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  • Northern Virginia -Fairfax, Loudoun, Alexandria, Arlington & Prince William Blog, real estate Market condition written by Ritu Desai at Samson Properties
How much to estimate for Home Maintenance after purchasing your home?
This topic reminded me of a family whose I had sold a home while back.  They had bought a new construction home. After 5 years living in the home, the husband had a job relocation so they were thinking about renting the home or selling it. Walking around the home I was bit puzzled, the home was decorated as if a picture from a catalog, it reflected the pride of ownership! However the intake vents looked like they were clogged & dirty or the ducts where clogged... I asked them if they got the HVAC serviced or have any issues? My naive homeowner tells me they vacuumed every time but the vent never looks clean. They even unscrewed to wash in their bath tub. Long story short, I recommended them to get a local HVAC professional company to service their system, it was diagnosed they never changed the filter and the system was at a point of hazard. They end up spending a lot of money getting this system working normally which could have be done by simple filter change & knowledge of how things work.

Now just imagine you bought that home as foreclosure or short sale. Hmmm....you would have spend hundreds of dollars before you receive your first utility bill.

In our current  Virginia real estate market, we have increasing number of our home buyers getting caught up in the bidding war with the attitude to win the next home they put the contract on and make the place their home. But at the same time they forgot the aftermath about being a home owner. The home may show very well but do consider the home just like your car,  things deteriorate over the period and it needs maintenance.

My recommendation irrespective whether we are contingent on a home inspection or NOT I highly recommend my clients to get  professional home inspection to inspect the home.  It doesn't matter you are purchasing a new construction or a 60's home, get to know what you are purchasing , understand the life of the equipments and the maintenance on those equipment.

Back to the question about how much should as a homeowner estimate when purchasing a resale home???
According to industry standards, homeowners should have 1% of the purchase price of their home in savings for improvements and surprise expenses. While this minimum will help ease through maintenance costs, a 2-3% cushion is far more prudent

Apart from budgeting yourself, opt for home warranty. Ask your Realtor for various companies with different level of service provided at various deductible. For a first time home owner it may take a lot of anxiety out of home ownership.

It never hurts to be prepared for any unforeseen issues in the home but arm yourself with knowledge and reserve!

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