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Reply to "House downpayment: How low would you let savings go?"
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[quote=Anonymous]My mother, the realtor suggests that for a house that is less than 10 years old, plan for up to 1% of the house value in first year or so of maintenance. For a house more than 10 years old, plan for up to 3% of the house value in the first year or so of maintenance. This can be liquid or if you calculate your mortgage and salaries, you can include the money that you will save from your salary after paying for basic expenses. So if you buy a house worth $500K, older than 10 years, plan for about $15K in expenses. That could be $8K in cash and $7K that you expect to save in the first 12 months. Now, being in my third house, I think it's a pretty good evaluation of what to expect. Not necessarily what will happen, but what could happen. [/quote]
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