Owning a home can be expensive, especially when unexpected repairs pop up that you didn’t budget for. Here is a list of the top 4 homeowner mistakes and how to avoid them so you can make sure to not fall victim.
Delaying or Avoiding Routine Maintenance on Major Systems
Homes are like a car, you need to perform routine maintenance to ensure it runs well. However, many people fall into the bad habit of delaying or avoiding routine maintenance when it comes to their home.
The problem is that the longer you wait to perform this maintenance, the bigger the problem can become leaving you with a much bigger bill than you would have had to pay.
Saving money to delay routine maintenance in the short term will only hit your pocket book harder in the long term. Regular maintenance to remember includes things like clearing out and cleaning your gutters, preparing your pipes and home for winter, pressure washing the exterior of your home, performing proper maintenance serviced by a professional on your HVAC system, and other ongoing maintenance tasks.
Making sure to stay on top of your home maintenance will help keep your home in tip-top shape and protect the value of your home!
Having The Wrong Insurance
Many homeowners surprisingly don’t pay enough attention when it comes to getting their home insurance and having an appropriate policy. Did you know that having a certain breed of dog can render your home insurance useless in some cases?
Other times, homeowners might mis-judge the replacement cost of their home not giving them the adequate coverage they need in case of a disaster. When it comes to getting home insurance, always get quotes from multiple brokers and make sure you understand the nuances of each policy.
Even if a policy is a little cheaper, it does not mean it is better. That’s also true for an overpriced policy!
Not Budgeting for Future Home Repairs
When you own a home, things are simply going to go wrong and break. Even brand new homes can have issues due to contractors and builders trying to cut corners and save on costs.
This is how come it’s important to have a “rainy day fund” set aside in case something happens and a surprise repair pops up. It’s not a matter of ‘if’ something will happen, it’s a matter of ‘when’ something will happen and you don’t want to get caught with no safety plan.
A simple hole in your roof can cause havoc when it rains causing water damage throughout your entire house and potential mold problems. Not being able to afford a repair like this can quickly make your home inhabitable.
Your home is too important of an investment to not set aside your rainy day fund so be smart and plan ahead!
Starting Massive Renovations Early
The last mistake many homeowners make is choosing to do massive renovations too early. It’s important to thoroughly understand your homes needs before you make any decisions on where to invest in renovations.
When it comes to renovations, every homeowner generally has the same story… it cost way more and took way longer than they thought it would. This can quickly eat through your budget and cause you to not afford more important expenses you might have for either your home or personally.
It’s always smart to expect to pay more than you were initially quoted on any renovation you expect to perform. That way you can play on the safe side and not sweat the upcoming expense.
We hope you found this articles useful and don’t fall into any of the pitfalls homeownership can have.
Your home is your sanctuary and where you live, make sure to take care of it so you can fully enjoy it!