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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