Rosalind Evans
Maintenance and repair costs can be an unwelcome surprise for first-time homeowners. Alex Marrero and his wife, who bought their first home this spring in Coral Springs, Florida, have already spent nearly $17,000 on home maintenance, repairs, and installations. Understanding and preparing for these expenses can help new homeowners avoid financial stress and maintain their homes effectively.
The Reality of Unexpected Costs
Alex Marrero’s experience highlights the unexpected costs that can come with homeownership. From refinishing wood floors to installing hurricane-resistant windows, the expenses quickly add up. “We’re still kind of anticipating more expenses,” Marrero said. He estimated certain improvements, like hurricane impact-resistant windows, would cost between $4,000 to $5,000 but ended up paying $9,800 after multiple quotes from contractors.
The Hidden Costs of Homeownership
Experts note that the “hidden costs” of owning a home can be shocking for many. Angie Hicks, co-founder of Angi, remarked, “Living in an apartment, they’re likely not hiring home improvement contractors, so I think there’s kind of the realization of just, how much does it cost to hire a plumber.” Annual maintenance costs can average around $18,000 nationwide, with higher costs in states with expensive real estate, like California and Hawaii.
The Importance of Home Inspections
A home inspection is one of the first steps to mitigate unexpected costs. “That’s probably the most important thing you can do,” said Dan Bawden, a residential construction expert. A thorough inspection can reveal critical issues that might be deal breakers. Being present during the inspection can also provide valuable insights into urgent or severe problems, helping you make informed decisions.
Identifying Deal Breakers
A comprehensive home inspection can help you identify potential deal breakers. Issues like foundation problems, termite damage, and water damage are significant concerns. “You do not want to buy a house with foundation problems,” Bawden emphasized. Understanding the age of essential elements like the roof can help you budget for future repairs.
Maintaining a Critical Eye
After purchasing a home, maintaining a “critical eye” is crucial for routine maintenance. Regular inspections and checkups of mechanical systems, plumbing, and electrical systems can prevent minor issues from becoming costly repairs. “Don’t skip out on having that air conditioner or furnace tuned up,” advised Hicks. Routine maintenance is critical to avoiding surprise expenses.
Owning a home comes with its share of unexpected costs, but being prepared can make all the difference. From thorough home inspections to regular maintenance, new homeowners can proactively manage their expenses and enjoy their new homes without financial stress. As Marrero and his wife continue to anticipate more expenses, their story serves as a valuable lesson for all first-time homeowners.
