Buying a house is a wonderful opportunity for most Americans to accumulate wealth and gain equity over time. However, many homebuyers forget about setting aside money to cover emergency repairs and general home maintenance.
Unexpected expenses happen more often than not, and some experts recommend saving around 1% of the cost of your home each year to cover these emergencies. For example, if your house is priced at $150,000, then you should budget for $1,500 worth of home repair expenses per year. That way, you will be prepared for the following unexpected home repairs:
Oftentimes, the plumbing in older houses needs a bit of TLC. From broken pipes to clogged drains, plumbing services Geneva IL can be helpful when you stumble upon pipe and water issues in your home. Addressing plumbing issues early can save you big headaches later, as plumbing issues can compound upon each other.
Air Conditioner Replacement
Replacing an air conditioning unit can run up an almost $600 price tag. However, if this is one of the home repairs that you must endure, it will be a relatively quick fix, completed in a day or so. Replacing your unit will also help with your overall energy cost as newer units are much more efficient and save a ton in energy costs.
Termites are pesky little bugs that can cause major problems to your house if you do not catch them early. If exterior wood on a deck appears buckled or swollen, then you may have termites. These bugs also can give off a slight mildew/mold smell, so if you start experiencing an odor, it’s time to get your wood checked out.
Saving each month for unexpected expenses is a great way to stay on top of the repair costs that inevitably fall to every homeowner at some point or another. It’s always great to be prepared!