How to Accurately Calculate Home Maintenance Expenses

Becoming a homeowner is an exciting prospect, but it pays to calculate all anticipated expenses well in advance. In addition to homeowners insurance and real estate taxes, home maintenance is a cost that can potentially cause your budget to increase. In general, older homes require more maintenance, especially if they have not recently been renovated. Newer houses sometimes come with warranties, but all home repair related expenses aren’t covered. Determine how much you will need to spend to properly maintain your home by taking inventory of every room and mechanical system as well as the exterior. Siding replacement, plumbing repairs, and electrical maintenance costs quickly add up when they aren’t estimated in advance. Newer homes with efficient HVAC systems are almost guaranteed to lower energy costs, but they can still break down unexpectedly. Home equipment typically comes with a warranty, and homeowners often have the option of extending these warranties out for many years. Service costs may be applicable, even if the home equipment being repaired has a warranty. Many types of home repairs are imminent, while others spring up unexpectedly. Looking for signs of damage and wear and tear to the home will give you a better idea of what to expect in the coming months. Check the basement for condensation and moisture, and inspect the attic for holes and termite damage. Sinks that don’t drain properly might be clogged, faulty or might be caused by septic tank issues. Don’t ignore the signs of everyday wear to your home as these will cause complications when preparing your home repair budget. A home inspection can reveal areas of the home that will soon need to be repaired. Professional contractors can also come out to your home, prepare estimates and help you to come up with a plan for taking care of your home maintenance needs. Some homeowners are capable of performing minor home repairs on their own, but others would much rather outsource their home repair project out to licensed contractors. It is recommended that you review how much in home maintenance costs you can expect to pay per year prior to buying a home; however, it is perfectly okay to calculate home repairs no matter how long you have been in your home. Estimating home maintenance expenses prior to closing on the sale of a house will give you the opportunity to both negotiate the sale price of the home, and possibly receive extra funds for repairs. Significant changes to a home, including remodeling or building an extension will also factor into home repair costs. Cost of living, and the age and value of the home can significantly impact how homeowners calculate expenses. Experienced homeowners usually have an easier time accurately estimating their home maintenance expenses. By contrast, a first time homeowner might be genuinely surprised after learning that home repair costs are ongoing. Whether your mortgage is paid in full or if you have just recently closed, as long as your name is on the deed you will be responsible for maintenance. Sometimes making repairs to the home can be aggravating when new issues are continuously identified. Avoid being shocked and burdened by home repair fees by preparing yourself for future repair projects.]]>