Being a homeowner takes time and money. Unfortunately, unexpected home repair expenses can bust even the best financial plan.
To prevent this, it’s essential to take proactive steps to manage your home maintenance costs. Here are a few tips for doing so. These include: 1. Setting aside a budget and performing routine inspections.
1. Keep a Checklist
Creating a home maintenance checklist is essential to ensuring that you don’t neglect important tasks. You can find plenty of lists online, but it’s important to personalize them so they reflect your unique home’s needs and specific situation.
Keeping up with regular chores can save you money on unexpected repairs and maintenance. You may even be able to avoid costly repairs altogether by taking advantage of resources such as YouTube tutorials and DIY cleaning tips.
Getting a home warranty can help you offset the cost of unavoidable repair expenses. Make sure you’re prepared for unexpected breakdowns by setting aside funds in a savings account and planning ahead with a budget.
Additionally, for quick access to step-by-step tutorials and guides on essential home maintenance tasks, consider scanning the provided QR code with your smartphone, directing you to a wealth of online resources tailored to assist both beginners and experienced individuals alike
Also Read : The Role of PMP Project Phases in Financial Planning
2. Schedule Regular Inspections
While a home inspection may be standard for new property purchases, it’s also important to conduct maintenance inspections on properties you already own. Addressing issues early on prevents minor problems from escalating, which can save you money. For example, a small leak can cause water damage and mold, leading to expensive remediation costs.
By prioritizing prevention, you can avoid costly repairs and maximize the lifespan of your property. Regular inspections, combined with a well-designed maintenance report, can help you keep your property in great shape. A well-maintained property can increase resale value and provide you with peace of mind.
Also Read : Crush the SBI Clerk Exam: Practice Smarter with These Mock Tests
3. Invest in Energy-Efficient Appliances
Whether you’re buying a new appliance or repairing an old one, opting for energy efficient models is a smart way to save on your utility bills. Typically more expensive upfront, these appliances pay for themselves with reduced energy costs over their lifespan. Additionally, they reduce greenhouse gas emissions and conserve natural resources. Furthermore, many homeowners are also encouraged by tax incentives to adopt green technology.
In addition to investing in energy-efficient appliances, homeowners can also protect themselves against unexpected home repairs by purchasing a home warranty. A home owners warranty can cover the cost of repairs and replacements, making it easier to budget for these expenses.
4. Make Use of DIY Resources
Many homeowners neglect preventative home maintenance because it seems like a waste of money. However, putting these expenses off for too long can result in more costly repairs down the road.
Even simple tasks like mowing the lawn or changing air filters can save you money in the long run. It’s also important to learn how to paint your own house or handle other DIY jobs to save on hiring professionals.
However, it’s not always practical or safe to attempt certain DIY projects. For example, structural problems require specialized knowledge and skills to diagnose and fix properly. Trying to jerry-rig or patch these issues can lead to further damage, safety risks, and expensive rework and repair later on.
5. Hire a Professional
Many new homeowners have to face big repair bills that they didn’t expect. Although it is recommended to have a savings account equal to about 1% of your home’s value, this figure is not enough for unexpected expenses.
Rather than trying to take on maintenance tasks by yourself, it is often cheaper to hire professionals. They have the expertise and the necessary skills to complete the job quickly and efficiently.
Professionals can also help you save money by buying materials at wholesale prices. This means that you won’t have to pay full price for things like drywall or electrical work.
6. Set a Budget
Whether you’re new to homeownership or a veteran, having a budget for home maintenance can help prevent the need to borrow money and make costly mistakes. It’s also a great way to avoid “project creep,” when a simple repair becomes a complete remodel or renovation.
Experts recommend setting aside 1%-4% of your home’s value to cover both routine and surprise expenses. However, this is just a general rule of thumb. You should also consider your area’s cost of living when determining how much to save. In addition, materials and labor costs may vary between regions.
7. Be Creative
Whether you’re a new homeowner or seasoned renter, there are some basic home maintenance tasks that everyone should know how to do. From knowing how to turn off the water in case of an overflowing toilet to identifying your circuit breaker panel and finding the on/off switch, these simple home projects can save you a lot of money in the long run. Even if you don’t consider yourself handy, there are many DIY resources online that can help you learn these life skills. Just make sure not to try to tackle any home repair projects that could result in serious damage or injure yourself or your family.