As a homeowner, you have to consider more than just your mortgage and the cost of insurance. Home systems and appliances break down and sometimes need to be replaced.
Budgeting for these expenses can be challenging, but it’s not impossible. With the right strategies, you can save money on home maintenance without sacrificing quality.
1. Do Your Research
The first step toward saving money on home systems repairs is researching what you can do to prevent the need for them in the future. That can include conducting an inspection before a purchase, or simply searching online for charts and articles that estimate the typical lifespans of appliances, heating and cooling systems, hot water heaters and more. It’s also important to check with your local government or search for financial assistance programs that can help cover costs should an unexpected repair or replacement need arise. Finally, having a trusted home warranty company like Mercury on your side can reduce the need to find and hire professionals in a rush when something breaks down.
2. Don’t Skip Routine Maintenance
The best way to save money on home repairs is to keep up with your routine maintenance. This includes tasks like septic tank cleaning, gutter cleaning, and HVAC tune-ups.
It is also important to learn how to do routine maintenance yourself. This is an easy, cost-effective way to save money on home repair costs.
Skipping home maintenance is one of the biggest mistakes homeowners make. A little bit of dry rot can turn into a collapsed deck, and forgetting to clean your dryer vent could result in a fire.
3. Don’t Be Afraid to Hire a Pro
It’s a fact that some projects are simply out of the realm of DIY. If you have a project that you know will be difficult or dangerous to do yourself, don’t hesitate to call in a pro. However, try to save the pro fee for a small repair by grouping it with other work that could be completed at the same time, which can also help you avoid a minimum service charge or trip cost.
Ideally, homeowners should plan ahead by setting aside money and protecting themselves with homeowner’s insurance to cover the costs of repairs and maintenance. If this isn’t possible, it’s important to get references and shop around for the best prices.
4. Don’t Forget About the Small Things
The best way to save money on home system repairs is to plan ahead and budget. If you can, it’s recommended that homeowners set aside 1% to 4% of their home’s value each year for maintenance expenses. Having money spent on a home warranty is a great way to afford home repairs.
This includes routine maintenance like cleaning gutters, replacing air filters and sweeping the driveway to prevent snow buildup. It also means keeping track of how long items typically last and establishing a schedule for regular replacements or maintenance visits to avoid expensive surprise repairs down the line.
Another option is to learn how to do some simple repair tasks yourself. This can save you the cost of hiring a professional and reduce stress.
5. Be Pro-Active
When it comes to home repairs, there are a few things you can do to help save money. For one, be proactive by scheduling regular maintenance. Small tasks like cleaning gutters, treating termites, or addressing other issues are relatively inexpensive when performed regularly but can prevent costly problems down the road.
It’s also important to save for unexpected expenses that come up. This can be done by setting aside a certain amount each month, or buying a home warranty to cover major system and appliance repair costs. Either way, being prepared for these costs can save you from going into debt or using credit cards to pay for them.
6. Don’t Overspend
Whether you have an old home or a new one, it is important to budget for future maintenance costs. The best rule of thumb is to save 1-4% of your home value annually for repairs.
Having a plan in place and money saved will help you lessen the stress of unexpected breakdowns and avoid unnecessary expenses like credit card debt. Remember, large-scale fixes such as roof or furnace replacements aren’t something you can necessarily avoid, but having a savings account will make the process much easier and less costly.
