Red Bow Realty

🏡 New Year Resolution: The '1% Rule' for Homeowners ⁣
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As we kick off the new year, here's a smart financial resolution that can save you stress and money down the road: the 1% Rule. ⁣
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What is it? Financial experts recommend setting aside 1-3% of your home's value each year for maintenance and repairs. This proactive approach helps you avoid being caught off guard by unexpected expenses like a failing HVAC system, roof repairs, or appliance replacements. ⁣
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Here's how to make it work: ⁣
• For a $300,000 home, that's $3,000–$9,000 per year ⁣
• Break it into monthly savings: $250–$750/month ⁣
• Keep it in a separate savings account labeled "Home Maintenance Fund" ⁣
• Use it only for home-related repairs and upkeep ⁣
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Newer homes might lean toward the 1% end, while older homes often need closer to 3%. Either way, you'll have peace of mind knowing you're prepared when something needs attention. ⁣
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This simple habit can protect your investment and keep your home in great shape for years to come. ⁣
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Let us know in the comments ⁣