Things You Do That Stop You from Saving Money When Doing Home Maintenance
Many homeowners spend hundreds to thousands of dollars each year on home maintenance and repair. This is to ensure their home stays in tip-top shape. But no matter how hard one tries to reduce their home maintenance expenses, they can’t seem to make it work. The key to a successful home maintenance is careful planning and budgeting. But if you are guilty of making the following mistakes, then you will realy find it hard to stick to your budget.
Failure to Shop for Cont ractors
Some homeowners are wise enough to choose which home maintenance tasks they will DIY or not. This is since they know that some repairs require the expertise of different contractors. But then, even with the help of the pros, you could already be wasting your precious resources if you don’t choose your contractors wisely.
When looking for someone to accomplish a home maintenance task, it would be best to shop for contractors first before picking one. For instance, you need a residential plumber to fix your damaged pipes. Ask for recommendations from family or friends who recently hired plumbers. A quick online research will give you an idea where local plumbers are, what kind of services they can provide, and what experiences their customers had with the company. Weigh in your options and find a plumbing company with good reviews.
Taking Your Emergency Fund for Granted
One reason why many shed thousands of dollars for repairs is their failure to set up an emergency fund. When you don’t save enough money to fund unexpected home maintenance projects or repair, you will need to find other ways to pay for the costs. You can end up using your own savings, swipe your credit card, or even tap on your equity just to pay for the maintenance.
Many first time home buyers fail to take into account all homeownership costs, including home maintenance and repair. Some homeowners also fail to set up a home maintenance emergency fund thinking their income is enough to cover for every possible homeownership expenses. But if you don’t want to end up in debt in case your home needs an immediate repair, then you should start saving an emergency fund only meant for home maintenance and repair projects.
There is no definite amount as to how much money you need to set aside for your emergency home maintenance. But as a general rule, you should use a separate account for this the soonest time possible and save regularly and consistently. Check your finances and see how much money you can save each month for home maintenance and repair. If you often indulge in instant-gratification, then it would be better to reduce your unnecessary spending and set it aside for your emergency fund instead.
DIYing the Wrong Way
There are some home maintenance projects you can safely DIY. This includes replacing light bulbs, fixing a patchy lawn, weatherstripping, and fixing squeaky cabinet doors. But no matter how easy these projects make seem, many things can go still wrong.
For one, if you use the wrong tools, you can end up making the problem worse. If you don’t have the right tools, to begin with, or can’t even use these the right way, you can get injured or require a professional to fix the issue again. This leads to more unnecessary costs instead of you saving some cash.
Some homeowners attempted a DIY but failed to invest in the right materials. Poor-quality materials will only provide you with a temporary fix. If you invest in high-quality materials instead, you can enjoy them for a longer period. This saves you money since you don’t need to redo the project after only a short while.
Some homeowners failed to measure many times before buying and using the tools and materials they need to complete a project. For instance, you need lumber for your DIY project. Get the measurements wrong and only measuring again after cutting can quickly give you a pounding headache. As a general rule, measure many times before buying materials and measure them again before cutting.
Another thing that can ruin your home maintenance budget is if you fail to obtain the necessary permits. For one, if you have a Homeowners Association, then you will need to check which projects you are allowed to do. Failure to comply with HOA rules and regulations can get you penalized. It is also important that you check your local building codes to see if you need to get a building permit for your particular project.
Even with regular home maintenance and repair, there will be times when unexpected repairs will cost you a considerable amount of money. For best results, make it a point to set aside some cash each month for your home maintenance. Beware of DIY mistakes and shop for contractors before choosing a pro. This way, you can save yourself from the heartache and financial headache that comes with costly home repair and maintenance.