Freddie Mac and other authorities say as part of your home financial plan, you should be prepared to spend 1% to 3% of the market value of the home annually on maintenance. To be extra-prudent, open a savings account and make regular payments until your account reaches 1% to 3% of your home’s current value.
To help you budget: Keep a log of your major appliances’ age so you can estimate when they’ll need replacing. Some estimated life spans:
Roof: 20-25 years
Heating systems: 15-20 years
Range/ovens: 11-15 years
Water heaters: 8- 13 years
Then get estimates on what replacements will cost and start saving.