Keeping your home well-maintained isn’t just important for your quality of life—it can have big long-term effects on your property. Without regular upkeep, overall property values are affected. Poor home maintenance can reduce the value of your home by 10-15% of its assessed value. That means you could lose tens of thousands of dollars on a potential sale price, just because your house wasn’t kept in working order.
Sometimes, good home maintenance is as simple as keeping gutters clean, the exterior of your home freshly painted and your trees pruned. But sometimes big-ticket items are required like a new roof or new appliances. How can you budget? A good rule of thumb is to allot 1-3% of the home’s initial value ever year. So if your home costs $200,000, keep $2,000-$6,000 in reserve every year to keep your house clean, tidy, safe and up-to-date.
Space out your renovations rather than doing them all at once. To keep things manageable, consider going to a room-a-year maintenance schedule. This way, you’ll keep your home fresh and modern, but you won’t overwhelm yourself with huge costs.
Not only will you have a more pleasant home for you and your family, you’ll see big benefits when it comes time to sell your property.
Questions about how maintenance affects your home’s value? Call us today, and we’ll help explain.