Home Maintenance Costs Considerations For Homeowners
This BLOG On Home Maintenance Costs Considerations For Homeowners Was PUBLISHED On May 13th, 2019
One of the major factors renters becoming homeowners need to consider is Home Maintenance.
- Renters have the luxury of contacting their landlords in the event of broken plumbing, electric not working, landscaping, snow plowing, and other Home Maintenance
- In return, renters do not have any benefits of homeownership
- Renters cannot write off their rent, reap the rewards of appreciation, and other benefits of homeownership
- Home buyers need to consider the responsibilities of becoming a homeowner when purchasing a new home
In this blog, we will discuss Home Maintenance and the costs of maintaining a home.
Cost Of Home Maintenance
Home Maintenance costs depend on the types of repairs needed.
- Lenders escrow property taxes and homeowners insurance
- Lenders do not escrow funds for Home Maintenance
- The homeowner can do basic Home Maintenance such as doing minor repairs as plumbing leaks
- Minor repairs do not cost much
- However, there are major repairs that can cost thousands of dollars
- For example, if a refrigerator breaks down, the cost of a new refrigerator/freezer can run a couple of thousand dollars
- Folks who live in harsh weather areas can have their HVAC systems break down
- Cost of repairs can run several hundred dollars
- Cost of replacement may run into the thousands
- It is highly recommended homeowners keep reserves for future Home Maintenance and repairs
- It is important to maintain your home regularly and address issues proactively prior to requiring major repairs
We will discuss homeowner responsibilities that should be addressed prior to becoming a potential major repair in this blog.
Importance Of Home Inspections When Buying Older Home
Lenders do require a home appraisal but not a home inspection by borrowers.
- Home inspection costs anywhere between $200 to $400
- There are buyers who skip the home inspection to save a few bucks
- They often think the appraisal will uncover any defects on the subject property
- Especially an FHA Home Appraisal due to the safety, security, and habitability HUD Guidelines
- This is not true. An FHA Appraiser will only inspect whether or not the home meets HUD Guidelines
- The appraiser will not thoroughly inspect the plumbing, HVAC, roofing, gutters/soffits, electrical systems and/or other aspects of the home
- A home inspection is highly recommended
- This holds true for buyers who are buying an older home
- Repair costs can cost thousands of dollars
The initial few hundred dollars invested in a home inspection may potentially save thousands of dollars for homeowners in the future. A home inspector will prepare and complete a detailed home inspection report on every part of the home. Both the interior and exterior will be inspected. If the inspector finds issues that require a specialized inspection, the home inspector will note it in the home inspection report.
Regular Annual Roof Home Maintenance
The gutters around the house need to be maintained annually to avoid expensive roof repairs.
- For less than $300, homeowners can have the gutters cleaned annually
- Clogged gutters will damage roofs and prevent water damage below the gutters
- Clogged gutters will have water seep under the roof causing both roof and interior ceiling damage
- A roof leak can cause extensive damage not only to drywall ceilings but electrical damage as well
- Water damage under the roof can cost thousands of dollars
Water damage is the main cause of mold which can cost thousands of dollars.
Pest Control Home Maintenance
Pests can do major damage to homes.
- Birds, squirrels, ants, termites can do thousands of dollars worth of damage to homes
- Woodpeckers can do substantial damage to wood siding
- Squirrels can find their way to attic spaces by chewing through the roof and nest
- They can chew insulation, wiring, wood, drywall
- Carpenter ants can do much damage to decks, wood siding, joist, studs, and structural beams and walls
- Termites will literally eat away structural beams and cost thousands of dollars worth of damage
- Areas where termites are common, homeowners should have annual termite inspections as a preventative measure
- The few hundred dollars invested can save thousands of dollars in the future
Homeowners insurance do not cover the above damages caused by pests.
Heating And Air Conditioning Systems
HVAC Systems should be inspected annually prior to use. Air conditioning systems need to be inspected in the spring before working it during the hot summer months. Heating systems should be cleaned and maintained by a professional licensed HVAC technician during the fall prior to use. HVAC systems should also be inspected once the season is over. HVAC Systems should be inspected twice per year. Many reputable HVAC companies have annual servicing contracts for homeowners where they service HVAC systems twice per year. Faulty HVAC can lead to high energy bills, potential fire, carbon monoxide leaks, and can lead to expensive repairs and/or replacement. New furnace systems can cost over $7,500. New air conditioning systems can cost over $5,000.