Does anyone have any good ideas/estimates/sources for how my wife and I should budget for upkeep of the flat we've just bought and moved into.
Most of the "hidden costs of home ownership" articles are actually about things like paying utilities bills (we already paid those in our last rental), parking permits (we don't drive), service charges (well, obviously! We treated those as a component of the mortgage payments for budgeting).
I'm interested in how we should budget for things like:
- Repairing/Replacing the boiler/washing machine/dish washer when it breaks.
- Employing plumbers/electricians to fix things like a leak or a socket that died.
- Repainting now and then.
- Maintaining Furniture/curtains/general furnishings.
Obviously all of these costs are wildly variable per-month, and even per-year, so it would clearly be a case of assigning a certain amount per month to be put in a "house upkeep" budget pot that is intermittently dipped into to pay for such events.
But how do we go about choosing that monthly figure? Is is just a case of "guess, double it, and hope it works out ... and review it intermittently to judge whether it needs increasing".
There are obviously two very separate parts to this question: * What sort of figures are a sensible estimate for those costs? and * if I have an estimate, how should I apply that to our monthly budgetting?
For this forum, I'm asking the SECOND question. If I got good figures for estimates of these various tasks, what thoughts do people have on how to apply those figures to budgetting.
I shall post the same context in the Personal Finances forum, to get answers to the FIRST question. Please attempt to keep answers in on topic in the relevant forum, to placate the moderator gods.