ChaCha Insurance Blog

Purchasing a home is the dream of a majority of families and the single largest investment that they can ever make. Most homeowners do understand the basics of properly maintaining and protecting their property. However, believe it or not, there are some common mistakes that homeowners make that can end up costing them a great amount of money and reduce the ROI of their home .These mistakes are often due to low maintenance and negligence.

As a homeowner are you making mistakes that can cost you a pretty penny? Let us take a look at the five classical mistakes most homeowners make and some tips on how to avoid them so that your home remains at the level of quality you desire.

Owning a home comes with a ton of expenses from property tax to utility bills. It might be tempting to skip the home warranty to save money. But, not utilizing financial services like a home warranty can be devastating. This is a service that covers the cost of your home appliances and HVAC systems, among other things. Unfortunately, many homeowners tend to think that the appliances are invincible and will continue to run flawlessly for many years. But, though modern appliances are designed to last for at least 5 years, a minor amount of damage or misuse for replacements and repairs can become exceptionally expensive. So, if you have not chosen a home warranty company yet, it is time to do so.

Do not ignore the tell-tale signs that something is wrong in your home. Do you have a toilet that runs, a leaky faucet, or a crack in your ceiling? These things might not be big in your DIY duties. But, over time these problems can turn into expensive home repairs.

Here is the thing, the dripping tap in the bathroom or a leaky faucet will not only be a higher water bill every month but will cause more unseen damage that can spread quickly. The crack in your wall or your siding can lead to dampness and rot within your property over time. You should not postpone these small issues as they can become much bigger and costlier problems over time. You should try your best to take on one small task every weekend so that you can have them all cleared and your home in tip-top shape.

Every house needs upkeep, and some tasks are more important than others. You should periodically go around your entire home and check the roof, door, and window seals, siding on your home. You can and also check out crawl spaces and attics to ensure that there are no leaks or other issues. Neglecting routine maintenance especially over an extended period can lead to severe damages like floods or fire.

A good way to stay on top of general maintenance is to create a checklist that includes checking a few things every week. This will help you not be overburdened by trying to do it all at once.

It is no doubt tempting to just use the DIY (Do It Yourself) approach when it comes to improving your home. However, it is important that you should consider carefully your skills and how much time you are willing to invest in the project. Just completing a project halfway or finding out that you have damaged a part of your house can have a sobering effect that no one will ever want to go through. A good rule to keep in mind is that you should not opt to do any electrical or plumbing work by yourself but hire a skilled professional. Otherwise, you can end up spending more time and money, especially if the job is not done right.

Homeowners should also consider which projects require a licensed and bonded contractor. In most areas, any major repairs and structural changes will require state-issued permits. There are more than a dozen jobs that are flat out illegal to be done on your own. Stay safe and leave the maintenance or risky projects like plumbing, HVAC, and electrical work to the professionals.

Lastly, homeowners can make the mistake of not fully understanding their homeowners’ insurance deductible. It is important to get to know how it works and what out-of-pocket costs you will be responsible for in the event of an incident. Generally, the higher the percentage deductible or dollar amount the less you pay in premiums each month. But before you increase or decrease your premiums you must make sure how various claims (like common mishaps, minor injuries, damaged property, theft, and vandalism) would play out. All homes, whether old or new experience unexpected issues now and then. Fortunately, many issues can be prevented with a little bit of know-how.

There are many joys of being a homeowner. You have a place to call your own and pride in ownership. You also have the freedom to customize your home however you want without consulting your landlord for permission. However, you may discover homeownership comes with certain duties and responsibilities. Always remember that an ounce of prevention is worth a pound of cure holds true for both your health as well as the health of your home.