How to Budget for Unexpected Home Maintenance Costs
Buying a new home can be an exciting milestone, but it can also come with unexpected expenses that catch many homeowners off guard. Alex Marrero and his wife recently purchased their first home in Coral Springs, Florida, and have already spent nearly $17,000 on maintenance, repairs, and installations. These costs can add up quickly and impact your financial plans if you’re not prepared.
The Hidden Costs of Homeownership
According to a report by Angi, roughly 1 in 5 homeowners found the cost of home improvement projects to be the most surprising element in the first six months of homeownership. It’s important to be aware of these hidden costs and budget for them accordingly. Annual maintenance costs nationwide average around $18,000, which can vary depending on the location and value of your home.
First-time homeowners are often less aware of these costs than experienced homeowners, but with the right knowledge and planning, you can avoid financial surprises down the road.
Tips for Managing Home Maintenance Costs
1. Have a Home Inspector Lined Up
- One of the most important steps in the homebuying process is having a thorough inspection done before closing. Skipping this step can lead to costly repairs later on. Make sure to hire a licensed home inspector and be present during the inspection to address any concerns.
2. Look for ‘Deal Breakers’ in the Inspection
- During the inspection, pay close attention to any issues that could be deal breakers, such as foundation problems, termite damage, or water damage. Knowing the condition of your home upfront can help you prioritize repairs and negotiate with the seller if needed.
3. Keep Your ‘Critical Eye’ as a Homeowner
- Once you move into your new home, it’s important to keep up with routine maintenance tasks to avoid costly repairs later on. Stay vigilant about checking for potential issues and schedule regular checkups for your mechanical, plumbing, and electrical systems.
Stay Prepared for the Unexpected
Unexpected home maintenance costs can quickly derail your budget if you’re not prepared. By understanding the hidden costs of homeownership and following these tips, you can better manage your finances and avoid financial surprises in the future.
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