Ooh. This is a good one. The general rule of thumb is one percent of the purchase price of your home, annually. Jeff Brown, from Main St, has quite a good breakdown on what this means for you as a homeowner.
For a home price of $200,000, that’s $2,000 annually it’s recommended you plan for. You may not always spend that much but I do recommend you save it…because there will be times you do.
Last year, I had to replace my roof ($1K deductible) and repair some damage from a washer that failed ($15 part, $1K deductible).
Knock on wood and I really shouldn’t say this but this year we have been fortunate (so far) and not had any major home maintenance issues.
I don’t disagree with this assessment, including the piece about the tight rental market. There is an interesting data point to keep an eye on as well, with this discussion: we are a town with a lot of VA loans. The military BAH has a lot to do with pricing here. If BAH doesn’t increase, what will that do to our prices?
Looking to buy or sell in Colorado Springs? I’d be honored to help!
Wow. Boulder is now one of the most expensive housing markets in the nation, according to the Denver Post.
By contrast there are 414 four bedroom homes on the market at the time of this post for $300,000 or under in Colorado Springs.
In the market? I’d be honored to help!
Photo from the Rock House’s Facebook page (best ice cream around!)!