Economic downturns aren’t the only reason why the values of homes drop. Not regularly checking for cracks, leaks, and other damages can also reduce the values of homes. There’s a reason why ethical real estate agents encourage their clients to account for the costs of repairs before signing mortgage contracts.
Lowering the costs of home repairs
Although it’s impossible to know just how much repairs will cost over 10 or more years, some experts recommend setting aside one percent of the cost of their homes to cover annual repairs. That means repairs on a $250,000 home would come to $2,500 a year. Types of repairs homeowners may have to pay for include roof replacements, air conditioning, installation replacements and electric wiring. They also might have to repair or replace household appliances like boilers, heat pumps, refrigerators, stoves and washing machines.
Other than ignoring roof leaks and weak air conditioning systems, homeowners ignore minor bathroom and kitchen leaks. However, ignoring these plumbing problems could end up costing homeowners dearly over the long term. For example, a heavy rainstorm could cause pipes to swell and burst. So too could an accidental blow to the pipes.
Let damaged pipes go unrepaired for several months and homeowners could end up spending more than $2,000 to have new pipes installed. That’s almost the entire amount experts recommend that homeowners set aside to cover all repairs. Additionally, it could cost more than $1,700 to repair a drain line break.
Before hiring plumbers, it’s important to verify that the repairers are licensed. For example, plumbers that work for companies like Audobon Plumbing Supply Co. have a history of serving customers across states or regions. In addition to specializing in repair and installation services like air ductwork systems, hot water baseboards, radiant systems designs and oil and gas boilers, the plumbers and electrical experts also specialize in heating and air conditioning.
If homeowners prefer to save money by installing their own heating, ventilation and air conditioning (HVAC) equipment, they should ask repair companies if they also sell products outright. For example, some plumbing and supply companies stock and sell copper tubing, air filters, bathtub and shower faucets, hand dryers, garbage disposals and stainless steel sinks.
Should homeowners opt to install products themselves, they are encouraged to either receive training on installing the equipment or they can work alongside an experienced construction worker to learn how to install or repair the products. What homeowners don’t want to do is let minor problems go undetected or unrepaired. Doing so could cost more than people who own homes might be able to afford.