PROPERTY GUIDE

How to Build a Property Maintenance Budget

A practical maintenance budget combines recurring service costs, expected replacements and a contingency reserve.

List work that occurs monthly, seasonally and annually, including safety-device testing, leak inspections, HVAC filters and servicing, drainage, roof and gutter inspections, exterior sealants, landscaping, winterization and plumbing checks. Assign responsibility, target dates and realistic local costs.

Separate maintenance from capital replacements

Routine maintenance keeps systems operating; capital planning prepares for larger replacements such as roofing, heating equipment, windows and appliances. Estimate remaining useful life and current replacement cost for each major component, then build a reserve contribution into the annual budget.

Update from actual results

Record the completed date, vendor and actual cost. Review recurring variances and adjust the next budget. Property age, construction, climate and tenant use all affect maintenance needs, so a percentage-of-value allowance is only a starting point.

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