Beyond regular home maintenance, homeowners must tackle major repairs from time to time. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and a recent survey found that 88% complete at least one major repair a year. These major home repairs bump up the average yearly cost of home maintenance. As a rule-of-thumb, homeowners should budget 1%-3% of their home’s value a year for home maintenance. Alternatively, you can use the “square footage rule” which advises homeowners to budget $1 per square foot of their property per year for home maintenance. Check out below to see what sold in Chase Farms in October 2021:
42913 Ashbury Drive, Novi: 4 bedrooms, 3.1 bathrooms, 2,666 sq. feet, 2.5 car garage, Sold Price: $523,500
Chase Farms Home Sold
October 2021
43038 Oxford Court, Novi: 5 bedrooms, 3.1 bathrooms, 2,868 sq. feet, 2 car garage, Sold Price: $602,000
Chase Farms Home Sold
October 2021
On a final note, if you live in an area with natural disasters, your average annual home maintenance may increase due to related repairs. It’s critical to have natural disaster insurance to cover these costs. Homeowner’s insurance policies typically don’t cover damage caused by uncontrollable events like earthquakes, floods, or tornados. For more information on Chase Farms, or similar Northville or Novi neighborhoods such as Brooklane Ridge, Willowbrook Farms and Bradford of Novi, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.