What is the Average Monthly Home Maintenance cost?

The average monthly home maintenance cost is not fixed but is around 1% to 2%. It is usually calculated per unit, like Rs 2, Rs 3, Rs 4, or so on per sq ft. So if your house is 1,200 sq ft, you can take Rs 2 per sq ft as the maintenance cost, which will be around Rs 2,400 per month. Now this is the expected maintenance cost, but there is a concept of unexpected maintenance cost as well, so you can learn about it here.

What is the Average Home Maintenance Costs per Month?

The average cost of home maintenance per month usually remains between Rs 2 and Rs 5 per sq ft. This is however the expected maintenance cost, but what if your property requires renovation or gets seriously damaged? In that case, you can allot 1%- 2% of your property value as maintenance. So for your Rs 80 lakh property, the unexpected maintenance cost will be around Rs 80,000. 

But you do not need to go by this rule. Maintenance costs are unexpected and cannot be determined beforehand. You better save money and address damages ASAP to prevent excessive expenses. I hope I have been able to clarify what should be the average house maintenance cost per month.

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The monthly expenditure for the upkeep of the property is known as the house maintenance cost per month. This covers upkeep of the building and the facilities. Being a homeowner, I have to pay maintenance fees for my property.

What is the Average Maintenance Cost for House?

I am aware of 2 types of home maintenance;

• Expected Maintenance Costs:

The average cost of maintenance on a house is usually computed on a square foot basis, e.g., Rs. 2, Rs. 3, or Rs. 4 per square foot. 

A Rs. 50 lakh house with 1,000 square feet of carpet area and Rs. 3 per square foot in maintenance would cost Rs. 3,000 a month.

• Unexpected Maintenance Costs:

Unexpected home maintenance expenses including damages, repairs, and renovations are impossible to plan for. You can, however, manage and set aside money for these costs. Generally speaking, one should set aside 1% to 2% of the home's total cost for maintenance. 

For instance, for a Rs. 50 lakh property, you can  set aside Rs. 50,000 for house maintenance cost per year.

Being a homeowner, I can say that emergency maintenance, where the issue must be resolved right away, is the most expensive kind of maintenance.

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Home maintenance costs refer to the expenses incurred by homeowners to keep their residential property in good condition and functioning properly. It includes repairs, routine upkeep, and the cost of utilities and services necessary to ensure the safety, comfort, and longevity of the home. Calculating the average home maintenance costs per month is tough but on average for a mid-segment complex, it could be around Rs 3.5 to Rs 4 per sq ft per month. 

What is included in the maintenance cost?

Maintenance comprises the

• Common area costs

• Diesel generator costs

• Landscape maintenance costs

• Cost of maintaining the amenities like swimming pool, gym, library and others

• Annual maintenance cost

• Sewage treatment costs and more

It is determined by the locality itself so one cannot say what will be the average monthly maintenance cost for a house as it varies from one locality to another.

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When you purchase a property, you shouldn’t consider only the ‘ask’ price, but also the attached maintenance cost. As per a standard rule of thumb, you should keep aside, at least, 1% of the purchase price of your home each year towards home maintenance costs. In this answer, I will tell you about the estimate home maintenance costs including the home lift maintenance cost.

Maintenance cost is the cost that is incurred every month for the property’s upkeep. This includes the building’s maintenance as well as the amenities.

Just like other assets like mobile phones, vehicles, etc., the property’s value also depreciates with time. Hence, the maintenance cost helps to balance the depreciation values as it is directly proportional to the property’s age. The older the house, the more maintenance costs you will have to pay. The older buildings face more wear and tear, which leads to frequent maintenance that results in a rise in cost.

The maintenance cost of a home depends on the type of project invested. The average maintenance cost of a mid-segment apartment complex can be approximately Rs. 3.50 to Rs. 4.0 per square feet per month. The same for luxury houses would be more. It depends on several factors such as the availability of groundwater, kind of amenities, the extent of the landscape, etc. Generally, the more amenities complex homes, the higher the maintenance cost.

Home Lift Maintenance Cost

Generally, the maintenance of a manual lift costs around Rs. 10000 and automatic ones cost around Rs. 20000 to Rs. 25000. This may vary as per the model and make.

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Now you know about the estimate home maintenance costs. Including the average home lift maintenance cost.