While owning your own home is part of what many adults dream about for their future, the financial costs associated with this purchase can often be more than you imagined prior to ownership. From insurance to taxes and all the maintenance and repairs, there’s a lot more that goes into owning a home than just paying your mortgage every month.
So to help ensure that you’re able to afford everything you need and don’t wind up with more debt than you can manage, here are three ways to keep yourself from going broke due to home repairs and maintenance:
Create A Constant Savings Plan
Before you bought your home, you were likely saving all that you could for your down payment. But just because you’re now in your home doesn’t mean that your savings should stop.
According to Paula Pant, a contributor to The Balance, you should set up a constant savings plan to help offset any costs that you’ll incur with home repairs and maintenance. As a good rule of thumb, you might want to start with either saving one percent of your home’s value or one dollar per square foot of your home each year to put back into your home.
With this money being constantly saved, you’ll have a reserve ready when you do need to make repairs so those costs don’t sink you.
Do Basic Maintenance Yourself
To help you save on repair costs, you might want to brush up on some of your own home maintenance skills. By doing things yourself, you’ll only have to pay for the parts or supplies you’ll need rather than having to pay for someone else’s time.
Glenda Taylor, a contributor to BobVila.com, shares that some of the most common home repairs or maintenance tasks that homeowners are able to do on their own with very little knowledge include caulking, painting, replacing filters, adding insulation, cleaning, gardening and more. While some of these tasks might require you to get some of your own equipment, like a lawnmower or tractor for yard work, those costs could be well worth it in the long run.
Find A Handyman You Can Trust
At times, there will likely be a maintenance task or repair that you don’t have the ability to handle on your own. In situations such as this, it can be very beneficial if you have a trustworthy handyman that you can reach out to.
According to Jim T. Miller, a contributor to the Huffington Post, the best way to find a reliable handyman is to ask people you trust for a recommendation. This could include friends, neighbors, or even people who work at your local hardware store.
If you’re worried about how much it might cost for you to repair or maintain your home, consider using the tips mentioned above to help you find ways to reduce this financial burden.