When you buy a home, you don't plan on spending over $20,000 on repairs. But life happens. Putting off basic repairs and maintenance often backfires. Ignoring a termite problem or leaky roof will only get more expensive over time.
It's like a medical issue. If you have a toothache and don't do anything about it, the problem is only going to get worse. Kathleen Boyd, Financial Planner
According to Business Insider, experts recommend saving 1% to 4% of your home's value per year for repairs and maintenance.
But don't keep that money under the mattress! Keep your home repair emergency fund in a separate high-yield savings account.
If you don't have the money and need to pay for home repairs, consider a home equity line of credit or home equity loan.
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