Owning a home can be expensive. Not only do you have your monthly mortgage, taxes, and insurance, but you also need to do emergency repairs every now and then. Repairs can be simple, e.g. Replacing a leaky faucet, or costly, e.g. B. a new roof.
How Much Should You Set Aside? “According to the one percent rule, you should set aside at least one percent of the value of your home for the upkeep of your home every year. For a $ 360,000 home, that’s $ 3,600 a year or $ 300 a month, ”said Discover. Another rule of thumb is to save 10 percent on the total cost of your property taxes, mortgages, and insurance payments. Here are 15 things your home repair emergency fund should cover.
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