How much should we spend each year on home maintenance and repairs?
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It's a good question, and the Home Owners Association suggests an annual maintenance budget is equal to one per cent of your home's market value.
Factors such as your current circumstances, as well as the age and location of the property, might adjust the spending. Increases in the cost of trade labour and materials also play a part in overall upkeep.
"Regular maintenance not only protects a home's value but also saves time, money and stress," Rebecca Cardamone of Ace Properties Agency said.
"We often see preventable issues like water damage or mould that could be avoided with routine upkeep."
Allianz Australia surveyed customers to find out more about household spending on repairs and some common constraints.
The survey revealed that two in five households admit to taking a set-and-forget approach to maintenance, leaving their homes at risk of preventable damage and costly claims.
"We deeply understand that homes are more than just assets - they're where people build memories and feel safe," general manager Shez Ford of Allianz Australia said.
"Cost of living pressures are also taking a toll, with 35 per cent of homeowners citing financial strain and 32 per cent naming ongoing maintenance as a major source of stress.
"While insurance can help with sudden damage, wear and tear from neglect is typically excluded from most policies - meaning delayed maintenance could hit hip pockets hard."
Despite this, many Australians continue to prioritise aesthetics over upkeep, with many homeowners focusing on visual appeal and adding personal touches before routine maintenance.
"While a majority of homeowners report they understand the risks of neglect and almost nine in ten agree maintenance is worthwhile, about 40 per cent admit they don't maintain their homes regularly."
Ms Ford said it seems that less than 20 per cent of homeowners act when they remember necessary repairs, with some reporting they wait for someone else to prompt them.
"This reactive mindset often leads to expensive repairs - particularly from water leaks and roofing issues.
"That's why helping our customers protect their homes is so important to us. Through initiatives like our home care report, we're offering practical guidance that may help homeowners prevent costly damage and improve the maintenance of their homes."
Visit allianz.com.au to find out more about home care initiatives. Helpful advice including home maintenance budgeting can be found at homeownersassociation.com.au.
