By Julian Lane, The Fix It Champ
When you buy a house, it’s easy to forget that the costs of home ownership go beyond mortgage payments. Houses can be fragile things, especially in the face of harsh, unpredictable weather, so you will inevitably have to spend some money on maintenance and repairs. These costs can seem hugely intimidating, but there are ways to keep them under control. Knowing When to Call in a Pro Some repairs are obvious; it’s easy to know if your HVAC is broken or if a faucet is leaking. However, some signs of damage are a bit more subtle, so it’s up to you as an owner to check whether everything in your home is in working order. For example, you should know the potential signs of roof damage, such as water stains on the ceiling and curling, cracked, damaged, or fallen shingles. Similarly, the signs of a foundation problem are not necessarily obvious, including jamming doors and sticking windows. Inform yourself on what to look out for and you will minimize big, expensive repairs. Budgeting for Emergency Repairs There is nothing worse than a sudden emergency repair bill, especially since these tend to come up at the most inconvenient times. When it comes to financing these repairs, there are smart ways and not-so-smart ways to proceed. Avoid spending money you need for other things, such as rent or bills, and resist the temptation to pull out your credit card. Above all, don’t go to a last-resort money lender, as this almost never proves to be a smart financial decision. Ideally, you should have a fund for this type of emergency; the experts at Gen X Finance recommend setting aside 10 percent of your mortgage payment every month. If you don’t have one and need the money now, consider a personal loan or a home equity line of credit, both of which are better than credit card debt. Home repair insurance is another option since it covers many of the wear-and-tear damage that homeowners insurance does not. This can be expensive, but it can be a good choice if many of your appliances are nearing the end of their life expectancy. Finding Good Contractors Don’t just go with the cheapest option when it comes to contractors. It’s almost always worth paying a bit more for a reliable contractor with plenty of good reviews. This ensures that you won’t end up with a bigger, more stressful bill when something goes wrong down the line. There are many ways to ensure you are hiring a true professional, from getting recommendations to carrying out interviews and setting out everything in writing. Of course, you won’t always require a contractor. Some home repairs, such as patching drywall or unclogging a faucet, can be done by anyone — even those folks with minimal DIY skills. However, most major repairs, as well as anything involving electrical, roofing, or advanced plumbing, should always be left to the professionals. Basic Home Maintenance One of the easiest ways to keep repair costs down is to simply prevent the damage in the first place. Regular home maintenance can help keep your house in good health, minimize wear and tear, and identify small issues before they become big ones. Better Homes and Gardens has an excellent and comprehensive home maintenance checklist, including tasks you should carry out monthly and seasonally. This is especially important in a climate like Boston, where dramatic winter weather can easily take a toll on your home. Your home is probably the biggest investment you’ll ever make, so it makes sense to keep it in great condition. Regular maintenance combined with fast response in case of an emergency should be enough to keep your house healthy and safe. In the meantime, brush up on your basic DIY, inform yourself on warning signs, and know how you plan to tackle a big repair bill. Pexels potential signs foundation problem not-so-smart ways Gen X Finance Home repair insurance many ways can be done home maintenance checklist
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AuthorTory Keith, Broker/Owner of Board & Park. Archives
August 2024
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