Deferred Maintenance - pay me now, or pay me later

A good friend of mine recently asked me my professional opinion of the cost of deferred maintenance. I wasn't sure if she meant I was due for a manicure, or needed a root touch-up. Turns out she was referring to the lack of upkeep of her beloved home. Ah, yes. Deferred maintenance on our homes is bedeviling many people who have had to put off home repairs or upgrades because of the uncertainty of the economy. And my friend Marie and her husband have fallen victim. 

I love Marie's home! Every time I've visited, I comment to her about its beauty and warmth. The 3,000 square foot bungalow built in 1919 has a welcoming entry with a big outside porch beside a big enclosed three season room. I've never focused on what repairs it might need, but instead have always appreciated its charm. But until recently, Marie had been either unemployed or under-employed for about five years, and their family had to make some tough decisions about where to spend their money. The house suffered. 

 

In our recent conversation, Marie confided to me that she was very concerned about the roof repairs that have been started but not finished, the older windows that needed to be replaced, the peeling paint job, the updates needed to their downstairs bathroom, and a list that goes on. Marie says that list keeps her up at night and gives her panic attacks during the day. I can understand why. These are not inexpensive home maintenance items that have been deferred. And I had to be honest with her that deferred maintenance is a case of pay me now, or pay me later. Either these updates would have to be made while they're still living in and enjoying their home, or they would have to be made when it's time to sell. Without the updates, they'd face a hard time selling, and/or a lower selling price. Bottom line: deferred maintenance can take a big toll on your home's value. 

 

Because it's still a buyers' market, home buyers have a lot of good choices right now. And sellers are finding themselves in tight competition with other homes that are updated, in great shape, and nicely staged to sell. What's more, some deferred repairs, like Marie's roof, or the peeling paint, can eventually turn into the need for a much more expensive replacement. I don't want to see my friend, or any of my valued clients in that kind of situation. But that doesn't mean Marie, and others who have deferred maintenance on their homes are in a hopeless position.

 

I counseled Marie that now that she's employed full time again, it's time to make a list with her husband of the repairs and upgrades they'd like to make on the home they've lived in and loved for 13 years. Then, to look over the list and decide what repairs, like the roof, are top priority. The next step is setting a budget for the repairs, and figuring out how they plan to fund them. I told her that perhaps she and her husband can save money by doing some of the repair work themselves. Or, if they decide to take a home equity loan to get the job done and put the proceeds of the loan right back into the property, it's actually investing that money into their property so its more likely to hold its value.

 

Deferred maintenance is nothing to feel guilty or ashamed about. Many of us have found ourselves needing to put off car repairs, home upgrades, and yes, even manicures and root touch-ups because of job losses, limited incomes, and higher expenses.  With a good plan in place, you can begin to again take charge of the condition of your biggest investment, your home. And if you need help with that plan, let's talk. Call me at (503) 494-2120 to face your deferred maintenance problems, and get started on your home improvement plan right away!