Maintaining Your Home After Purchase

Mar 25, 2021 Buying A Home

Regular maintenance can take time, planning, and money, but it can help you to save on unexpected repair costs and keep the value of your home up.

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Owning your own home can be an excellent investment. It can also be financially draining if you aren’t completing basic maintenance and upkeep tasks in a timely manner. Regular maintenance can take time, planning, and money, but it can help you to save on unexpected repair costs and keep the value of your home up. Here are 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.

You may decide to keep a checklist on your fridge or add to a family binder (if you have one). Or, if you prefer a more high-tech solution, you can 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 or take ones that don’t apply to you off the list).





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. You may also have certain warranties that are bundled with a brand new home purchase for items such as foundation, A/C system, drywall, and more.

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. 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 may require. However, as long as you complete regular and consistent maintenance, you can turn your home into a financial gain, rather than a drain.

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