Don’t Be Surprised by These Home Maintenance Costs
If you have recently purchased a home for the first time, you probably have budgeted for your mortgage, homeowners insurance, and furnishings for your home. However, there are even more expenses that you should be prepared for in the months ahead. These home maintenance costs may surprise new homeowners but are important for keeping your home in good shape.
Increased Property Taxes Should Be Expected
As your home’s value fluctuates, your property taxes do too. Your home will likely appreciate in value as you make improvements, which causes your property tax increase. When you perform a major renovation on your home, it will add value and affect your property taxes. Know that your property taxes may rise over time, but this just means that your investment is becoming more valuable.
Home Maintenance Costs for the Yard
When you have a large yard full of grass, trees, and shrubs, landscaping can be a sizable home maintenance cost. If you have time to maintain your landscape yourself, you will still need to invest in a variety of gardening tools and lawn equipment. Otherwise, you will need a landscaping company’s services. Occasionally, you may need a dead or dying tree removed. Tree removal can cost over a thousand dollars, yet is necessary to protect your family and your property from damage.
Pest Prevention and Treatment
There is a good reason why homeowners dread wood-destroying insects. It is often hard to spot an infestation until significant damage has been done to the structure of the house. The average cost of repairing termite damage is $3,000 and it’s generally not covered by homeowners insurance. Schedule annual wood-destroying insect inspections to prevent serious infestations. Wood-destroying insects are a risk to houses across the United States, so it’s critical to prevent and treat any issues swiftly.
No one wants their HVAC system to stop working on a sweltering or freezing day. HVAC servicing twice a year helps the system stay in good condition and last longer. The HVAC technician will inspect and clean the system and perform any required maintenance. Bring in a professional each year before you start using the AC or furnace.
Home Maintenance Costs for Unexpected Repairs
One guarantee with homeownership is that you are eventually going to need to fix something. No matter how new your home is, wear and tear will affect parts of your home in years ahead. You may be able to fix some things yourself, so you should have a complete set of basic tools. Other repairs are more complicated and require a professional. Experts recommend saving 1% of your home’s value for repairs and maintenance. With this safety net, you are less likely to be caught off-guard by home maintenance costs.