When you own a home, everything about home maintenance becomes your responsibility. When something stops working, there is no landlord to call. Therefore, it’s up to you to keep your home maintained and in good repair. Doing so is very important. Here’s why.
Maintaining your home saves money. You may wonder how that is true when you spend money to maintain your home. Although home maintenance is not free, it is less costly than repairs due to neglect.
In the book Your Money: The Missing Manual, the author states that for every dollar you spend on home maintenance, you will save about $100 on repairs in the future. The reason this is true is that maintenance takes care of small problems before they become big ones. For instance, a dirty filter costs very little to replace. However, an HVAC motor that no longer runs is quite expensive. Typically, big problems occur when homes are not well maintained.
Home maintenance is boring. You do the same thing again and again just so that your home keeps running smoothly. It is kind of like cleaning. It is something you need to do continually. If you didn’t, the house would be filthy in no time.
However, many homeowners don’t think to do maintenance on a weekly or monthly schedule. Instead, they wait until a problem arises. Instead, you need to maintain your home to keep it functional. If parts aren’t functional, they cost you more to run. For instance, a dirty furnace filter means you spend more on electricity because your air conditioner has to work harder. Forgetting to clean your refrigerator’s evaporative coils makes it more difficult for the refrigerator to keep your food cold. It has to run more, costing you more money.
Keeping your home well-maintained means that your home uses less energy. This equals lower utility bills.
Homes are not like cars. With a car, the value decreases the moment you buy it and continues to decrease for the life of the car. Houses, on the other hand, can increase in value the longer you own it. Although a home’s value is dependent on the current real estate market, a well-maintained home always has a higher value than a non-maintained home in any market.
Why is this true? Homes for sale that have not been well-maintained typically do not do well during the home inspection. The inspector will find many potential problems. The buyer would then ask for you to make the repairs or take a lower price on the home. Either way, you lose money.
If your home was well-maintained, these problems would not exist. In fact, well-maintained homes typically get more than one offer. This can lead to you getting more for your home than the initial asking price.
Plus, as you do maintenance and home improvement projects, you increase your home’s equity. That means more value for you.
If you are thinking of buying or selling a home, give us a call. Let us help you determine the maintenance and repair needs of the home. We can also provide you with a list of preferred providers who can help get your home in tip-top shape. We look forward to hearing from you.