Common home repairs and how to budget for them
A home is probably the single biggest investment you’ll make in life. You’d want to give it the best possible maintenance to ensure it retains its value for a long time and give you good profit when it comes time to sell.
Even with the best of care, however, there’s no avoiding the need for repairs as your home gets exposed to the elements and normal wear and tear. The best thing to do is to identify the usual home repair needs and set aside a budget for them.
What are the most common home repairs?
Throughout the lifespan of your home, expect to need repairs on the following:
- Heating and cooling problems
Your HVAC system needs regular maintenance and caring to give you efficient heating and cooling. If your filters are dirty or the motor is in poor condition, the system will need to work harder – and this means higher utility bills. Additionally, the typical lifespan of an HVAC system is around 25 years, and at 15 years, it starts showing signs of wear and old age.
- Plumbing issues
When your toilet tank drains and fills continuously or your faucet drips uncontrollably, it’s best to call the plumber immediately to look for the root of the problem.
- Roofing damage
Of all the parts of your home, the roof is the most exposed to the elements – snow in the winter, the hot sun in the summer, wind, rain, and even pests and bugs. Regular inspections and maintenance are necessary to prevent damages from escalating and make your roof last a long time.
- Aging drywall
An aging drywall with peeling paint or scratches is an eyesore. Drywall damage can also indicate pests and termites. Maintenance and repairs are needed to keep your interior looking fresh and detect an infestation.
You will also likely need repairs on the following:
- Water damage
- Doors and windows
- Ceiling fans
- Bathroom tiles and caulking
How to budget for home repairs
With these common repairs in mind, consider these tips on how to budget for them:
- Get an idea on how much professionals charge in your area, and look into average costs for regular maintenance work, such as for the HVAC and roofing
- Set aside an annual budget using these common estimating standards:
- 1% to 3% of your home’s purchase price
- $1 per square foot of your home
- Adjust your budget if you have to spend on major repairs, including a roof replacement, installing a new window, furnace replacement, and others.
- If you have the confidence, DIY a few minor repairs, such as re-caulking your bathroom tiles, painting the drywall, or replacing a faucet washer. If the work appears too difficult or dangerous, it’s best to let the pros do it. Amateur attempts might worsen the damage, which could cost even more to repair.
- Consider the age of your home’s components. If your roof is more than 20 years old or if your HVAC just turned 20, you will likely need more repairs and maintenance, or even a complete replacement soon. Adjust your budget accordingly and prioritize these major repairs.
If you’re looking to sell a home in Huntley, IL, Huntley Realty can help you get top dollar for it. Contact them here or call 847-669-4010.