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Home Buying

Home Maintenance Costs for First-Time Buyers

Key Takeaways

  • First-time buyers should expect to spend 1–3% of their home’s value annually on maintenance. 
  • Routine upkeep includes HVAC service, gutter cleaning, lawn care, pest control, and seasonal tasks. 
  • Unexpected repairs — like roof leaks or appliance breakdowns — can add significant costs. 
  • Home age, condition, and location influence how much you’ll spend each year. 
  • Preventative care and a mix of DIY and professional help can keep costs under control.

Home Maintenance Costs for First-Time Buyers

Buying a homeis an exciting milestone, but many first-time buyers underestimate the ongoing costs of keeping their property in good condition. Beyond the mortgage and taxes, maintenance plays a huge role in protecting your investment and ensuring long-term comfort.

This guide explains what first-time buyers in Minnesota— and beyond — can expect when it comes to home maintenance costs.

Why Should First-Time Buyers Budget for Maintenance?

Homes require consistent upkeep to remain safe, efficient, and valuable. Unlike renting, where landlords cover repairs, homeowners shoulder all responsibilities. Without proper budgeting, unexpected repairs can strain finances. Setting aside money for maintenance ensures you’re ready when the furnace stops working or the roof needs repair.

How Much Should You Set Aside Each Year?

A common rule of thumb is to budget 1% to 3% of your home’s purchase price annuallyfor maintenance.

  • On a $250,000 home, that’s $2,500 to $7,500 per year. 
  • Older homes or properties in harsher climates may require more. 

Minnesota’s weather extremes — from heavy snow to summer storms — can accelerate wear and tear, making adequate savings even more important.

What Routine Maintenance Costs Can You Expect?

Routine tasks often make up the bulk of yearly costs. First-time buyers should plan for:

  • HVAC service: Annual inspections and filter replacements 
  • Gutter cleaning: Prevents water damage 
  • Lawn care and landscaping: Regular mowing, fertilization, and tree trimming 
  • Pest control: Seasonal treatments to prevent infestations 
  • Snow removal: Equipment or services during Minnesota winters 

While these may seem minor, they add up quickly if not included in your budget.

What Are the Most Common Unexpected Repairs?

Even with routine care, surprise repairs happen. First-time buyers should prepare for expenses like:

  • Replacing appliances such as refrigerators or water heaters 
  • Fixing roof leaks or shingle damage after storms 
  • Plumbing or electrical issues 
  • Furnace or AC breakdowns during extreme seasons 

These repairs can cost hundreds or even thousands of dollars, making an emergency fund essential.

How Does the Age of a Home Affect Costs?

The age and condition of a property strongly influence annual maintenance:

  • Newly built homesoften have lower costs initially, thanks to warranties and modern systems. 
  • Older homesmay need frequent repairs, such as new roofing, upgraded wiring, or plumbing replacements. 
  • Renovated propertiesmay reduce some costs upfront but still require steady upkeep. 

Understanding your home’s age and condition will help you set a realistic budget.

How Can First-Time Buyers Reduce Maintenance Costs?

You can lower expenses by being proactive:

  • Perform seasonal checks on your home’s systems. 
  • Replace air filters and smoke detector batteries regularly. 
  • Seal windows and doors to reduce heating and cooling costs. 
  • Learn basic DIY fixes for small repairs. 
  • Invest in preventative maintenance, which is cheaper than emergency repairs.

Should First-Time Buyers Hire Professionals or DIY?

Some tasks can be handled on your own, like painting or changing filters, but others require licensed professionals. Electrical, plumbing, and roofing work are best left to experts to avoid safety risks and costly mistakes. A balanced approach — DIY for small jobs and professionals for bigger tasks — helps keep costs manageable.

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What Role Does Location Play in Maintenance Costs?

Minnesota homeowners face unique challenges due to climate. Heavy snow, ice, and storms can mean more frequent roof inspections, higher heating costs, and regular driveway maintenance. By contrast, buyers in warmer regions may face more pest control or HVAC-related expenses. Location-specific factors should always be considered when budgeting.

Plan Ahead for Homeownership Success

Understanding home maintenance costs is key to being a successful homeowner. At Refined Lending, we don’t just help you secure a mortgage — we prepare you for the full financial journey of owning a home. Our team offers tools, resources, and guidance so you know what to expect after closing.

Contact Refined Lending todayand let us help you plan for a home that fits your budget, both now and in the future.