A Budget Must for First Time Home Buyers...Home Maintenance

Many first time home buyers, while figuring the expense of owning a home, neglect to budget for home maintenance.  

You're figuring mortgage payments and utility costs, right?   But did you remember to budget for home maintenance?  If not, you're threatening the long term value of your investment (home)!  

Home maintenance is a very important part of home ownership, and essential to maintaining the value of your home.  

You're not a tenant anymore.  If something breaks, it's your problem!  And while you're just moving in, with no thoughts of resale, failure to perform routine maintenance will affect the eventual sale price of your home.  

It's recommended that homeowners set aside at least one percent of the home's purchase price to cover things like painting, routine system maintenance (furnace, water heater, well water treatment systems), window caulking and gutter repair.  

If you're purchasing an older home, your annual home maintenance fund may require more than one percent of the home's purchase price.  That will largely depend on how well the home has been maintained over the years.  

Once you decide on your annual home maintenance account, put that money away so you aren't tempted to spend it!  If you don't use it all in one year, it's not a bonus or extra payday.  Leave it alone, continue to contribute.  That will give you a cushion for major repairs like roof replacement or new siding down the road.  

Good home maintenance is relatively inexpensive when you compare it to the cost to fix something that you've allowed to get progressively worse.  And, if you keep records of this routine maintenance, and have those records to share, you'll make a big impression on buyers when you eventually sell your home.  

While your search for a new home is still fresh in your mind, remember all the homes you've just seen.  Make a list.  Which homes made a better impression;  those that were well maintained and showed pride of ownership or those with haphazard or negligible repair and maintenance?  

In 5 years, where will your home stand on that list?  

If you'd like more information on buying your first home, or homes for sale in Little Egg Harbor, Tuckerton, Manahawkin, Barnegat or Waretown, give me a call!