Leaky roofs, bursting pipes and infestations – all on your own dime.
Though home ownership has many perks, there are some extra expenses to
watch out for.
Maintaining and repairing a home can be a daunting task, especially
if you’re learning these skills for the first time as a home owner.
Repair costs can make any first-time homeowner long for the “good ol’”
renting days. Each of the major systems in your home, like the plumbing,
electrical and roofing, serves a very important purpose and must be
kept in good working order to protect your investment and keep life
running smoothly.
The Roof
Water is your home’s biggest enemy, and one of the roof’s primary jobs
is to keep water out. Asphalt shingles (the most common roofing material
in the U.S.) can become loose, cracked, be blown off by the wind or be
damaged by hail. The nails that fasten them to the roof could also
raise, allowing water to get underneath and in to your home, if any part
of the shingles or roof had been poorly installed in the first place.
A leaky roof can cause cosmetic damage to the inside of a home and,
depending on how severe the leak is, damage the belongings inside, cause
health problems and structural issues.
Asphalt shingles also have varying expected maximum life spans,
depending on the quality of the shingle. Under normal circumstances, the
roof will need replacement at least every 20 years. However, roofs have
varying life spans, depending on the type of shingle used, installation
quality, climate and weather.
The Heating, Ventilation and Air Conditioning (HVAC) System
Because of its complexity, your home’s HVAC system is not something
you’ll be able to inspect, repair or replace yourself. Unless you’re an
HVAC professional, you should be prepared to hire one from time to time.
You’ll probably need to buy new units at some point, as the existing ones wear out over time.
Replacing the furnace and air conditioner filters frequently helps
keeps the machines running efficiently. Homeowners with gas furnaces
should have them inspected once a year. In many areas, this service is
provided at no charge.
The Electrical System
Arc faults and electrical shorts cause a fair number of electrical fires
that burn down homes. All homeowners should have a basic understanding
of how electrical systems work, in order to keep homes and families
safe. Besides having a trusted electrician in your reach, understand the
limitations of your own skills – why risk electrocution or faulty
wiring in order to save a few bucks?
Plumbing
Small plumbing problems (like clogged drains) happen from time to time,
no matter where you live, and they aren’t a big deal to fix, with basic
plumbing knowledge.
Some older homes present larger problems when it comes to plumbing.
These homes often contain galvanized iron water pipes, which become
clogged with mineral deposits over time, gradually reducing the water
pressure in your home. These pipes cannot be repaired – they have to be
replaced. For new homeowners, the annoyances of noisy plumbing, frozen
pipes and burst pipes can create more issues than they’re worth.
Termites
In the woods, termites help turn fallen trees into topsoil, but you
don’t want your home turning to dust. Termites are attracted to wood and
moisture, and they can get into your house through even the tiniest of
cracks.
To prevent expensive structural damage to your home, make sure there
is no wood touching the ground near your house (like lumber, firewood or
tree stumps). Prevent any moisture from accumulating around your
foundation by making sure the ground slopes away from your house, and
hire an exterminator to regularly perform a pest inspection.
Natural Disasters
When you become a homeowner, damage from natural disasters becomes your
problem. Homeowners insurance typically does not cover “acts of God,”
meaning that you will need to purchase extra coverage against disasters
like floods and tornadoes. Unfortunately, this insurance can be
expensive or have an unusually high deductible.
Mold
Mold can grow in wet or damp areas, and can cause health problems. If
your HVAC system is contaminated, you can spread mold throughout your
home every time the furnace is running.
Preventing mold problems is a matter of keeping water out and fixing
any leaks, to eliminate any environments conducive to mold growth. If
your home is very humid, an air conditioner or dehumidifier will help
prevent mold growth. Mold is not always visible; it can be hidden behind
wallpaper, under carpeting and in a variety of other places. Mold can
cause allergic or irritating reactions and asthma attacks.
Conclusion
When most people think about home ownership, they think only about the
monthly payments, or PITI: principal, interest, taxes and insurance. But
maintenance and repair costs will eat up their fair share of your
(not-so) disposable income, too. Mortgage lenders won’t factor this into
their equations when determining a loan amount, but you should. Before
you buy, make sure you’re prepared for the true cost of your castle.
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