Question 7 of 10 How much should you save each year for maintenance on your home? $500 Whatever your home inspector recommends 7% of your gross income At least 1% of the purchase price
Question 7 of 10 How much should you save each year for maintenance on your home? $500 Whatever your home inspector recommends 7% of your gross income At least 1% of the purchase price
See explanation
Explanation:
According to the one percent rule you set aside at least one percent of you home's value every year for you home's maintenance.
At least 1% of the purchase price
Explanation:
The 1% rule is a popular practice that estimates that 1% of a house´s purchase price should be expected to be required for maintenance every year. This is the case for a house that is less than five years old. Houses between 5 and 25 years old could range between a 1 and 4% annual maintenance budget, depending also on its location, the market, its size, and the impact of the weather.