A home is one of the largest investments you’ll make in a lifetime.
Tens to hundreds of thousands of dollars are spent on a home with the expectation that it’ll one-day pass onto the children and their children. Handing over the keys will carry a story of maintenance, troubles, and financial investments. All being worthwhile having known the value it carries to the next generation.
Throughout the years there are many instances where you’ll need to make investments from the annual inspections and repairs to personal projects such as with remodeling.
Want all areas covered to secure the home and your financial futures? Let’s get started.
The Regular Expenses of Owning a Home
Regular expenses of owning a home can amount to thousands of dollars each year. This may seem like a steep investment but consider the tens of thousands that it may cost by letting it slip by.
These regulars include:
A low, monthly cost of a professional security service will help deter break-ins and theft. Remove this possibility and save on having to repurchase big ticket items like a television, laptop, or jewelry.
Look at your local security options to find a reputable security company to install cameras, motion detectors, and monitoring services. Ask the important questions such as the average response time, the brand of equipment they use, contract details, and costs to ensure you’re with a great company.
Regular maintenance on common household appliances and foundation are easy enough to do by yourself with a bit of sweat equity. Sometimes you’re able to let them go until the finances are right but it’s always best to get on them sooner than later to avoid extra problems.
Maintenance could include:
· Cleaning air ducts
· Repainting and refinishing
· Mulching & landscaping
· Fixing water lines
· Repairing electrical sources
Refer to owner’s manuals, sources like This Old House, or instructional videos on YouTube if you plan to DIY these fixes. Otherwise, Angie’s List and Yelp can put you in touch with professionals.
Do you have the proper training to identify major problems with the home foundation, roof, and other big elements? Probably not.
Regular inspections will help identify upcoming repairs. Plus, these inspections provide documentation in the home which provides the necessary records – for legal reasons – when you plan to sell or hand over the home to others.
Costs of … READ MORE