Buying a home is the dream of most families and the single largest investment they will ever make. Most homeowners understand the basics of maintaining and protecting their property. But there are common mistakes that end up costing a great deal of money and reducing the return on the home, usually the result of low maintenance and neglect.
Are you making mistakes that could cost you? Here are the five classic ones, and how to avoid them.
Mistake 1: Skipping the home warranty
Owning a home comes with a long list of expenses, from property tax to utility bills, and it can be tempting to skip the home warranty to save money. That can be an expensive decision. A warranty covers the cost of your home appliances and HVAC systems, among other things. Many homeowners assume appliances are invincible and will run flawlessly for years. Modern appliances are designed to last at least five years, but a small amount of damage or misuse can make replacements and repairs exceptionally expensive. If you have not chosen a home warranty yet, it is worth doing.
Mistake 2: Ignoring the small stuff
Do not ignore the tell-tale signs that something is wrong. A running toilet, a leaky faucet, a crack in the ceiling. These may not feel urgent, but over time they turn into expensive repairs.
A dripping tap is not just a higher water bill every month; it causes unseen damage that spreads quickly. A crack in your wall or siding can lead to damp and rot over time. Try to take on one small task every weekend so you can clear them steadily and keep your home in good shape.
Mistake 3: Forgetting regular check-ups
Every house needs upkeep, and some tasks matter more than others. Periodically go around the whole property and check the roof, the door and window seals, and the siding. Check crawl spaces and attics for leaks. Neglecting routine maintenance over an extended period can lead to severe damage, floods or fire among them.
A good way to stay on top of general maintenance is to create a checklist covering a few things each week, so you are not trying to do it all at once.
Mistake 4: Taking on advanced DIY jobs
It is tempting to take the do-it-yourself approach to improving your home. Consider your skills carefully, and how much time you are willing to invest. Getting halfway through a project, or discovering you have damaged part of the house, is a sobering experience. A good rule: do not attempt electrical or plumbing work yourself. Hire a skilled professional. Otherwise you can spend more time and money, especially if the job is not done right.
Consider too which projects require a licensed and bonded contractor. In most areas, major repairs and structural changes require state-issued permits, and there are more than a dozen jobs that are outright illegal to do yourself. Stay safe and leave plumbing, HVAC and electrical work to the professionals.
Mistake 5: Making assumptions about your policy
Homeowners often do not fully understand their insurance deductible. It is worth knowing how it works and what out-of-pocket costs you would be responsible for. Generally, the higher the percentage or dollar deductible, the less you pay in premium each month. But before you raise or lower it, work through how various claims would actually play out: common mishaps, minor injuries, damaged property, theft, vandalism.
All homes, old or new, run into unexpected issues now and then, and many of them can be prevented with a little know-how. There are real joys to being a homeowner: a place to call your own, and the freedom to change it without asking a landlord. There are also duties. An ounce of prevention is worth a pound of cure, for your home as much as your health.
