When you purchase your first home, there are many things to be aware of. One very important thing to protect yourself from is expensive home repairs. The following guide will map out the road for how to avoid these problems, and how to handle them if they arise.
1. Home warranty
One of the easiest things you can do to protect yourself from expensive home repairs is to invest in a home warranty. This will not provide a solution for a specific problem, but if something goes wrong with your appliances, HVAC system, etc., you won’t have to pay for it out of pocket. Companies like First American Home Warranty are a great way to protect yourself from very expensive repairs and a relatively cheap way as well. A home warranty can be purchased after closing, usually within the first month of owning your home.
2. Inspections before purchasing a new house.
Before purchasing any new house, there are many inspections that must be done on the home and its systems by professionals outside yourself or your realtor. An electrical inspection will check all wiring and outlets around the house. A heating and cooling inspection will look closely at the system of any heat produced within the property, as well as checking vents for proper airflow. An insulation inspection will ensure that all windows, walls, and ceilings within the home are insulated. By knowing exactly where the problems in your house lie before purchasing it, you can make a more informed decision of whether to purchase it.
3. Regular inspections throughout ownership
After purchasing a home, regular inspection should be done on all systems periodically, especially if there is any noticeable change in performance from when you first moved in. This could include anything from a problem with a furnace that is producing less heat than usual or your air conditioning unit failing to keep the temperature where it has been set for some time now. It’s important to catch these things early before they become more problematic down the line and end up costing you thousands of dollars in repairs.
4. Prevention of problems before they start
There are many things that can be done within your home to prevent potential issues from occurring before they become more serious, costly repairs later on. Simple changes like adding insulation around windows and doors, proper airflow ventilation (including dryer venting), or window treatments for heat exposure especially during the summer months will help prolong the life of major systems within your home.
If you do find yourself with a broken heater or air conditioner, make sure it is fixed as soon as possible because these types of problems tend to snowball into larger expensive issues if left untouched when caught early enough. Similarly, plumbing issues should also not be ignored because these can quickly turn into large unexpected expenses.
5. Know your budget
Regardless of how much you spend on home warranties, inspections, or repairs throughout the ownership of your new residence, it’s important to know what your budget is and stick with it. If you’re not sure where your finances lie, sit down with a financial advisor who can help you set realistic expectations for yourself. Homeownership comes with many responsibilities that require money, but if something does go wrong, then you’ll be able to handle the issue knowing that you haven’t gone outside your means in order to make it happen. You should also know the difference between a home warranty and home insurance.
The most effective way to protect yourself from expensive home repairs is by investing in a home warranty. This will take care of any major issues that come up with the property’s systems and appliances without you having to pay for it out of pocket. Research your possibilities and implement those that work best. Good luck!