“The hidden costs of being a homeowner” is a topic that is sweeping the news airwaves these days, as it was reported recently that it adds up to about $18,000 a year! That would freak anyone out, right? Let’s learn together:
True story, Alex Marrero and his wife bought a home in Coral Springs, Florida, and have already spent nearly $17,000 on unexpected home maintenance, repairs, and installations, such as hurricane windows, garage doors, and refinishing floors.
That story is not unlike many homeowners, who are surprised by the high costs of home improvement projects, with a report from Angi revealing that 19% of new homeowners found these expenses to be the most unexpected in the first six months. Nationwide, the average annual “hidden costs” of homeownership, including maintenance and repairs, are around that $18,000 we were talking about earlier, with states like California, Hawaii, and Massachusetts experiencing higher costs, while states like Kentucky are lower.
This is why it’s massively important to remind potential homebuyers, skipping home inspections can lead to unforeseen problems. Who knew that crack in the wall was actually pretty serious?? A thorough and experienced home inspector is your best friend in these situations because they’re the ones who will identify potential issues like foundation problems, termite damage, and water damage… before purchasing.
Our adivce? Understand your dealbreakers and stick to it. It’s totally normal to be present with your home inspector during the inspection because those dealbreakers, such as structural problems, can arise. This knowledge can aid in prioritizing repairs or negotiating the purchase price.
We also recommend that homeowners maintain a “critical eye” on their property, conducting regular inspections and checkups for mechanical systems, plumbing, and electrical systems to avoid costly surprises. Regular maintenance, like tuning up the air conditioner or furnace, is essential to prevent bigger issues.
For all other things financial fitness, download S1 Finfit, the best finance app if you want to be, or are already, a homeowner!
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