How much to budget for the regular upkeep of a rowhouse?

Some years, $2,500 will be too much but others it could be too little. I’m more comfortable with a $5,000 emergency cash fund. Also, as you go through your reno, you’ll discover whether you want to work with your GC and subs again. And whether they will have any interest in doing small jobs. Develop a team of tradespeople you can call on: plumber (probably the most important), electrician, carpenter, roofer, outdoor mason, ironworker etc. You will find that many electricians don’t like to fix someone else’s work. So try to build a good relationship with the electrician who rewires your house and will know where everything was run. This is true across the board but especially with electricians.

NeoGrec

in Renovation 9 years and 11 months ago

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mario71 | 9 years and 11 months ago

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Hi guys, I’m appealing to the wisdom of those who have owned a house for decades to help me budget for the upkeep of my house for, hopefully, many decades to come. I recently purchased a circa-1910 2 family rowhouse in Bay Ridge that is in reasonably good shape. I’m waiting for DOB permits to start a substantial reno, after which I intend to live in the house and also rent out a floor. Assuming that I start with all new mechanicals (electric upgrade, new boiler, new roof, etc) and that I also take precautions to prevent water infiltration (correcting pitch in patio and rebuilding basement window sills, checking the cornice, etc) how much money should I set aside for unavoidable structural repairs (new roof in 10 years? brick re-pointing in 20? stoop repair in 15? any other things?). How much extra should I set aside for periodic interior renovation? What about a general emergency fund? I know I’m asking for a lot of info, so thanks for any advice.

Augustiner | 9 years and 11 months ago

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don’t worry – after you’re done with the renovation you’ll have no money anyway to set aside. What I mean to say is that you should focus on the next months and not what might be in 20 years.

cmu | 9 years and 11 months ago

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Haha! But seriously, I calculate $2500/year for minor emergencies, maintenance, roof-repair, re-pointing, sidewalk fixing, appliance renewals (w/h, boiler), painting over 20years. 4-floor brownstone.