Quote:
Originally Posted by GGG
Did you add up your list? 5% on a 500k home is 25k per year. You’d pay for everything in your list by year 4. Over 50 years you could spend 250k on your home at 1% per year. Your list matches up pretty close to about 5k per year on a 20 year cycle to maintain your home in the condition it is today.
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But my list wasn't even exhaustive. I just rattled off a few examples off the top of my head. Kitchen cupboards and counters don't last forever. Toilets and sinks don't. Carpet, and tile, and linoleum don't. Plumbing leaks. Pipes burst. Doors wear out. Renovations need to be done to accommodate changing needs.
I know you don't need to do some of this stuff. I was at an estate sale yesterday where the house hadn't been upgraded since it was built in 1969. Well, now it will be gutted by the new owners because the old ones didn't stay on top of keeping it current. If you're not going to keep an updated home it eventually catches up to you in decreased value.