Homeowners are feeling the effects of rampant inflation and the cost of everything rising. In fact, a majority say that price increases have kept them from taking on planned home improvement or maintenance projects.
Homeowners typically put aside a portion of their home’s purchase price to pay for maintenance and repairs. But that may not be enough to cover rising costs. It’s also a good idea to start an emergency fund as a new homeowner. Since homeowners have more recurring costs than renters, you’re at higher risk for unexpected expenses. You can use an online savings account like Ally to create a separate bucket for “Emergency Savings” and another for “Home Maintenance Savings.” This way, you can stay organized and on track with your goals.
Whether it’s your first time buying a home or you’re simply interested in protecting your major investment, a home warranty can be an excellent addition to your household. Home warranties offer protection from high repair costs for appliances and home systems. They should carefully review sample contracts and delve into the fine print to understand coverage limitations, exclusions and cost
Repairs for HVAC systems, which include air conditioners and heaters (either furnaces or boilers), can be costly. Hvac maintenance is not the easiest task and may require professional help. This is especially true for repairs to ductwork, which can be difficult to fix.
The best way to cut repair costs is through routine maintenance. This will catch tiny hiccups before they become large problems that require major replacement and repair work.
Homeowners need to budget for ongoing maintenance that keeps the HVAC system running smoothly. This includes annual tune-ups, filter changes, and system inspections. This will prevent energy bills from going up and ensure that the system performs as intended, without consuming more power than necessary.
HVAC repair prices will fluctuate throughout the year. These rates will go up during summer and winter, when there is a higher demand for service. This is why it’s important to schedule maintenance during the off season, when the rates are less expensive.
Home appliances are often overlooked until one breaks down. Whether it’s a refrigerator that doesn’t cool or a washer that clogs, without them we cannot function. Financial experts typically recommend that homeowners set aside one percent of their home’s value each year for maintenance and repair costs, which can add up quickly.
Appliance repairs vary greatly, from small appliances like toasters and blenders that have simple mechanical linkages to larger appliances such as washing machines that feature motors, timers, and various mechanical/power components. Homeowners can reduce the frequency of appliance breakdowns by implementing a routine cleaning and inspection schedule.
However, if an appliance is nearing the end of its lifespan, it might make more sense for a homeowner to replace it rather than continue paying for costly repairs. In some cases, it can even be more cost efficient to purchase a new energy-efficient appliance that will save money over the long run. Get free, no-commitment repair estimates from licensed appliance technicians near you.
As one of the most important and costly systems in your home, it’s important to have a plan for plumbing repairs. When a plumbing fixture like a toilet or faucet fails, the cost can add up quickly. Low-cost preventive measures can keep the price tag under control.
However, some plumbing problems are much harder to avoid. Replacing pipes can be costly and time-consuming, and it often requires patching up interior walls and digging up yards to access pipes in the ground. Older construction materials and dated septic or sewage drain systems are especially susceptible to failure and require more extensive repair work.
As with other routine maintenance services, such as chimney cleaning and sprinkler repair, the cost of these services is on the rise in most U.S. metropolitan markets. But creating a budget and staying flexible with financing options can help you keep your costs under control. For more on how to create a realistic budget for home maintenance, educate yourself as best as you can.