
  • Don’t overlook small repairs that can lead to major issues later on.
  • Use reputable contractors and get the work done right the first time. Cheaper is not necessarily better.
  • Make sure you have adequate homeowner’s insurance to cover for emergencies like fire or theft.
  • Don’t tap into your home’s equity but rather set up your repair fund.

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