Owning a home isn't just a significant financial investment, it also accompanies an extensive time investment. This is particularly the case when it comes to home maintenance. Failing to recognize the importance of maintenance comes along with a number of penalties.
Increased Insurance Costs
Poor maintenance efforts create a domino effect for damage. For example, rusting pipes can eventually lead to a water leak that results in water damage that could ultimately cause mold growth and extensive structural damage. All of that could be eliminated if the rusting pipe is addressed immediately.
If you file a claim with your insurance company, and your failed attention towards maintenance is at the root of the damage, expect an increase in your insurance premium. The more focused you are on maintenance, the less likely a mishap will occur that requires you to file an insurance claim.
Higher Maintenance Costs
As previously discussed, most problems start off small and gradually get worse over time. In many instances, the more extensive the problem gets, the higher the repair costs. Take a roof with a few loose shingles, for example. On average, it costs between $5.43 and $7.05 per square foot to repair shingles. For a very small area, you could easily spend less than a thousand dollars to repair your roof.
If you ignore regular roof maintenance, a few loose shingles can eventually turn into a complete roof replacement, which can easily lead to thousands of dollars in repair costs. Some homeowners think that more frequent maintenance means higher costs, but the reality is that it actually saves you money in the long run.
Reduced Resale Value
Whether it's a home that is too small, too far away from a new job or a change in financial situation, a number of homeowners decide to sell their home at some point. Especially if your motivation for selling is the latter, it's important to earn the most profit from the sale. Poor maintenance limits your ability to accomplish this.
Take a home with twenty significantly-damaged wood windows, for instance. The cost to replace some styles of windows is as high as $1,000 each. Given this scenario, a buyer could easily lower their offer by $20,000 to cover the money they will have to spend to replace the windows on their own. Being offered $20,000 less than your asking price is significant.
Make certain you are making a valiant effort towards performing preventative maintenance around your home. This won't just help you avoid these penalties and others, but it will make living in your home a more enjoyable experience, overall. For more information on how homeowners can protect themselves from significant financial losses, check out websites like http://www.sldins.com.Share
6 May 2016