Updated: Feb 8, 2019
There's a good chance you aren't going to like what I'm going to say, but hey.......someone has to say it.
Your home isn't like a savings account that you pump money into and forget it's there.....it's more like a checking out. Yes, you hope it will grow over time, as it becomes more valuable but if you don't take a little of the money out for repairs, maintenance and updating, you are not gonna like your bottom line.
When we go into a home to list it for sale, we always ask, what have you done to the home recently. Typical maintenance costs alone, according to the experts, will run 1-3% of your home purchase price. For that $100,000 love nest, expect to spend $1,000-3,000 EVERY SINGLE YEAR.
My husband groaned the other day when I mentioned updating windows, and kitchen countertops. "We will never be done, will we?" He asked. No darling, we never will be. Someday when we have to sale this home we love, he's going to love me for it. Today is not that day.