A progress photo of a deck rebuild for a client living on beautiful Okanagan Lake

Many of our clients aren’t sure where to begin. They know that, like many Canadians, their home is their most valuable asset and they should maintain it. But how much money should they invest annually in maintenance and improvements? And what is the most efficient way to spend the money they’ve budgeted to keep their home safe and looking great?

First and foremost we recommendestablishing a budget and a plan that meets your individual circumstances. One way to approach planning is to consider the 1% rule: plan to spend about 1% of the market value of your home each year on maintenance. So if your home is valued at $300,000 plan to invest $3,000 annually. You are likely, however, to spend less than this some years and more on other years as particular situations arise and your home ages.

Plan for the major and necessary repairs first. This means ensuring your hot water tank or your roof hasn’t exceeded its recommended lifespan, for example.

But what if all your necessary repairs are done, what should you prioritize to keep your home looking it’s best for your personal enjoyment? Or if you are planning to sell, what should you do to make it more appealing for potential home buyers?

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