I currently rent and am saving for a house. I'm not sure if I'll get one soon, but I'm saving for an eventual purchase.
I've fully funded 6 months of an emergency fund, and seem to have funded my initial expenses for puchasing a place (lawyer's fees, land transfer taxes, basic furniture, etc). Now I'm thinking about a repair fund.
I think this will be a good idea, and it's easier to save for now while I have lower expenses. But, while there are lots of information on how much you should save in an emergency fund, there isn't much on how much one should save for a repair fund.
What would people suggest? I read somewhere you usually spend 1% of the value of your house each year keeping it up. I'm sure there are lots of folks here with lots of experience on keeping a house in good shape. Any thoughts would be fantastic!
Thanks!
I've fully funded 6 months of an emergency fund, and seem to have funded my initial expenses for puchasing a place (lawyer's fees, land transfer taxes, basic furniture, etc). Now I'm thinking about a repair fund.
I think this will be a good idea, and it's easier to save for now while I have lower expenses. But, while there are lots of information on how much you should save in an emergency fund, there isn't much on how much one should save for a repair fund.
What would people suggest? I read somewhere you usually spend 1% of the value of your house each year keeping it up. I'm sure there are lots of folks here with lots of experience on keeping a house in good shape. Any thoughts would be fantastic!
Thanks!