Owning a home is a large investment but the costs do not settle down from there. With home ownership, hidden costs are associated with it, such as home maintenance, which can often be underestimated. Therefore, it is very important to always consider maintenance costs that previous home owners did not examine, as putting these off may be even more detrimental to total costs. However, it is also crucial to foresee future costs in maintaining the ideal home.

Typical Repairs

Owning a home means having to consider the true costs. Since home ownership includes maintenance, putting aside money for these repairs in addition to the monthly housing expenses may be beneficial in the long run. The typical amount of money that should be put aside for annual maintenance begins at 1% of the home’s costs, however this price can vary depending on several factors. These include the age of the home, location, building skills, and materials that were used to build the home. 

Hiring a Contractor

Depending on the homeowner’s level of skill, a contractor may be needed to finish the repairs. It is important to hire the right and qualified contractor to fix repairs as mistakes or negligent behaviour can lead to even greater costs in the future. Hiring a contractor can be quite costly so consider finding referrals from friends or family that are affordable and reliable. Although costs can be high, keep in mind that paying a little extra for great results can be worthwhile.

Expect the Unexpected

Emergencies can happen to anyone at any time, which is why it is essential to prepare for unexpected situations in advance. Having a financial emergency fund can be extremely beneficial when faced with abrupt circumstances. Consider setting aside some extra cash or savings every month to start the emergency fund. The amount does not have to be a considerable amount, even a small fund to start with can have positive results in the long run. Easy methods can be eating out less and cooking at home more, and taking that extra step to look into finances in more detail. Small changes like these can be simple yet effective in preparing for future situations.

Home ownership should be a celebrated event and a happy process throughout. Do not let troublesome home repairs overwhelm you with the costs. Prepare for all costs and enjoy your home ownership! To view a selection of homes and learn about home conditions in the South Surrey and Sullivan Panorama area, contact Jenn & Colin Real Estate Team.