We've all heard homeownership sometimes referred to as "a money pit." Sure, homes are expensive, but there is no substitute for the sense of pride and comfort you achieve from living in a space that is truly your own.
Young homeowners decorating their house[/caption]
That said, it's true that from the day you move in to the day you sell your home, there will always be something that will need to be repaired or even remodeled as you—and your family—grows, shifts and changes. But to be a proactive homeowner, you will want to keep an eye out for the small issues that could cost big bucks down the line—like a crack in the foundation or a drafty window.
Below are a few top tips for forward-thinking. This information will protect your real estate investment far into the future:
Get in the habit of taking an inventory at least once every year of every nook and cranny of your home to check for potential problems. Examine the roof, foundation, plumbing, electrical wiring—basically everything. Try to fix trouble spots as soon as you uncover them. This proactive approach will help you avoid larger expenses later on, so leave no stone unturned when taking inventory.
Some say you should expect to spend one percent of the purchase price of your home every year to handle a myriad of tasks, including painting, tree trimming, repairing gutters, caulking windows and routine system repairs and maintenance. An older home will usually require more maintenance, although a lot will depend on how well it has been maintained over the years.
Tell yourself that the upkeep of your home is mandatory, and budget accordingly. Otherwise, your home's value will suffer if you allow it to fall into a state of disrepair. Remember, there is usually a direct link between a property's condition and its real estate market value: The better its condition, the more a buyer will likely pay for it down the road.
Play it Safe
Don't assume that a problem will stay the same if left unattended. If your gutters are clogged, play it safe and unclog them to avoid leaks. Adopt the attitude that the cost of good home maintenance is usually minor compared to what it will cost to remedy a situation that you allowed to get out of hand. For example, unclogging and sealing gutters may cost a few hundred dollars. But repairing damage to a corner of your home where gutters have leaked can potentially cost several thousand dollars.