How much should I budget for home maintenance expenses?

Housing experts recommend budgeting about 1% of the purchase price of your home per year for home maintenance and repairs. Of course, the actual amount spent will vary from month to month and year to year.

For example, if someone owns a $240,000 home, they should plan to spend around $2,400 per year or about $200 a month on home maintenance.

Ideally, this money should be set aside in an earmarked account so that it is available as needed.

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