One of my favorite moments in real estate is handing a buyer the keys to their new home.
After months of searching, negotiating, inspections, and paperwork, you finally get to walk into a house that's completely yours. It's exciting—and honestly, a little surreal.
But once the moving boxes are unpacked, reality starts to set in.
The dishwasher makes a funny noise. The HVAC decides to stop cooperating during Atlanta's hottest week of the summer. The garbage disposal jams.
Welcome to homeownership.
One thing I always tell my buyers is this: your mortgage is only part of what it costs to own a home. Every house—even brand-new construction—requires maintenance. Planning for those expenses ahead of time makes homeownership dramatically less stressful.
So...how much should you save?
There are two common rules of thumb homeowners use.
The 1% Rule
Plan to save approximately 1% of your home's value every year for maintenance and repairs.
· $500,000 home = about $5,000 annually
· $800,000 home = about $8,000 annually
This isn't money you'll necessarily spend every year—but eventually you'll need it.
The $1 Per Square Foot Rule
Another guideline is to save $1 per square foot each year.
For a 2,500-square-foot home, that's about $2,500 annually.
Personally, I tend to prefer the 1% rule, especially in Atlanta where many of our intown homes are older and have more character (which often comes with a little more maintenance).
New homes need repairs too
Even newer homes eventually need HVAC servicing, water heater replacement, exterior caulking, roof maintenance, gutter cleaning, appliance repairs, paint touch-ups, and landscaping work. Nothing lasts forever. The goal isn't to avoid maintenance—it's to be financially prepared when it happens.
Maintenance vs. emergency repairs
Routine maintenance includes expected upkeep like HVAC service, touch-up painting, plumbing fixes, and appliance maintenance. Emergency repairs include burst pipes, roof leaks, electrical issues, HVAC failures, and water damage.
I personally keep one dedicated home maintenance fund and allow it to grow over time rather than separating emergency and routine savings.
The repairs you'll probably face
Common repairs include plumbing leaks, garbage disposal issues, worn faucets, electrical repairs, water heater replacement, HVAC repairs, exterior wood rot, and fence or gate repairs. None of these mean you bought a bad house—they're simply part of owning one.
DIY or hire a professional?
I'm all for learning new skills and tackling small projects yourself. But if the repair involves electrical work, gas lines, structural concerns, roofing, or anything that could create a safety hazard, call a qualified professional.
My advice to every new homeowner
Buying the house is only the beginning. The homeowners who enjoy their homes the most aren't necessarily the ones who never have repairs—they're the ones who planned for them.
If you consistently set aside around 1% of your home's value each year, you'll be in a much better position when an unexpected repair arrives. Future you will be incredibly grateful.
Thinking about buying a home in Atlanta?
Whether you're relocating to Atlanta, buying your first home, or moving across town, my goal isn't just to help you get to the closing table—it's to help you feel confident long after closing day.
Follow me on Instagram @laurenbowlingatl for Atlanta neighborhoods, homeowner tips, design inspiration, and behind-the-scenes real estate advice.
Ready to buy or sell? Visit LaurenBowlingATL.com or reach out anytime. I'd be honored to help you make your next move.
