What You Will Learn in This Article (Reading Time – 5 Minutes):
- Common expenses to maintain your home
- What you can reasonable expect to spend so you can budget for these home maintenance expenses
If you are preparing to buy a new home, it is important that you understand and budget for all common expenses associated with home ownership. Some buyers unfortunately only budget for the mortgage payment, taxes and insurance on a home, but this can get you into financial trouble. A home requires significant and regular maintenance and upkeep if you want to retain or improve property value over the years. With this in mind, you may be wondering what some of the more common home maintenance expenses are and how much money you should budget for them.
Roof Repairs and Maintenance
The roof serves the vital function of protecting the interior of your home from the elements, and you do not want this component to fall into disrepair. Roofs may have a life span of 25 or 30 years or longer, but all roofs will require maintenance and repairs within this period of time. Plan to have your roof inspected annually or after major storms. Budget for periodic repairs as well as a new roof when the existing roof has reached the end of its life. A full roof replacement can easily cost several thousand dollars or more depending on the size of the home and the materials used.
Hot Water Heater Expenses
The hot water heater may not be critical to the overall condition of your property, but it is a comfort feature that most people do not want to live without. Hot water heaters must be regularly serviced to reduce the risk of repairs. Some repair issues involve water leaks that can cause extensive damage to the home. Therefore, plan to have your hot water heater serviced regularly and replaced approximately every 10 to 15 years. A hot water heater replacement may cost between $500 and $1,500.
HVAC System Expenses
When talking about common home maintenance expenses, the HVAC system cannot be overlooked. You may rely on your HVAC system for climate control most of the year, but repair issues can cause complete breakdowns from time. You should have enough money in a reserve account to pay for immediate HVAC repair services. Remember that an HVAC system may only last 20 to 25 years before it needs to be replaced. A replacement system may cost several thousand dollars or more.
Yard maintenance can impact curb appeal and property value, but it can also affect erosion around the foundation of the home, damage to siding and the roof during storms and more. The yard must be regularly maintained. You can hire a landscaping service to do the work for you, or you can invest in lawn equipment to do the work on your own. Lawn equipment will need to be repaired or replaced periodically as well.
Maintaining the Carpet
Most homes have at least a few carpeted rooms. Carpeting is soft and comfortable, but it also can collect and retain stains, odors, dirt particles and more. It must be steam cleaned and shampooed regularly. Consider the cost of purchasing a steam cleaner or paying for professional carpet cleaning services at least one time per year.
From the fridge and stove to the dishwasher, washer and dryer and more, there are many appliances in a typical home that add to your quality of life. Home maintenance expenses include repair work for appliances from time to time. Many appliances only have a life span of 10 or 12 years, so your home maintenance expenses should include the cost to replace outdated appliances from time to time.
A fresh coat of paint may seem like a purely cosmetic improvement, but this is not the case. Paint also serves as a sealant that protects your surfaces from damage, and exterior surfaces like siding and trim are protected from the elements through paint. You should budget for re-painting the interior and exterior in your home maintenance expenses. You can paint the home on your own or hire a professional to assist you.
Door and Window Maintenance
Your doors and windows are cosmetic features as well as protective features. Home maintenance expenses should include the cost to re-seal doors and windows periodically. You may also need to repair broken locks or hinges or even replace broken doors and windows entirely.
Your electrical wiring should generally be protected within the walls of your home, but pests and water can damage wires periodically. In addition, you may need to pay home maintenance expenses for broken light fixtures, outlets that damaged and more. Electricity is a veritable necessity for homeowners, and electrical issues can arise seemingly out of the blue. Therefore, budget for these home maintenance expenses so that you always have money available to pay for them as needed.
One of the more common home maintenance expenses that you will need to pay for is plumbing service. This may include service for a clogged toilet or drain, a leaky pipe, a damaged sewer line and more. These issues typically are urgent, and you may have to pay these home maintenance expenses at a moment’s notice. A minor plumbing issue may cost $100 to $200, and a serious issue can cost substantially more money.
It can be difficult to know how much money you should budget for home maintenance expenses. As a good rule of thumb, you may want to have several hundred dollars or more available in your budget each month for repairs, and you should also have a significant amount of money in savings to pay for replacements to major components from time to time. Evergreen Properties and Investments can help you to find a great home to purchase in Long Beach that has been well-maintained by the seller. This can help you to keep repair and replacement expenses as low as possible for the first few years of ownership. Contact Evergreen Properties and Investments to begin learning more about the local real estate market.
From the Author: My name is Dan Barcelon and I believe that Real Estate can be one of the most valuable assets you’ll ever own. I’m dedicated to educating and guiding my clients on how to manage and leverage their homes to create an Evergreen legacy for themselves and their family. I primarily consult both home buyers and home sellers on reaching their personal and financial goals through Real Estate in the following cities of Southern California: Long Beach, Carson, Cerritos, Signal Hill, Torrance, Lakewood, Cypress, Downey, Bellflower, Norwalk, Wilmington, La Palma, and Artesia.
If you’d like to discuss if buying, selling, or investing in real estate is right for you at this time, feel free to reach out. You can call/text me at 562-270-5812, or you can e-mail me at danb@EPIrealestate.biz.