Homeowners spend a lot of money when it comes to their property. Insurance utilities, property taxes, mortgages, and even Do It Yourself projects. Unlike a person renting a house, it is your sole responsibility to manage your home, plan for breakdowns, remodel, renovate and repair. It has led many people to ask an important question: How much should I budget for home repairs?
An excellent place to start is the 1% rule that posits that a homeowner should save at least one percent of your property’s purchase price to accommodate repair costs. The stage and age of your house are other determining factors that help when setting a repair budget. Note that there are no one-size-fits as regards these issues.
Another pressing question is: What is the cost of the average home repair? Here’s a breakdown of the cost for a typical home repair:
- The Price to repair a faulty toilet fill valve
If you hear an irritating sound of water constantly draining and filling the tank of your toilet, then your toilet’s fill valve is probably broken. A plumber can repair it for you or do it yourself with the necessary tools. However, plumber rates are different; budget around $50-200 dollars for the expertise of this professional. Doing it yourself is free! Also, the cost of materials for this issue is about $11 to $23, depending on your location.
- Cost of Replacing a Ceiling Fan
The functioning of ceiling fans deteriorates with use. Blades wrap, fashion changes, and the fan motor can burn out. Replacing a ceiling fan is usually not an issue because the switch of the fan controls, the ceiling box, and wiring are already present. You need to pay for the professional’s labor, who is usually an electrician, and then the cost of a new ceiling fan fixture. For work, budget between $50-200 dollars while materials should be between $54 and $1000. It largely depends on the fan model chosen.
- The cost of repairing a broken or cracked tile
Although tiles are long-lasting and rigid, sometimes they crack. This usually occurs when something heavy drops on it. Replacing damaged tiles involves a professional removing the destroyed tile, scraping off old bonds, regluing the new tiles to the floor, and then putting new grout. A handyperson, on average, will charge between $30 to $350 depending on your location and the extent of work. As for materials, budget between $1 to 30 dollars per foot. Some tiles are pricier than others.
- The cost of fixing a light switch with a fault
Light switches spoil because of wear and tear or some electrical failures. Either way, this particular home repair is relatively easy. An electrician is needed to shut down power, remove the faceplate of the switch, substitute the light switch with a new one, or tighten cables and wires. This doesn’t take much time. An electrician averagely charges between $50 to $100. For materials, it is recommended you budget $1 to 7 dollars for a single pole light switch.