Congratulations! You’re a homeowner now. You’re making a great investment that should pay off for you in the future. But in order for you to get the most enjoyment and value out of your home, you’re going to have to put some money into it occasionally.

While your home should never be a money pit, it will require some updates and repairs from time to time. Budgeting for those repairs can be tricky because you never know what will be going wrong or when. So how do you know how much to budget when it comes to home ownership?

Expect the Unexpected

Maybe your home is completely in order and fully updated right now. But it won’t always be, and things aren’t always as they seem either. There could be problems lurking under the surface that you know nothing about. The best thing you can do when it comes to budgeting for home ownership is to realize that things will fall apart without warning, often at the worst time.

Whether it’s a pipe bursting right before a party at your house, or the air conditioning conking out on the hottest day of the year, you need to anticipate bad luck. Then you’ll be prepared when it does strike.

The first step toward not being caught with your pants down is to make a commitment to set some money aside.

Make It Automatic

To set aside enough money, you should consider getting money moved automatically with every paycheck into a separate account that you only touch for home repairs and maintenance. If you make it automatic, you’ll treat it just as you would if you were paying any other bill.

Set a Contingency Fund When Doing Home Repairs

When you’re planning a project for a roof replacement or a bathroom renovation, you should always pad the estimate with a little contingency money to help you avoid panic if an unforeseen development unfolds.

Whether you run into plumbing issues when your shower or toilet is being replaced or you realize your roof needs a little more TLC than was first apparent, a contingency fund is always a good idea. Don’t start your project until you have the estimate all saved up, plus a little more.

That way, the worst-case scenario is that you’ll have extra money to put back into your home repair account when the project is done.

Look at Your Home Cost and Condition

One of the most widely-held rules for how much to budget for home maintenance and repairs is putting aside 1 percent per year. If you have a $100,000 house, then you need to save a minimum of $1,000 a year to cover the unexpected.

Some years you might not touch that money, but other years you might need a lot more.

Now, if you bought a house knowing it was a real fixer-upper, you’ll obviously need more than 1 percent. The same holds true if your house is old. You should expect to spend more on your health care needs as you age, and a house is no different.