1% is the number I think of as well. I think you should expect up to 5% the first couple years of ownership on existing homes, because the previous owner may h

1% is the number I think of as well. I think you should expect up to 5% the first couple years of ownership on existing homes, because the previous owner may have cheaped out on non-cosmetic upkeep. Stuff shows up on pre-purchase inspection but its a 50 page document just letting you know the obvious - a bunch of the stuff in the house is old and may need replacement in the next 5-10 years. In the first year I ended up having to do 2% of home value in electrical&heating work and then another 5% in siding/insulation/drywall work to mitigate a slow leak. On the other hand I also found myself taking on 1% of value first year expense moving into new construction in a city where they leave certain things up to the purchaser (window dressing, running electrical for light fixtures) plus nice-to-haves like putting in quiet windows or closet organizers.