Post # 1
Thanks to generous gifts after we closed on our home, my husband and I have a great deal of cash on hand at the moment (more than our down payment in fact). Obviously we intend to establish a maintenance fund to handle situations like things breaking (we already had a ceiling fan break on us) or normal wear and tear. There shouldn’t be too much right away because most things are new or newer (roof, carpets, appliances, boiler).
There are some “fun” things I would like to do, mostly landscaping and painting which are not very expensive, but I WOULD like to put about 200 sq feet of hardwood in, in a couple years when the carpet in the dining room starts looking “used.” I’d also love to get ahead on our mortgage by a year or so. How much do you keep in your “house” fund?
Post # 3
None! My husband bought a fixer upper before we met. It’s fixed up for the most part. We work on things as we go. Next month, we’re finishing up the downstairs/basement/garage/laundry area. We’ve been working on the backyard slowly. We got a new deck, fence and patio in the past 6 months. We’ll get it landscaped someday… We just work on things whenever we have extra cash.
Congratulations on the house and good luck!
Post # 4
We don’t really have a dedicated house fund. We always just keep a general buffer in our accounts to cover unexpected expenses – whether they are house expenses, car repairs, medical bills, etc.
Post # 5
I also don’t have a dedicated fund for my house. I put $1k a month in savings, so if something comes up, I usually just put less money into savings. My house is completely renovated, so I only put out money for my house if something breaks, which is very rare thankfully.
Post # 6
- Wedding: October 2011 - Bed & Breakfast
We have our 6 month emergency fund fully stocked at all times for anything expensive (more than $1500) and unexpected. We also have a dedicated house fund for planned expenses. Right now we are saving in that fund for numerous big ticket projects and items. So we’re well over the $10k mark, but that’s what we get for buying a house in need of significant updates.
Post # 7
We put away $100 a month for house maintenance and repairs. It has added up to a little over a grand, although if there is something really specific we want or need (just bought a new washer and dryer) we’ll wait however many months it takes to save up for the item.
Post # 8
Don’t really have a house fund. We have an emergency fund that’s stocked up, and we put aside $250 a month just for household stuff like paint, decorating, etc. But since we just got the house in January we have tons to do to it. Generally we just wait to see what we have at the end of each month for surplus after all our bills, spending, etc is paid (which is generally $10k) and then figure out what we want to do it with it – use some towards more household things like redoing the bathroom, investments, etc. So, that’s where we get the $.
Post # 9
We don’t have a separate house fund. We have one large e-fund and savings. If we want to do a home project, we look at what we have in savings, what other expenses we have coming up, and whether or not it will put us below our level of comfort. (We have an agreed upon amount of money we never go under). If it doesn’t, and we both want to do it, we do!
Post # 10
Personally, I’d figure out how much the things you want to do will cost, then keep a bit of a buffer and drop as much as you can into the mortgage. Given that the cash you had was more than your downpayment, you should be able to save a LOT of money on interest.
The payments at the beginning are also the ones that are the most interest, so you will really notice a principle paydown’s effect.
Make sure that your mortgage has the flexibility to allow you to do that without any penalities, too.
Post # 11
Our home maintenance fund = our emergency fund. We aim to keep about 3 mos of mortgage payments in there, and it is really there in case either of us loses a job (which is doubtful, and that I am grateful for!). We really use it for things like when our A/C went out a couple weeks ago, or any car repairs that we need. We pay for our home projects out of our weekly paychecks, but they have been small projects so far. Luckily, our house is in great shape and will probably only need a new A/C unit in the next few years. By then we should have much more in savings. Oh, and we plan on making one extra mortgage payment a year starting next year, which will be paid for with my husband’s bonus.
*Also, we only bought our home 8 months ago, so we are still re-bounding our savings fro the down payment, moving expenses, etc.
Post # 12
We put aside $500/mo for “house stuff.” That is supposed to include everything we buy to decorate or fix up the house. We’re planning to do floors, trim, doors, appliances, and some painting in the upstairs within the next year, and it will take us that long to save up the money to do it. Thanks to wedding gifts we already have a few new appliances and the flooring stacked up in the garage. In the summer I use that money to buy flowers and stuff for my gardens.