A common pain point for homeowners is home maintenance and repair.
Home maintenance and repair costs can be estimated based on a percentage of the home’s value.
Homeowners can reduce maintenance and repair costs by following the five tips discussed here.
Home maintenance is an important component of owning a home and property. It is especially important for homeowners who wish to sell their homes in the future. Properly estimating and reducing home maintenance and repair costs is vital to upkeeping a home and successfully staying on top of repairs.
Your Pain Points
Home maintenance and repair is one of the pain points of homeowners. It can be tricky for homeowners to correctly estimate and prepare for the cost to keep the house in good shape without running up debt.
However, it plays an important part in the upkeep of a home and in keeping home value high. Home value is especially important for homeowners who may wish to leverage the equity of their home in the future.
Estimating Home Repair and Maintenance Costs
Maintenance repairs can annually cost anywhere from one to four percent of the value of a home. To prepare for these costs, homeowners should work to save this amount of money. That way, they won’t fall behind on their home’s upkeep or become overwhelmed with costs or falling into debt.
Other factors homeowners should consider when estimating home maintenance costs include:
Age: Older houses will need more repairs than newer houses. The home maintenance costs on older houses also will be more expensive.
Size: Larger houses will need more repairs and require higher maintenance costs than smaller houses.
Location: Extreme weather can also affect repair and home maintenance costs. Even newer homes can sustain considerable damage from flooding, earthquakes, fires or accidents. Homes located in places likely to experience extreme weather events are likely to need more repairs and have higher home maintenance cost than houses in milder climates.
5 Ways to reduce and prepare for the cost of home repairs and maintenance
There are ways to reduce and prepare for the cost of home repairs and maintenance. Below are five tips.
1. Save up
Saving upfront is one way to assure you have the money needed to cover home maintenance and repair expenses. And since these costs can range anywhere from one to four percent of a home’s value – each year – it is best to save up this amount of money in advance.
Keeping the money in a separate checking or savings account helps to earmark the funds and keep you from accidentally spending the money.
2. Prioritize projects
What needs attention first, and what can you live without for a while? Prioritizing which home repair projects need attention most is another way to help deal with home maintenance and repair costs.
Small repairs require less money, while bigger repairs will obviously cost more. If a bigger repair needs immediate attention, it is best to obtain estimates so you get the best price possible for the quality of work you are seeking.
3. Cut energy costs
You can cut energy costs in a wide variety of ways, from insulating an attic to hanging clothes to dry to using energy-efficient lightbulbs and appliances. By minimizing energy usage, you can conserve the life of your appliances and save money at the same time.
The money saved from reducing energy costs can go toward your home maintenance and repair budget.
4. Consider do-it-yourself projects
Are you handy with a hammer? Do you feel comfortable painting rooms or unclogging the sink?
While major repairs should be left to the experts, doing minor repairs yourself can prove cost-efficient. YouTube tutorials and helpful blogs abound to help with DIY projects around the house.
5. Be careful with credit
As tempting as it can be, try to avoid rushing to the credit card. Refrain from opening new credit lines for major projects such as remodeling. It can become too easy to fall under a mountain of debt that is not easy to climb out of. As always, it’s best to plan projects and save up before undertaking them.
Unlock Technologies’ home equity agreement
Home maintenance is vital for homeowners who want to maintain and increase their home’s value and equity. Unlock can help you access your home equity, providing cash now, without a loan and without interest.
If you would like to learn more, get in touch with us today.
The blog articles published by Unlock Technologies are available for informational purposes only and not considered legal or financial advice on any subject matter. The blogs should not be used as a substitute for legal or financial advice from a licensed attorney or financial professional. Links in our blog posts to third-party websites are provided as a convenience and are for informational purposes only; they do not constitute an endorsement of any products, services or opinions of the corporation, organization or individual. Unlock Technologies bears no responsibility for the accuracy, legality, or content of external sites or that of subsequent links.