Building Research Association of New Zealand (BRANZ) economist Ian Page said in an article published in Build magazine that for a stand-alone dwelling, an average annual maintenance expenditure of between 0.5 per cent to 2 per cent of the value of the home is about right. For a NZ home worth around $100,000 (rateable value without the land), that’s around $500 to $2000 each year, just to keep your property in good shape.

• A survey suggests that NZ property owners are prolonging maintenance on their homes – and it’s likely to cost us more in the long run,  the survey found that most homeowners are spending less than the above figure, so the state of their homes is slowly depreciating.  And, as time goes on, the cost to put things right will only increase.

• The 2015/16 BRANZ House Condition Survey (HCS) of 560 homes looked at the cost of needed repairs to 26 different building components, in order to bring each home to like-new condition. The survey found that the average cost of required maintenance on the homes they assessed was about $13,000 per house. That amount was generally higher for rental housing and lower for owner-occupied properties. Around half of the $13,000 was needed for ‘serious repairs’ – specifically, to restore the exterior doors, windows, cladding and the roof in order to maintain weather-tightness.

• According to BRANZ research, it takes about 10 years of deferred maintenance for a home to go from ‘excellent’ to ‘good’ condition. Another decade of neglect, and a typical home will go from ‘good’ to ‘average’. Five years later, with no maintenance, the house will be in ‘poor’ condition; and just two years after that, odds are it will be ‘serious’.

Read the original source article here

Stay tuned for the latest property news summaries and information, sent to your inbox fortnightly Sign up now

Share Post