Preventative Maintenance ; Protecting Your Investment
Your home is one of the single biggest investments you’ll ever make, keep your home in shape year round with our maintenance checklist.
Many new homeowners may not realize the on-going maintenance needs, these are crucial preventative measures ones that will help you save on your utility bills and avoid repairs later on.
Experts agree that 1% to 3% of the purchase price should be set aside annually for maintenance and repairs.
Unexpected Home Repairs
Saving an emergency fund to protect you from surprise expenses or lost income is critical for a homeowner. When you rent, the majority of unforeseen problems such as water damage, clogged drains, or broken appliances are covered by the landlord. When it’s your home, it’s all on you. And sometimes, those repairs are urgent.
Most rainy day funds should have between three and six months’ worth of living expenses and can be used to cover home emergencies like a heating repair, busted pipe, or leaking roof. We recommend starting another account to save for more routine home maintenance like painting and roofing (see the section above on home maintenance checklist).
Many buyers have never even heard of a home warranty. Buyers can purchase (or can ask the sellers to purchase for the buyer) a home warranty from companies such as First American, Fidelity, Old Republic and many others. They usually cost around $350 to $500 for a year and cover items such as appliances, electrical issues, air conditioning and heating. Extended policies cover additional items like pool equipment.