How much should I budget for annual maintenance on my vacation home?
I am a writer in Chicago working on a how-to guide for vacation home buyers, and am looking for a ballpark figure on how much a homeowner should spend on maintenance if they do not plot to occupy the property year-round. I will answer all questions. Thank you.
Have a look at these auctions on eBay:
Harry's Vacation or Philosophy at home By William C. Richards A.M.
 | US $5.00 (0 Bid) End Date: Sunday Feb-12-2012 16:23:27 PST Buy It Now for only: US $10.00 Bid now | Buy it now | Add to watch list |
FISHER PRICE LOVING FAMILY BEACH VACATION MOBILE HOME NEW
 | US $42.00 End Date: Sunday Feb-12-2012 16:27:15 PST Buy It Now for only: US $42.00 Buy it now | Add to watch list |
NEW 50+ VACATION HOMES HARDCOVER ENGLISH
 | US $68.88 End Date: Sunday Feb-12-2012 16:54:15 PST Buy It Now for only: US $68.88 Buy it now | Add to watch list |
New property 1% of the value of the property.
Older in excellent shape 3% to 4%
Older in terrible shape 10%
Money not spent should be saved for pending repairs.
Roof, water heater, furnace, AC etc…..
I’m a proprerty manager in St Thomas, Virigin Islands,a master shipwright, have place in a few dozen kitchen and baths in Philly and Boston……..so, the answer is ………..depends.
Where is the property? Close to the ocean? Where it snows like ^%# in the winter or is hot like *&^%$ all summer? New build lets get it done quick and slap a coat of paint on it or built by someone who really cared about their craftsmanship? All those imponderables aside, figure someone who knows which end of a hammer to hold swinging by once a week when the property is vacant and making sure the pipes havent burst or racoons went in…$50 bucks a visit? To really do something when they are there? Lets start at $50 an hour for a excellent handyman with truck and tools..for a reference point, our condo community charges $250 a month for maintainence of common areas for those who own a 1 bedroom here, up to 460.00 for a three…..$350 to change out a water heater, $150 p&l to change a screen door…so, in terms of percentage…maybe 1% a year of the buy price of a free standing home just to to upkeep, NOT repairs or improvements………
125,000.00