Before you buy a home, it’s important to prepare for the ongoing expenses you could have related to homeownership. That’s why we’ve started the True Costs of Homeownership series. Last month, we covered homeowners association (hoa) fees and your basic rights and responsibilities around purchasing a home in an HOA. This month, we’re looking at ongoing maintenance.

You can expect to do periodic maintenance on your home, such as changing furnace filters, air duct cleaning, etc. You should also prepare for possible unexpected expenses, such as sewer line blockage, water heater replacement, etc. A good rule of thumb is to set aside 1 percent to 4 percent of your home’s value per year for maintenance costs, repairs, and replacements. It can be helpful to have one savings fund for maintenance costs and a separate one for emergencies not related to your home.

It’s useful to keep a checklist for yourself like the one on CHFA’s website of preventative maintenance recommended by experts that can be done quarterly, bi-annually, and annually. Some of the tasks you may be able to do yourself, but others may require the assistance of a professional. Options for finding a professional contractor with a good service history could include the Angi app, the Better Business Bureau’s website, or looking at customer reviews on Yelp and Google.

Taking a CHFA-sponsored homebuyer education class is another good way to get more information about preparing for the ongoing maintenance your home could need. Register for a homebuyer education class today!

You can learn about CHFA’s investments and the communities they impacted in CHFA’s 2025 Community Report released in March. Last year, CHFA invested $2.9 billion to support affordable housing and community development across Colorado.

Through these investments, CHFA was proud to assist Coloradans by:


• Serving 5,491 customers through CHFA’s home mortgage loan programs
• Helping developers create or preserve 5,732 affordable rental housing units with multifamily loans and/or Housing Tax Credits
• Supporting 2,814 jobs by serving 475 businesses with business lending programs
• Investing in 696 organizations statewide with donations, grants, and volunteerism

You can read the 2025 community report on CHFA’s website

Colorado Housing and Finance Authority

www.chfainfo.com

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