We live in a time when every penny counts. At the same time, we need to care for our home because properties lose value, and more importantly, we are spending the majority of our time in it. There are plenty of ways to keep our homes in tip-top shape without depleting our savings.
Here are some tips and pointers to save money on home maintenance, repairs, improvements, and upgrades this 2021:
Set an annual budget for home repairs
You may love your home and consider it a priority, but that doesn’t mean you should spare no expense for its upkeep. Create a realistic annual budget with the cost of all the improvements, repairs, and maintenance tasks you want to create for your home. Setting a budget and sticking to it is the first step to saving money on caring for your home this year. Separate your needs from your wants, and prioritize the essentials over the aesthetics. Be honest with yourself about what you want and if you can afford it this year. If not, consider postponing those upgrades to next year. For now, make the essential repairs and upgrades a priority.
Don’t wait for the problems to get bigger before you act
When something in the home needs fixing, especially if the problem can cause harm to you and your family’s health and safety, tend to it as quickly as you can. A survey of 2,000 homeowners in the United States found that the average American home has at least nine DIY jobs or repairs that need to be completed or fixed. The problem with procrastinating on essential home repairs is that what begins as a minor issue can evolve into an extremely expensive disaster if you continue to put it off. What starts as a leaky pipe under your sink can eventually turn into a rotten subfloor, which can boost the price of your repairs exponentially. When it comes to home care, prevention is always better than the fix.
Hire professional services for expensive tasks
Speaking of leaky pipes, there are certain maintenance tasks that you need to entrust to the professionals, like a reputable team of plumbing experts. This is because some home repairs and maintenance are investments that you need to do now before they lead to larger costs down the line. Other examples of emergency home repairs include:
- Burst pipes
- Leaky roof
- Broken water heater
- Clogged or overflowing toilet
- Gas leak
- Broken air conditioner
- Furnace issues
- Electrical problems
- Broken windows
- Hairline cracks in the foundation
- Mice, termites, and other pests
DIY the less risky maintenance tasks
At the same time, there are tiny repairs around your home that you don’t need to hire professionals for. You can save a substantial amount by doing some tasks yourself, such as painting the walls, sanding some furniture, and doing general cleaning and dust-up. Hiring manpower makes up a large part of home repair and maintenance costs.
Wait for sales and discounts before purchasing materials
Another way to prevent renovations and improvements to deplete your savings is by doing thorough research on the materials you need before you purchase them. You need to compare prices from different stores and brands before you decide on one retailer. Another thing you can do is to wait for materials to go on sale or a discount, like during the Black Friday sale. There are off-season times too, like winter and rainy seasons, which may also be the best time to enlist the help of contractors. Be smart about the times when you purchase your materials or when you do the actual improvements.
Know your financial options
You don’t only need to plan for small or minor repairs; home care also involves being ready for when you have to do major renovations and upgrades. American homeowners are generally open to the idea of borrowing money from official lenders or family members to pay for their home improvements and repairs, while home equity lines of credit and home equity loans are also solid options. Before you plan for these theoretical upgrades and renovations, start by knowing your residential property’s current value, because the amount that you will be allowed to borrow is dependent on market value minus your remaining mortgage debts, or your equity.
Doing home repairs and maintenance is inevitable, and renovations and upgrades may have to follow suit in the future. One of the biggest ways to lessen the stress of home care is by knowing where the money will come from before the work even begins.