Home maintenance is a constant for retired homeowners, with a recommended budget of 1% to 4% of the home’s purchase price for annual upkeep. Newer or renovated homes typically require closer to 1%, while older homes may necessitate around 4%. For a $200,000 home, this translates to budgeting between $2,000 and $8,000 annually. Planning for unexpected expenses is crucial for those living on a fixed income, ensuring financial readiness when larger costs arise.
