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Planning for Home Maintenance Costs

01-22-2010
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Many people don't think about short-term maintenance costs when buying a home, but they should. Whether buying an older home or a newly constructed home, major home systems like furnaces or hot water heaters can break down in the months following a home’s purchase.  And typically, this kind of equipment can be costly to repair.


Often a home's purchase price can be helpful in projecting maintenance costs. The recommendations for annual maintenance costs range from 1.5 to 4 percent of the home's original cost. While this is not always true, especially when the purchase price of a home is three-quarters of a million dollars or more, it is a good rule of thumb for the average home buyer.


Since most home buyers are focused on covering their down payment and closing costs – not saving for future repairs – a home warranty can provide a good back-up plan.


Most home warranties cost between $300-$600 and will cover many major home systems and built-in appliances for one full year after close. A home warranty will pay to repair or replace a covered item, allowing the homeowner to fund a small deductible rather than carry the full cost of repairs. It's an easy way to help ensure that unexpected ‘break downs’ don’t also break a family's budget.


To learn more about managing home maintenance costs with the Coldwell Banker Home Protection Plan, call 1-866-797-4788.


About Coldwell Banker®

Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of approximately 83,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
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