More than 33% of occupied homes need repair, with the average cost turning out around $2,920 per house. About one in 20 houses also require more than $5,000 in repairs. Regular home maintenance is essential to keep structures in a good condition. Although it costs money to fix up a home or maintain it, in the long run, money is saved if costly repairs are avoided. From saving money and time to keeping or even appreciating the value of real estate, periodic maintenance is part of the home ownership package.
Significant Savings
Running a household is expensive. In addition to your mortgage, insurance and utilities, home maintenance and repair take up about 1-4% of a property’s value annually. This percentage will even increase as a house ages. Servicing your heating, ventilation, and air-conditioning (HVAC) is one important maintenance task to ensure quality air and comfortable temperatures.
Another vital maintenance task is to make sure that your plumbing works properly in order to avoid leaks that will not only cost you a lot of money in utility bills, but can also lead to burst pipes and floods that are destructive to property. Moreover, inspecting your home’s floors, walls and roofs can give you an indication if you have drips or moisture problems. Early detection and remedial work allow you to fix up leaks or plug holes to avoid catastrophic problems. According to Alpharetta Water Damage Restoration, immediate clean-up is critical after a flood or large leak to prevent further deterioration and destruction. Without water removal and clean-up, you can run the risk of mold, which can become a health hazard and destroy your home.
Investment Protection
Periodic maintenance of your residence is not only about saving money and time; it also protects your investment. Purchasing real estate is probably one of the biggest financial decisions you will ever make in your life – and a costly one as well. If you don’t keep your dwelling in a good condition, replace appliances or do routine repairs, it will deteriorate, leaving you with a home that is less comfortable than you would like.
Maintenance may cost you money, but it also looks after your investment. According to a study by Harding et al, well-maintained houses depreciate 0.5% less annually than the average home. Another piece of research by Knight and Simans also suggests that regular upkeep or renovations over time slow down the wear and tear of aging properties. Some may even sell for a premium price. Hence, in addition to safeguarding your investment and keeping its value, your home may be worth more than what you paid for when it is time to sell.
The upkeep of a home may set you back financially. However, it also saves you time and money in expensive repairs. Furthermore, a well-kept house is appealing, and increases in value, protecting your investment.
