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Recent renovations to The Lincoln Memorial Reflecting Pool were supposed to leave it shining a majestic “American Flag Blue” ahead of America’s 250th birthday (1). Instead — and perhaps more appropriately, given the situation — algae growing in the Washington landmark since the makeover has tinted it more money green.
Worse, the new blue paint is already peeling, leading President Donald Trump to announce that contractors “will probably be forced to release and drain much of the water in order to do the necessary repairs, but will have them done as quickly as possible (2).”
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The announcement of further repairs, for which no cost was revealed, comes after the Trump administration already spent between $14 million and $16 million, roughly, on the Reflecting Pool makeover (3) — which itself drew criticism for the inflated cost of the no-bid contract awarded for the work completed earlier this month. Trump himself originally touted a $1.8 million price tag for the renovation (4). The White House declined Moneywise’s request to comment, while neither the Department of the Interior nor the National Park Service replied to the request as of publication time.
Without evidence, Trump put the blame for the Reflecting Pool’s paint problems on knife-wielding vandals (5) — with police even arresting one bystander who says he simply touched a piece of peeling paint (6) — while the administration insists they’re cleaning out the dead algae (7).
But as the pool continues to glow green, it offers homeowners an opportunity to reflect on the cost of house renovations and ongoing maintenance — and how much it can balloon when things go wrong.
Renovation and maintenance risks can blow up your budget
Consumer financial services company Synchrony released a sobering report about home maintenance in March. They found that, while U.S. homeowners peg lifetime maintenance costs for their homes at around $70,000, the actual average number is closer to $339,000 (8).
It’s a miscalculation that could cost you big time — especially when you take renovations into consideration. As with the Reflecting Pool situation, it’s not a good idea to assume a renovation has solved a problem — or won’t lead to new ones, and their associated costs.
Take, for example, installing a new marble countertop. They look luxurious and can even increase the value of your home. However, they’re expensive, and they stain and scratch easily, potentially leading to a need to replace them (9).
Other experts point to home renos such as doorless showers, which offer a sleek, modern feel but can lead to long-term moisture damage (10).
Inground pools, meanwhile, can cost up to $12,000 a year, depending on your location, in water and electricity bills, maintenance and possible repair costs (11).
And even fixes as simple as adding a fresh coat of paint, or installing new floors, can lead to chipping and peeling, sunken floors, and mold and mildew growth if not done right (12).
Then, of course, there’s the regular costs of upkeep. Real estate agent Ryann Brier, in an interview with Realtor.com, explained that owners of a $300,000 home should budget $500 monthly for maintenance costs. Even if they don’t need the money at the moment, she added, necessary repairs like a new roof eventually pop up, requiring tens of thousands of dollars to be paid out at once (13).
And a June survey by Talker Research found that, while about 50% of homeowners plan to stay 12 years longer in their home than expected based on the economy, the majority haven’t looked in on the state of their plumbing, electrical or HVACs in the past year (14). This demonstrates that budgeting accordingly for what could go wrong — either via a renovation mishap, or simple wear and tear — is all the more important.
How to budget for repairs and renos
Real estate agent Tom Markiewicz is among the experts who agree with the idea of saving 1% to 4% of your home’s value annually for maintenance and repairs, while noting that various factors can cause that number to fluctuate (15).
That includes the age and quality build of a home, the type of climate it’s built to endure and how well you managed the upkeep (13). After all, as one expert told Better Home and Gardens, “A $300 gutter repair ignored for a couple of seasons can easily turn into a $5,000 water damage job.”
To get a better idea of how much you need to save annually, real estate platform Honest Casa suggests making a checklist of exterior and interior components — everything from your roof to HVAC system to your furnace, windows, gutters, flooring and appliances — and noting their expected lifespans and costs to repair to give you a timeline of when different expenses could pop up (16).
For example, they showed that if a water heater costs $1,500 to replace, and you’re seven years into its expected 12-year lifespan, budgeting to save $300 a year for the remainder of that lifespan gets you roughly where you need to be when the time comes to replace the heater.
That said, they also suggest saving between $500 and $3,000 annually for emergency repairs.
If you’re renovating on top of that, proper budgeting is key, with Fidelity suggesting spending “no more than 30% of your home’s value (17).”
The most important point to know is that, while renovations are largely optional, home repair costs will arise — and they can balloon if you aren’t prepared.
“The mistake most people make is treating repairs as emergencies rather than anticipated costs,” Michael Gifford, founder and CEO of home equity investment company Splitero, told Better Homes and Gardens. “By the time something breaks, you’re already behind (18).”
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
The New York Times (1), (6); The Washington Post (2); ABC News (3); Public Broadcasting Service (4); The Wall Street Journal (5); The Guardian (7); Synchrony (8); Real Simple (9); House Beautiful (10); HomeGuide (11); Bob Vila (12); Realtor.com (13); Talker Research (14); Real Estate By Tom (15); Honest Casa (16); Fidelity (17); Better Homes & Gardens (18)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
