When it comes to your property, regular maintenance makes financial sense.
Maintaining your home—much like caring for your car—provides benefits well beyond the obvious ones of comfort and convenience. Small fixes now mean increased value later. Here's why it makes good sense to invest in keeping up your property.
1. Extended Life Span
Most houses are built to last a generation. If you want to pass your home down to your heirs, you'll need to prolong its life. A home can easily fall into disrepair if it isn't looked after properly. A well-maintained home is more likely to endure.
2. Fewer Costly Repairs
A little troubleshooting can fend off a lot of hassle and expense. Small steps like checking circuit breakers, cleaning out gutters, or testing a smoke detector can help you avoid major problems such as power outages, a waterlogged roof, or a house fire. Financial experts estimate that every dollar spent on preventive home maintenance saves you about $100 in future repairs.
3. Increased Resale Value
Something as small as replacing a window can add thousands of dollars to the worth of your home, according to a survey by analytics firm Hanley Wood. The single biggest payoff? Upgrading a garage door allows you to recoup 98 percent of your outlay at resale.
4. Added Financial Security
Homes are more than just places to live. With property prices soaring, they're also major investments. Home values have risen 6.7 percent in Arizona, 8.8 percent in California, and 12.9 percent in Nevada over the past year, according to the real estate website Zillow. The stock market is uncertain, but a home can be a safe investment. Keeping it in good condition helps retain its value, making it an even smarter bet.
5. Greater Peace of Mind
Having a well-maintained home reduces the chances of unpleasant surprises, from busted toilet tank fixtures wasting water to furnaces suddenly shutting off due to dirty air filters.
This article was first published in Summer 2018. Some facts may have aged gracelessly. Please call ahead to verify information.