Homeownership is one of the biggest financial purchases most people make in their lifetimes. But it’s also one of the most unpredictable, with unexpected and sometimes costly projects that can pop up at any time.
Fortunately, there are things you can do to minimize the stress of homeownership and reduce the cost of repair and maintenance. By ensuring you know what to look for, you can avoid the unexpected and ensure your home is in good shape.
Start with a checklist of your home’s major systems and appliances, such as water and electricity, as well as smaller areas that might require special attention like your kitchen or your garage. Identify any minor issues that could become major problems down the line, such as leaky faucets or a toilet that runs constantly.
Keep a maintenance budget
Many specialists recommend that you set aside between 1% and 2% of the purchase price of your home each year for routine repairs and maintenance. Even if you never have to use the money, it’s good to have it ready for when unexpected home repairs do crop up. Personal loans, credit cards and installment-payment plans are common ways to finance these needs, but be sure to check interest rates before committing to any financing option.
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