How much should I budget for maintenance costs?
Understanding and planning for ongoing property maintenance is key to protecting the long-term value of your property.
Owning a home is one of the most rewarding investments, but it is not without its challenges. Outside of bond repayments and municipal bills, homeowners also need to budget for maintenance expenses as this is essential for ensuring the preservation of both the property condition and value over time.
“Homeowners who proactively budget for maintenance are far less likely to face financial strain when unexpected repairs arise, and are also better positioned to protect the long-term value of their investment,” says Adrian Goslett, CEO and Regional Director of REMAX Southern Africa.
As a general guideline, homeowners should be setting aside roughly 1% to 3% of the property’s value annually for maintenance costs. “So, if your home is valued at N$2 million, you need to be saving approximately N$20 000 to N$60,000 annually for maintenance. However, the exact amount will depend on numerous factors such as the age of the property, the quality of the original construction, the size of the property, and environmental conditions,” Goslett explains.
According to REMAX, older homes typically require more maintenance due to ageing infrastructure. In contrast, newer properties or recently renovated homes may require less immediate attention but should still be monitored to avoid deferred maintenance issues later down the line.
“Routine maintenance such as repainting, roof inspections, servicing of electrical and plumbing systems, and general wear-and-tear repairs is essential to preventing more major expenses down the line,” Goslett adds.
Goslett notes that well-maintained properties not only retain their value better but also appeal more strongly to buyers when it comes time to sell. A home that has been consistently cared for shows prospective buyers that it has been responsibly owned, which can translate into quicker sales and stronger offers.
“Maintenance should be viewed not as an optional expense but as an integral part of the ownership journey. By planning ahead and allocating the appropriate budget, homeowners can safeguard their investment and enjoy greater peace of mind,” concludes Goslett.
