Here’s How Much to Budget for Home Maintenance

Major Home ExpensesType of ExpenseAverage CostHVAC Replacement$5,000–$11,000 to replace an HVAC system; $7,000–$16,000 to install an HVAC system with ductworkRoof Replacement$3–$6 per square foot to install; $5,700–$16,000 total to replaceWindow Replacement$450–$1,500 per single-hung window installed; $4,500–$22,500 total cost (for 10–15 windows) Different Budgeting Approaches There are different schools of thought when it comes to budgeting for home maintenance: The Percentage Rule The most common home maintenance budgeting approach is the 1% rule. It calls for setting aside at least 1% (and as much as 4%) of your home value each year for repairs and replacements. “So if you recently purchased your home for $400,000, be sure to save between $4,000 and $16,000 each year,” says Scott Lieberman, founder of Touchdown Money, which teaches entrepreneurs how to make money online. “You might feel safe closer to that 1% number if your property is under 10 years old,” he says. “If your property...