The Importance of Maintaining Your Home
In America, homeownership has long been a cornerstone element of building wealth and saving for the future. For most people, a home is their single most significant investment, and it comes with many responsibilities. Regular home maintenance can help you protect your investment and ensure that your home is ready to fetch top dollar when the time comes to put it on the market. Remember, owning a home is a long-term financial strategy, so it’s important to treat your home as an investment.
What Is Home Maintenance?
Home maintenance is the checking, diagnosing, and repairing of all aspects of your home. To put it simply, it’s the practice of making sure everything works the way it’s supposed to. And when done correctly, this regular maintenance is an excellent way to help protect and even grow your home’s value.
5 Benefits of Performing Routine Maintenance
Home maintenance and repair projects can cost both time and money, but the effort is accompanied by a reward. Routine home maintenance offers many benefits and can help you accomplish the following:
1. Save Money
Performing regular home maintenance helps extend the life of things like your HVAC system and appliances. This can help you save tens of thousands of dollars on premature replacement and repair bills. Likewise, routine maintenance can help maintain the efficiency of the things that require gas and electricity to operate, helping to keep your monthly utility bill in check.
2. Reduce Risks
As we said before, home ownership can mean additional responsibilities and risks. Maintenance mitigates some potential dangers. For example, frequently checking your drains and sump pumps for blockage will reduce the risk of water damage later on. Likewise, things like cleaning out your dryer vents may help prevent fires. Regardless of your home's to-do-list, these simple chores can help reduce your liabilities as a homeowner.
3. Increase Value and Resale Potential
One of the top benefits of keeping a well-maintained home is that regular maintenance helps to keep your home’s value high. When the time comes to resell your home, potential buyers are sure to notice an abode that was well taken care of and has a documented history of repairs and improvements.
4. Keep Your Home Looking Nice
A well-maintained home is almost sure to be a great-looking home. From frequently touching up the paint to fixing chips and scratches on the floor, maintaining your home ensures a better look and feel both now and down the line.
5. Cut Down on Homeowner Stress
After a while, looming home repairs can take their toll on your physical and mental health. By following a regular maintenance plan, you can take control of the future state of your home today. You will definitely appreciate this peace of mind through as years pass and changing seasons push your home's exterior to its limits.
Knowing What to Do
Whether you are a first-time buyer or have already been through the home ownership process before, there are a few things every homeowner must consider to protect his or her investment. Create a home maintenance checklist for yourself that outlines specific tasks for different times of year and clearly states how frequently certain things to do be done. As long as you pay attention to your list and keep a record of when you complete each task, you can rest easy knowing that you’ve done all you can to keep your home in tip top shape.
Paying for Home Maintenance and Repair Projects
When it comes to paying for regular home maintenance, you may find that some things simply don’t fit in your budget when they arise. That’s ok! While you should be regularly setting some money aside each month for home upkeep, there may still be times when the costs exceed what you have saved. In these instances, there are still options available to help you make the necessary repairs and updates that will protect your investment long term.
Home Equity Loans
Your home already has value, and a home equity loan will allow you to take cash out of your home. The exact amount you are able to borrow will depend on the value of your home and what you currently owe, but the funds are paid straight to you, and there are no requirements for how you have to use the money.
These types of loans are great for paying for home repairs and updates with flexible terms and a low-interest rate. And because home equity loans have no usage requirements, anything left over after caring for your home may be used for things like paying off or consolidating other debts.
Home Improvement Loans
A home improvement loan gives you flexibility in the amount you wish to borrow and a repayment schedule. Unlike home equity loans, however, home improvement loans are paid directly to a contractor for a set amount. They are a great option for anyone who has a specific project or goal for their home.
Cash-Out Mortgage Refinancing
Many homeowners look to mortgage refinancing because there are several ways to go about the process. One of the most popular is the cash-out refinance method, which allows homeowners to borrow money at a low rate while taking out a completely new mortgage.
Speak with an Expert
As with any home loan option, there are many benefits to refinancing. However, we always recommend speaking with a mortgage lending professional about your long-term financial goals before deciding how to pay for your next big home project. The truth is, the choice that’s right for you is going to vary based on what your current situation is and what you are hoping to achieve. At First Service, we want to be the financial partner you can count on for a brighter financial future.