What is Deferred Maintenance?

Too many homes have been left empty and abandoned by foreclosure and the hardest hit neighborhoods are suffering with decay.

With tough economic times upon us we are seeing more deferred maintenance.

Deferred maintenance takes place when homeowners put off doing regular upkeep and repair to their homes. A homeowner who may be underwater on a mortgage may not want to replace a roof or buy a new furnace for a home they can no longer afford.

More evidence of the recent lack of home maintenance is that home improvement store sales have declined in 2009. Third-quarter sales at Home Depot were down 8 percent from the previous year and Lowes had a large 29.5 percent drop in earnings for the same time period.

Deferring maintenance of a home will only make it harder to sell and will negatively impact value. Don’t let a simple inexpensive fix like a leaky pipe turn into a huge repair job if it is not taken care of immediately.

Condo and apartment buildings are affected when owners don’t pay their condo or homeowner association fees. This alone can bring down prices of all units in the building.

To find out what is going on in Hoboken real estate market, please go toHoboken Homes.           

Currently, there are many great opportunities to purchase a home in Hoboken. Perhaps you are considering buying your very first home, or you may be at the point in your life that you are searching for your ultimate dream home. If either may be the case or if it is something in between, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.