Property owners can expect to spend around 1% to 4% of their property value on maintenance annually. So, for example, if your property is worth $200k, then you should probably save anywhere between $2,000 to $8,000 to spend on annual upkeep.
Another way to anticipate maintenance costs, is the $1 per sq ft rule. If your property is 1500 sqft, then you would be looking at approx. $1500/year for annual maintenance.
Skimping on these costs may lead to depreciation of the property's value. Now, you don't have to paint the exterior, replace the roof, or upgrade the furnace every year, however, you should be prepared for the unforeseen happening, such as losing air conditioning on the hottest day of the year.
It is difficult to put an estimated "expense range" on repairs, since the specific age and location of the house makes each property unique (different climates can have varying impact on the siding, for instance.)
Landlords should be saving approx. 20% of the monthly rent for those repair expenses, or make sure you have a safety net for these expenses.
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