How regular home maintenance helps you save money

Being a homeowner is almost everyone's dream. How can it not be? You get to own your little piece of earth where no one else calls the shots but you. You can remodel, paint or redecorate your house without asking permission from the homeowner.

Admittedly, most homeowners will fix time in their busy schedules for everything. For example, time for balancing work and family, time for cleaning the car and taking it for maintenance and service, time for hitting the gym, and many others, but never time for doing maintenance of the house.

Why? When owning a home is a dream and quite an expensive one. Many homeowners think routine home cleaning is enough maintenance, but that's far from the truth. The main point of home maintenance is to ensure everything in your home works how it's supposed to.

It involves regular inspecting, repairing and, if necessary, replacing various components of your home. A homeowner can benefit in many ways from home maintenance practices. In this article, we are going to explore these benefits.

Save money

Routine maintenance is a great way of saving money. It does this by helping to identify minor problems “now” before they balloon into major costly repairs. Many experts recommend budgeting at least 1% of your purchase price on home upkeep and preventive expenditure per year.

Reduce additional damage

If a minor breakdown is not detected “now,” it can result in serious problems that can be costly to repair and even necessitate premature replacements. For example, according to the EPA, small leakages waste over 10,000 gallons of water yearly in the U.S. Common easily corrected household leakages are worn toilet flappers, dripping faucets and other leakage valves. Fixing household leaks can save a homeowner about 10% on water bills.

Validate insurance and warranties

Insurance companies have their home insurance policies and warranties well stipulated that compensation will only be made if a home is well maintained in case of a claim. Insurance will not cover issues caused by lack of maintenance or pay for repairs or replacements. So, to ensure you have access to financial help when needed, start scheduling those maintenance checks.

Save energy

Reducing the electricity costs in your home saves you money. Maintenance tasks like changing your air conditioning filter and adding a programmable thermostat can help reduce unnecessary wear on your HVAC system. According to the U.S. Department of Energy, maintaining your HVAC system and home’s insulation will allow you to reduce your energy costs by 30%.

Extend the life of appliances and facilities

All appliances eventually wear out and need replacement, but minor maintenance practices like changing oven hood filters can increase their lifespan, reducing the need for replacements. Rare Manufacturing Inc. claims that most metal roofs last 50 to 70 years. With simple visual inspections and maintenance checks once or twice a year, you’ll increase your chances of reaching the 70-year mark.

Increase home value

Owning a home is a long-term investment. If you intend to resale, you want your home to generate good money because of the appreciation factor. Documenting the history of repairs and improvements will give you the upper hand during negotiations.

Boost home safety

A well-maintained home minimizes the risk of accidents like electrical fires. An unmaintained home can double as a home for pests and rodents. Doing simple tasks like clearing your yard will keep pests at bay. A safe house will save you money that would have been used to treat diseases caused by rodents and tragedies of fire.

While owning a home is a dream accomplished, taking responsibility for its upkeep is essential. A well-maintained home will save you money by reducing utility expenses like energy and minimizing the risks of fires and accidents. It can also be a liability if it decreases its purchasing value. In the end, a well-maintained home is more money in the wallet.

This article was written by Sam Hayes from Saving Advice and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.