10 PRIVATE HOUSEHOLD MAINTENANCE BUDGET TIPS

10 PRIVATE HOUSEHOLD MAINTENANCE BUDGET TIPS

Maintaining a property can be expensive, especially if problems are not dealt with promptly by professional tradesmen. Here are 10 house maintenance budget tips which can help to reduce your overall household budget.

1.    Refurbishment and decoration: It is essential to understand the current state of the building as some materials are more durable than others. To keep the house looking fresh, you might need to regularly repair or redecorate the house. In some cases, replacement of old items can be cheaper than repair works. You should always compare the cost of proactive maintenance versus reactive maintenance.

2.   Interior cleaning: Besides regular cleaning expenses, you should also include the professional cleaning costs in the maintenance budget, including chandeliers, curtains, marble, carpets, mattress etc. These items often get missed.

3.   Exterior maintenance costs: It’s not just the interior that requires your attention. Issues with the façade, such as missing roof tiles, cracks, spalling etc. can expose the building to water leaks, which can cause extensive damage and expensive repairs in the long run. Don’t forget regular guttering and roof cleaning as well as window cleaning and repairs.

4.   Contractor assessments: Review your current contractors. Ask them to evaluate the building components and provide the maintenance quotation. Reach out to their reputable competitors and ask for their estimate too. Compare, negotiate and save money.

5.   Compare utility suppliers: Review and compare the best utility suppliers at least once a year. The utility supplier market is very competitive. You can shave pounds off the household bills.

6.   Set priorities: Following the contractor assessments, you can decide what needs immediate attention, what can be done in a few months’ time and what in the next few years.

7.   Prepare the contingency budget: It’s impossible to know 100% what can happen to any property in the coming budget year. You should have the funds for those items that come up unexpectedly. You can set aside an amount based on the history of repairs in previous years.

8.   Prepare next year’s project list: Request a meeting with the principals to go over the projects, prioritising the most critical and expensive first. The owners should have a clear picture of the benefits as well as implications of not placing a particular project.

9.   Update maintenance plan: It is crucial to follow the maintenance plan and update it regularly. You should include any essential work that might come up during the next year and plan your maintenance and budget accordingly.

10. Your time: Most owners and people running their family offices overlook this part of the household budget. The precious time you put into the household maintenance and management adds to the overall budget. In some cases, when you don’t have a full-time building manager, it is worth investing in a bespoke property management company.

© 2020, Top Household Management Ltd

Maintaining a property can be expensive, especially if problems are not dealt with promptly by professional tradesmen. Here are 10 house maintenance budget tips which can help to reduce your overall household budget.

1.    Refurbishment and decoration: It is essential to understand the current state of the building as some materials are more durable than others. To keep the house looking fresh, you might need to regularly repair or redecorate the house. In some cases, replacement of old items can be cheaper than repair works. You should always compare the cost of proactive maintenance versus reactive maintenance.

2.   Interior cleaning: Besides regular cleaning expenses, you should also include the professional cleaning costs in the maintenance budget, including chandeliers, curtains, marble, carpets, mattress etc. These items often get missed.

3.   Exterior maintenance costs: It’s not just the interior that requires your attention. Issues with the façade, such as missing roof tiles, cracks, spalling etc. can expose the building to water leaks, which can cause extensive damage and expensive repairs in the long run. Don’t forget regular guttering and roof cleaning as well as window cleaning and repairs.

4.   Contractor assessments: Review your current contractors. Ask them to evaluate the building components and provide the maintenance quotation. Reach out to their reputable competitors and ask for their estimate too. Compare, negotiate and save money.

5.   Compare utility suppliers: Review and compare the best utility suppliers at least once a year. The utility supplier market is very competitive. You can shave pounds off the household bills.

6.   Set priorities: Following the contractor assessments, you can decide what needs immediate attention, what can be done in a few months’ time and what in the next few years.

7.   Prepare the contingency budget: It’s impossible to know 100% what can happen to any property in the coming budget year. You should have the funds for those items that come up unexpectedly. You can set aside an amount based on the history of repairs in previous years.

8.   Prepare next year’s project list: Request a meeting with the principals to go over the projects, prioritising the most critical and expensive first. The owners should have a clear picture of the benefits as well as implications of not placing a particular project.

9.   Update maintenance plan: It is crucial to follow the maintenance plan and update it regularly. You should include any essential work that might come up during the next year and plan your maintenance and budget accordingly.

10. Your time: Most owners and people running their family offices overlook this part of the household budget. The precious time you put into the household maintenance and management adds to the overall budget. In some cases, when you don’t have a full-time building manager, it is worth investing in a bespoke property management company.

© 2020, Top Household Management Ltd

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