How To Plan for Home Repairs

Being a homeowner can be both exciting and challenging. You have the satisfaction of no longer paying rent to someone else, and instead are building equity of your own. However, when it comes to home upkeep, being a homeowner means that you are responsible for the costs. Here are three ways to take the stress out of home repairs.

Create a Budget

Creating a budget for repairs is essential so you are not caught with a hefty bill when something needs to be fixed. Most experts suggest that you put aside 1% of the value of your home. It is important to remember that the value of your home is somewhat arbitrary, though. Your home value could change, depending on the state of the housing market. Still, the 1% number is great to start with.

Types of Home Repairs

There are many types of home repairs, and their costs can range from a few hundred dollars, to tens of thousands of dollars. Basement repairs are often some of the costliest. Whether you have a full basement or only a crawl space, the need for foundation restoration is likely to grow as your home ages. Even a small crack in the foundation can cause significant water damage.

Home Maintenance

One of the best ways to reduce the cost of home repairs is with periodic maintenance. Just as you regularly mow your lawn in the summer, you should also perform regular maintenance on other parts of your house.

Some of the places you should check include the following:

  • Your basement for water seepage
  • Your attic for roof leaks
  • Your door frames for ill-fitting doors

All of this can help you catch a foundation or roof problem quickly. In addition to these checks, simple maintenance, such as changing your air filter and cleaning out gutters, can extend the life of your HVAC unit and keep water from damaging your foundation.

Home repairs can be daunting. By keeping an active budget and performing simple home maintenance, you can keep the costs manageable. If you take a little time to take care of your home, it can become a great investment.

These Tips are Helpful If You Just Purchase a House

When it’s time to purchase a home, so many people get excited about picking out paint colors and matching furniture. Very few people get excited about the idea of home repairs. However, when you own a home, it’s different from an apartment in that you’ll have to cover the repairs. Staying on top of home maintenance can feel overwhelming and annoying. However, if you implement these few steps, you can keep your sanity and maintain a spotless home.

1. Keep a budget for repairs.
It’s always wise to set aside money to cover major repairs. It’s difficult to have peace of mind if you know that anything can happen and you won’t be covered. So, with each paycheck, set aside a specific amount of money to cover potential expenses. Make your savings plan intentionally with a line item in every budget.

2. Know your insurance coverage.
Before you sign the dotted line, read the information and make sure you understand your coverage. You’ll want to get a home insurance plan that covers everything in your best interest. If you have a family lawyer who can look over the details for you, you’ll be in great shape. Furthermore, when you make major home purchases like a washer, new windows or a new rook, make sure you understand the details of the warranties. If and when something breaks down, you can look at your contracts to know what’s covered and how much money you’ll need to pay. Ideally, you won’t have to come out of pocket for too much.

3. Keep a few professionals on speed dial.
If you don’t know the difference between an LED light bulb and a fluorescent bulb socket, it’s a good idea to learn. It’s also a good idea to hire professionals who can handle the dirty work that’s involved in maintaining the home. Everything from the roof to the basement pipes need to be maintained. Keep a schedule so that you can call the right people on a seasonal basis as well. If you maintain an understanding of what’s going on in and around your home, you’ll lessen the likelihood of catastrophic accidents.