Owning your own home can be an excellent investment. It can also be financially draining if you aren’t regularly maintaining it. Regular maintenance can take time, planning, and money, but it can help you save on unexpected repair costs and keep the value of your home up. Below, we share some of our tips for becoming a financially responsible homeowner.
Stay On Top Of Regular Maintenance
Your house needs regular maintenance, just like your car. However, unlike your car, homes don’t typically have maintenance lights that come on when something needs attention. It may seem overwhelming to remember everything you need to do to keep your house in good repair, but with a little organization, you can find a system that works for you. Maybe keep a checklist on your fridge or add to a family binder (if you have one)? Or, for a more high-tech solution, set recurring reminders in whatever calendar or task manager you already use. Whatever method you choose, below are some regular maintenance tasks to add to your list (don’t forget to add any extra maintenance your home may need):
| Yearly |
| • Analyze energy costs and look for ways to save by replacing old windows and appliances with energy-efficient options. Pro tip: check your local energy providers for rebates, specials and smart controls (they may offer these free) that can fine tune consumption to save you money. • Check property values in your area and compare them with the estimated value of your home. • Inspect all outdoor vents, walls, and foundations for holes that rodents could enter. • Have a pest inspection and schedule regular visits, as necessary. • Look for leaks and any standing water and repair • Inspect your sprinklers and irrigation systems. |
| Fall |
| • Hire a professional to inspect and tune up your heater. • Check the fireplace for damage or hazards • Clean fireplace flues, or bring in a professional to inspect. • Seal cracks and gaps in windows and doors with caulk or weather stripping; replace if necessary. • Inspect roofing for missing, loose, or damaged shingles and leaks. • Remove leaves and debris from gutters and downspouts. Pro tip: you can purchase and easily install gutter shields that allow water to flow through, but keep leaves and other debris out. • Drain and winterize exterior plumbing. • Check water heater for leaks. |
| Spring |
| • Inspect roofing for missing, loose, or damaged shingles and leaks, especially after winter storms. • Clean window and door screens. • Power-wash windows and siding. • Remove leaves and debris from gutters and downspouts. • Replace the batteries in smoke and carbon monoxide detectors. • Have a professional inspect and pump the septic tank. • Remove the insulation from outdoor faucets, check sprinkler heads, or other winterization you may have completed. • Have your air-conditioning system professionally inspected. • Fertilize your lawn • Schedule tree trimming for large trees and shrubs • Oil and inspect automatic garage doors or have them professionally tuned. |
| Yearly |
| • Analyze energy costs and look for ways to save by replacing old windows and appliances with energy-efficient options. Pro tip: check your local energy providers for rebates, specials and smart controls (they may offer these free) that can fine tune consumption to save you money. • Check property values in your area and compare them with the estimated value of your home. • Inspect all outdoor vents, walls, and foundations for holes that rodents could enter. • Have a pest inspection and schedule regular visits, as necessary. • Look for leaks and any standing water and repair. • Inspect your sprinklers and irrigation systems. |
| By now you’ve probably realized your home requires plenty of TLC to keep it in good repair and maximize its value. Well planned, this is certainly manageable. That said, every so often you might have a bigger expense, like repainting the outside or repairing a roof. Maybe you want to enhance your home and its value with an extension or a new kitchen? Your Credit Union offers very competitive Home Equity Loans allowing you to borrow up to 100% of your home’s equity to help pay for home improvements, education and more. Your loan interest may also be tax deductible. Learn more here. What About Home Warranty Policies? If you are a homeowner, you may have received a home warranty as part of your purchase. As with any warranty or insurance, you should compare costs and find the best one to meet your needs. You want to make sure you are not over-insured/protected but still covered for large, unexpected costs. When considering a home warranty, consider the following: 1. The age of your home and components. If your home is relatively new, repair and maintenance costs will be few and far between, at least for a few years. Older homes may require more repairs and upkeep. 2. The cost of the monthly premium compared with anticipated repair costs. Analyze the full yearly cost of your home warranty policy. Do you reasonably expect any repair costs to exceed that amount? If so, a home warranty will likely be financially beneficial. If not, you might be better off setting that amount aside in savings that can be used for other purposes as well. 3. The cost of visits. Even if you have a home warranty, most professionals will charge a flat fee (between $50.00 – $100.00) to look at your issue and decide a repair or replacement plan. 4. Can you learn to DIY problems yourself? Many home repairs can be done by following online tutorials or getting help from your local hardware store. Maintaining your home yourself is ultimately the best way to save money as a homeowner. Consistency Is Key Whatever maintenance schedule you decide works for your household, you will only realize the financial benefits if you stay consistent. The plan above may be more than you need, or it may be missing essential maintenance that your particular property requires. However, as long as you complete regular and consistent maintenance, you can turn your home into a financial gain, rather than a drain. |
