Maintenance reserve for homeowners
The Association of Private Home Builders (Verband Privater Bauherren) relies on a simple rule of thumb to determine the optimal amount. "Our recommendation is to set aside one euro per square meter of living space each month," says association spokeswoman Eva Reinhold-Postina in an interview with zuhause.de. Other experts also strongly advise building a financial cushion for any repair and maintenance expenses.
How much money homeowners should set aside as a maintenance reserve
One should regularly save a fixed amount, agrees Karsten Eiß from the Bausparkasse Schwäbisch Hall. "The amount depends on the age and size of the property." Eiß refers to a recommendation from the Federal Ministry of Building, which suggests annual reserves in the following amounts:
[*]for houses up to 5 years old: 4 euros per square meter
[*]for houses up to 10 years old: 6 euros per square meter
[*]for houses up to 15 years old: 7.50 euros per square meter
[*]for houses from the 16th year of construction onward: 10 euros per square meter