Most building experts recommend an annual maintenance budget of approximately 1% to 3% of the purchase price of the home. Older, more sophisticated or complex homes tend to be at the higher end of that scale.
If a home has experienced deferred maintenance, you can be sure that higher maintenance and repair costs will be needed to bring the home back into peak condition. When items like roof replacement or exterior painting are deferred, roof leakage with accompanying wood rot is more likely to occur. Making repairs will be much more expensive than what it would have cost to perform the maintenance and preventive work.
One of the best things new homeowners can do is to decide what home maintenance chores they can perform and which ones will be contracted to others. Much of this will be dependent on the owners’ physical abilities and knowledge. Unless you enjoy doing home maintenance work and are familiar with ladders and other tools, you may want to confine your efforts to the relatively simple projects.
TIP: If you like doing home repair and remodeling work, one suggestion is to hire a professional to work with you for the first day. It is amazing how many tricks you will learn and how many errors you are likely to avoid. Your practical knowledge and skill level will increase profoundly this way.