Make Ends Meet: Everything a new homeowner should know
LOUISVILLE, Ky. (WAVE) - Home sweet home has always been part of the American dream. House hunting, down payments and closing cost are just the beginning of the home buying journey.
One thing the pandemic really made many homeowners focus on is what it means to take care of that home, and just how important it is to enjoy the space that you are in.
A crucial factor after reaching that destination of home ownership is properly maintaining that home. Not many new homeowners plan and look ahead at common household repairs that will eventually need to be done.
David Steckel is a home expert at Thumbtack, an American home services website. With 15 years of experience as a general contractor in the home building industry, he has seen an easy fix turn into home disaster if not addressed in a timely manner.
“The home is the most valuable asset in most folks’ portfolios,” Steckel said.
Buying a home is one of the largest financial transactions someone will ever make in their life.
Thumbtack released its first-ever home care price index, which revealed it is important for homeowners to budget and save for yearly repairs that are sure to come after buying their home.
“The annual budget to maintain the average home in the US is $5,000,” Steckel shared. “This is on top of your mortgage. This is on top of everything.”
The last two years have seen a record-high surge in people seeking their first homes, with first-time home buyers making up more than a third of all home buyers in the last 12 months, according to the National Association of Realtors.
During that same time period, the average cost to care for a single-family home has risen 9.3 percent.
“It’s a combination of inflation, the labor shortage and the supply chain that has brought that increase to the cost of homeownership,” Steckel said.
That increase in cost to care for a home has also brought an increase in blood pressure and stress for lots of homeowners.
“Approximately 65% had underestimated the cost of maintenance, but they also underestimated the time and the effort required to take care of those things that are going to pop up,” Steckel said.
During and after the peak of COVID-19, families have been spending more time than ever at home. Many people still work from home. Home sweet home is more important than ever before.
Setting aside enough money every year for maintenance and renovations will ensure someone’s home stays in good condition.
It will also make sure that smaller repairs do not end up becoming bigger disasters.
“This maintenance is an investment, not only financially, but it’s going to save you a lot of time and stress,” Steckel said.
Pay attention to the upkeep of a home and what needs to be done. Doing projects as soon as possible helps someone keep upkeep costs of their home down and keep their home in tip top shape.
For more information to help to better plan, budget, and complete home repair, maintenance, and improvement projects for your home, click or tap here.
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