Build a home repair reserve before something breaks: test your skills
Roofs, water heaters and appliances wear out on a schedule. A monthly reserve turns big repairs into planned costs. Answer each question to see the explanation; your score appears at the end.
This test checks that you can
- Size a yearly maintenance budget
- Track the age of major components
- Keep the reserve separate from the emergency fund
- Practice
1. A common maintenance rule of thumb is about…
- Practice
2. Routine repairs should come from…
- Practice
3. Why track the age of components?
- Key idea
4. Which statement best explains "Repairs are predictable in total"?
- Key idea
5. Which statement best explains "Know the ages"?
- Key idea
6. Which statement best explains "Small fixes save big ones"?
- Action plan
7. In the action plan, which step comes first?
- Mistake to avoid
8. Which of these is a mistake this lesson warns against?
- Mistake to avoid
9. Which of these is a mistake this lesson warns against?
A $420,000 home, 1% rule. What is the monthly reserve transfer?
Show the answer
$350
$420,000 × 1% = $4,200. ÷ 12 = $350.
List three major components of your home and estimate their age.
More tests in this bootcamp
- Compare renting and buying with the full costs
- Check home affordability with the 28/36 guideline
- Balance your down payment, PMI and cash cushion
- Count closing costs before you buy a home
- Build a home repair reserve before something breaks
- Explore shared housing costs and landlord responsibilities
- Understand REITs: property exposure through investments
- Final exam: Housing and real estate