Preparing for Home Repairs
The inconvenience and cost of home repairs have snuck up on all of us at some point. The tips below are great for all homeowners, and especially for sellers who’re letting potential buyers view their homes. Here are some tips for planning for and dealing with home repairs:
- Set aside money every month for dealing with home repairs – that is, make home repairs a part of your monthly budget. Home repair costs can range from less than $100 to over $1000 depending on what needs to be repaired and the severity of the problem. By making home repairs a part of your budget (and saving the money even on a month in which no repairs are needed), you could save yourself a big headache when the time comes to pay for an expensive repair.
- Some of the most common needed repairs include plumbing issues, fence and driveway repairs, patio or porch repairs, heating and air maintenance, and painting both the interior and exterior of your home. Get an idea of how often repairs for such things would be needed and the average cost of said repairs, and make your monthly budget according to what you find out.
- Obtain renovation costs up front in writing when you suspect an issue and understand the agreement with the repairman. Talk with someone you trust, perhaps your real estate agent, about a repairman referral if you do not already have one. Make sure you’re paying a fair price to address the problem at hand.
- Plan long term. Meet with a professional financial agent who can help you determine if a project fits into your budget financially and if not, how best to readjust.
- Expect the unexpected. As mentioned in #1, if you have funds set aside, a leaky roof or broken pipe won’t be as hard of a financial blow as if you were totally unprepared.
Adapted from RISMedia - Your Real Estate News Channel
Factor in Home Repairs (Video)