How Much Does it Cost to Maintain a House in Fairfield County, Connecticut?
What goes into maintaining your home in Fairfield County, CT?
- Property taxes
- Homeowner’s insurance
- Mortgage insurance
- Utilities (including electricity, gas/oil, cable/internet, and more)
- Landscaping (lawns, gardens, water features, etc.)
- General maintenance (plumbing, electrical, or other general repairs)
- Maintenance or replacement of larger housing systems (your roof, water heater, HVAC system, gutters, etc.)
- Home security
- Smart home technology
How much does it cost to maintain your home in Fairfield County, CT?
The costs will vary depending on the size of your home and property. And, of course, if you have an unexpected event like a severe storm or the breakdown of a key system, like your water heater, your costs can spike. Generally, you can estimate your own monthly costs for each of these.
Now, if you want a quick and dirty formula, American Family Insurance recommends two different methods. First, they recommend estimating about $1 per square foot of your home per year. Another method they suggest is to set aside 10% of your mortgage, property taxes, and insurance to cover monthly expenses. Based on my experience selling hundreds of homes, I advise my clients to save 2% of their home’s values each year to cover repairs and unexpected expenses.
Of course, it’s better to be specific about your own costs. For example, if you have a large lawn with many gardens and water features, your landscaping costs can run you $5,000 or $10,000 of dollars per month. The same goes for your heating costs. If you have many rooms and large ceilings, your heating bills may be $2-3000 per month. And if you have a security system and a fully equipped smart home, you may end up paying $10-20,000 a month or more for these features. Costs will really spike if you need to replace an expensive feature or home system, like your central air, siding, windows, or your roof.
How can I save money on these costs?
You can also take courses on basic home maintenance. The Home Depot, for example, offers an array of courses for do-it-yourselfers homeowners. Watch videos on topics like plumbing, electrical, and lawn basics as well as specific tasks, like installing flooring or repairing drywall. Chances are, if you have an upcoming project, you can find a tutorial walking you through it. You can watch the video and decide if you’re up to the task. For example, when it comes to a floating floor installation, you can save approximately $3 per square foot by doing the labor yourself.
There are a lot of costs and responsibilities associated with owning a home, and these costs can add up. But if you take the time to learn about and budget for them, they can be anticipated and controlled. Take the time to master home management and get the entire family involved. You will feel great about learning how your home works, acquiring new skills and developing relationships with neighbors that last a lifetime.