Even as home prices increased at the end of 2020, homeownership continued to go up amid the pandemic as people took advantage of low federal interest rates. Owning a home is a dream many Americans want to achieve.
But the responsibilities of owning a home after you sign on the dotted line. You still have to make sure your investment will last. And the best way to make it last is to take care of it. Here are the reasons why you have to perform regular maintenance of your home after you buy it.
Increase Resale Value
While you may not want to sell your home right after you buy it, performing maintenance on the home can increase its resale value. Many people consider a home a major investment so they should ensure it is well-maintained and has a good curb appeal. A well-maintained home can contribute to its higher value since people opt to look for homes that do not require major repairs.
So, you should make sure to maintain your home to increase its resale value. It also gives you the option to sell it in case you’re planning to move to a different state or even out of the country. You can make sure to fix any broken doors, windows, and walls. A fresh coat of paint can also increase its value. Additionally, you should work on the front lawn since it’s the first thing people will see when they pass by your home.
Another way to increase the resale value of a home is to increase its usable square footage by adding a room or building a deck in the backyard. But you should hire a reliable general contractor who can complete the project based on your requirements. A dependable professional can also ensure the project is completed properly.
Increase the Lifespan
You can also increase the lifespan of your home when maintaining it. Well-constructed houses that use durable materials can last a long time if the homeowner maintains them. They may even outlast their owner if it is maintained properly. Among the homes that can last long are those made of natural stone, masonry, steel or wood exterior doors, and copper-plating wiring, among others.
Even though modern homes may not last as long as homes constructed in the past, it may still take around 20 to 40 years before you need to perform major repairs on them. At this point, you may need to spend a considerable amount of money but the benefits of working on it outweigh the entire cost.
Lower Repair Costs
Aside from increasing the lifespan, maintaining a home also reduces the need for it to go through major renovations or repairs. With this, the cost of fixing the home will also go down. Data from the American Housing Survey (AHS), the cost of repair for around 40 percent of homes was less than $1,000. The data also showed that the cost of repair for around 18 percent of homes was more than $5,000.
When working on your budget for maintenance costs, a good place to start is to set aside one percent of the cost of buying the house for repair and maintenance. An alternative way to set a budget is to set aside $1 for every square foot of the house for repairs. But these budgets depend on the age of the home and the materials used.
You should set aside a bigger budget if the house is older and uses materials that are not quite durable. You can also consider the climate of the location of your home. A temperate climate requires a lower budget. But if the climate is moderate, you should set aside a bigger budget for annual maintenance and repair for the house.
You should also consider the fixtures and equipment you have in the home. These fixtures and equipment include appliances, air conditioners, smoke detectors, and plumbing fixtures. Additionally, including the average cost of hiring professionals in your area is a good idea when you set aside your budget for maintenance and repair.
Another reason for you to maintain your home is to reduce stress or for you to get some peace of mind. Knowing that your home does not have any issues will take out any anxiety you may have about the house. Maintaining the home also gives you an idea of which part of the house you would need to perform major repairs in the future. Due to this, you will have enough time to prepare for it and ensure you have the funds when the time comes.
Homeownership does not end with the purchase of the house. You also need to maintain it to avoid any issues in the future.