For the most part when consumers think of buying a home they think of the financial planning that goes into being able to purchase a home. Saving for a downpayment and preparing your credit before applying for a loan are very important but, it doesn't stop there. Financial planning for home repairs and maintenance needs to continue after the home purchase is complete.
As a homeowner "calling the landlord" no longer exists.....you are the landlord! That means if something breaks, leaks, or stops functioning as it should it's going to be on your dime to fix it. You will either need the cash reserves or have good credit to be able to apply for financing to pay for the repairs. Lots of items aren't budget busters but, if anything high ticket goes will you be prepared?
Take for example an air conditioning unit - if it breaks all together it could be thousands of dollars to have it replaced. Home warranties could come in handy and may be in place but, if that's not the case you could find yourself short on cash. Budgeting even just $50 per month to go into a home repair reserve account could really help in the instance of an emergency. Planning ahead will not only save your budget but, it will also save you stress knowing you're prepared in case something happens.
Thank you to my dear friend Gina Thomas for the blog idea today!
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