How to Create a Home Repair Budget (And Stick to It)
Homeownership has a lot of rewarding moments and a lot of responsibilities. Whether you’re living in your home or renting it out to tenants, one of the biggest surprises for many homeowners is just how often something needs to be fixed. Whether it's a dripping faucet or mold growth in the cracks in your grout, it can feel like there’s always something that needs your attention. That’s why having a home repair budget isn’t just a good idea, it’s essential. We’ve seen firsthand how planning ahead can prevent small issues from turning into major expenses. Here’s how to get started:
Step 1: Know the Rule of Thumb
A good starting point is to set aside 1–3% of your home’s value each year for maintenance and repairs. For a $400,000 home, that’s $4,000–$12,000 annually, depending on age, condition, and size. Older homes typically need more love (and a slightly bigger budget). By knowing this guideline and planning accordingly, you can save considerable panic and scrambling in the moment.
Step 2: Assess Your Home’s Current Condition
Although a detailed assessment can require a professional, you can accomplish a lot by taking a walk through your home. Try making a list of:
Ongoing issues (loose cabinet handles, squeaky doors)
Larger items that might need repair soon (roof, HVAC, windows)
Rooms or areas that haven't been updated in a while
This will give you a starting point for what might need attention over the next year, and an idea if your budget might stray from the rule of thumb (see in step one)
Step 3: Prioritize Repairs
Sort your list into three categories:
Urgent: Anything safety or water-related will go in this category. A leak, exposed wire, or broken lock can pose serious safety threats and should be addressed immediately.
Short-term: Things that need fixing soon but aren’t emergencies. Cracked or missing caulking around your windows and peeling paint on your siding can wait for a while, but they can’t wait forever. Add those to your short-term list.
Nice-to-have: Cosmetic fixes or updates you can schedule over time. A deep scratch left in your doorframe by your overzealous cat, a cracked cabinet face, or a deep divot in your flooring.
This helps you avoid the sticker shock of combining all of your wanted and needed projects, and ensures you're focusing on what really matters.
Step 4: Set a Monthly Contribution
Break your yearly budget into a monthly savings goal. Even setting aside $100–$300 per month will create a fund that will be a big comfort to have if something goes wrong–and it will. With handyman availability varying by season, weather conditions, and other unforeseen factors, it’s a huge relief to know you can take any available appointment because you have a deposit ready to go.
Step 5: Work With a Handyman to Plan Ahead
One of the best ways to stay on budget? Build a relationship with a trusted handyman. There’s nothing better than knowing you have a number ready to go when you have a need, and not having to comb through Google reviews and private Facebook groups for recommendations as you listen to the tap, tap, tap of a leaking pipe in the very next room.
A good handyman can help you:
Identify potential future problems
Group smaller tasks into one efficient visit
Suggest cost-effective repair options
Pro Tip: Track Your Spending
You can use a simple spreadsheet or budgeting app to track your repairs throughout the year. You’ll quickly see patterns jump out at you, like how often you’re replacing door hardware or patching drywall, which can help you plan smarter next year. You can also use this information to determine if a handyman package might be a better long-term solution for you. These can save you time and money depending on your needs.
Final Thought:
Having a home repair budget doesn’t mean you’ll never be caught off guard, but it does mean you’ll be better prepared when the unexpected happens. Need help prioritizing or tackling that to-do list? That’s what we’re here for.
Let us help you protect your home—one repair at a time.
