Still considering your New Year’s resolutions? We've been talking about a financial plan for your Smith Mountain Lake home, including insurance and taxes. Last, but definitely not least, are repairs and renovations. Every homeowner knows that normal wear and tear, different seasons of weather, and – of course – the inevitable breakdown of an appliance are bound to happen every year. You should be prepared to spend 1% to 3% of your home’s value annually on maintenance.
Remember that extra $100 a month that we talked about putting toward your mortgage? If you’re not prepared for an unexpected repair, you should consider opening a savings account to use as savings for this necessity. To help with your budget, review the inspection you had done when you bought the home. Does it indicate you’re going to need a new roof in the next year or two? Keep track of your appliance purchases as well, so that you will know when they are going to need replaced.
Some average estimated replacements are as follows:
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Roof: every 20 – 25 years
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Heating systems: every 15 – 20 years
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Stoves: every 11 – 15 years
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Water heaters: every 8 – 13 years
Consider non-emergency maintenance and any upgrades you have been planning. If you’re planning on paying off your mortgage early, you don’t want to rely on a home equity loan for these contingencies, as this will defeat the purpose.
With a little planning for the new year, you will be able to relax and enjoy your Smith Mountain Lake home for many years to come. Then you can tend to your other new year’s resolutions, such as burning off the calories from all those Christmas goodies. Getting out and enjoying all the activities and beauty the area has to offer makes fulfilling that resolution a win-win situation for you!
Thinking about selling your home, or moving here in 2011? Contact Vicki Millehan, the area's local real estate expert, to assist you with all of your real estate resolutions.
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