Categories: Home Buying

Homeowners Beware! Know the Hidden Costs of Homeownership

Homeowners often find out that being one comes with a lot of responsibilities, especially financial ones. Any property, whether new or old, requires you to spend on repairs and maintenance every year.

Experts estimate that your home will cost you between 2 to 4% of your total home value every year in maintenance costs. For instance, if your house cost you $300,000, then you should expect to spend at least $6,000 every year on repairs. Most of these will be spent on the following:

HVAC Repairs: $100- $1,200

HVAC repairs can either be electrical or piping. Either way, you will need to get a professional to assess the problem and hire expert HVAC contractors near your Salt Lake City home. It might be something as simple as replacing filters or unclogging drain lines. It can also be that full HVAC replacement is needed which is going to be very expensive.

Plumping repairs and replacements: $100- $2,400

It is almost very normal to wake up to leaking pipes or clogged drains either in the kitchen or bathroom. You cannot do much about these issues other than hiring one of the many reliable plumbers to replace or repair your plumbing. Do not attempt to do it yourself. Most of these leaks are in spots that you may not find accessible.

Foundation Repairs: $500- $10,000

Wall cracks, sinking floors, and doors and windows not closing properly are all signs of foundation problems.  Should you notice them, have them repaired as soon as possible. If left unfixed for a prolonged time, the damage could be potentially dangerous and will cost you more.

If you suspect any foundation problems, call up a structural engineer to inspect the extent of the damage and then have them repaired it.

Roof repairs: $100- $5000

Roofing repairs can be very costly. Homeadvisor recommends that you schedule a regular inspection for your roofing to avoid extensive damage. If you experience heavy rains or snowfall, have your roof checked by a residential roofer as soon as possible for any serious issues. The cost can go up to $20,000 or even more for a full replacement.

Water heater repairs: $100- $1500

A faulty water heater is one of those things that you cannot just put aside for later repairs. No matter how expensive the repairs, a cold shower in winter is never an option. Consult with a water heating expert to check your system in the summer. This would ensure that your water heater will be dependable throughout the fall and winter. Most water heaters have a service life of 15 years, so make sure to check when your heater was installed so you would know when you need to have it replaced.

Electrical faults: $125-$2,000

Electrical repairs are pretty common, and most of them require simple repairs. However, it is always best to engage the services of an electrician, so you know that you won’t be putting you or your family in danger.

Most first-time homeowners think that buying a house is the end of their financial responsibilities when it comes to their property; however, maintaining a property’s facilities and structure can be pricey too. You should know where the more significant chunk of your home maintenance cost will be going.  Know how to minimize your property’s repair and maintenance costs so you can live happily ever after in your dream home.

Jamie Richardson

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