In 2004, with 69.2% homeownership in the United States, the belief of owning a property for many families seemed attainable. Since then and the financial crisis of 2008, has made homeownership in the United States a bit more difficult.
The good news is the steady decrease of homeownership has finally begun to ebb, and according to many housing experts, homebuilding has started to pick up in many cities across the United States.
The year 2020 has been uncertain and scary. Many people have died and many more have lost their jobs. But, if you are one of the lucky ones and still have your job and your health, this year might be a great year for you if you want to purchase your first home. With historic low -interest rates, people are buying homes or renovating them knowing they are getting more for their money.
If you are a first time home buyer, remember mortgage payments are not the only expense one incurs every month when purchasing a home. Property taxes, insurance premiums, life insurance, and savings for the upkeep of the home are only some of the expenses homeowners incur when purchasing a house.
According to many experts, when buying a home, you need to save 1%-2% of the value of the home for home repairs and maintenance. If you buy a $360,000 home, you should be saving $3,600 a year for home repairs at least and that’s only if your house you are purchasing if 5 years or newer. Unfortunately, for many homes, the older they are the more upkeep they will need, and the more money you will need for costly repairs.
Maintenance is a key component to keeping a healthy home, and one that can help you increase the value of your property. Keeping that in mind, here are some tips for you if you’re looking to buy a home.
5 most expensive home repairs that are necessary for you to do.
- Foundation repair-is arguably one of the most expensive home improvements a homeowner has to deal with, but one that is necessary to protect their home and their investment. The integrity of a home depends on having a safe, well- maintained foundation that will protect a home and the home owner’s investment.
- Roof-renovating the roof of a home depends on materials, square footage, and whether the home has water damage or not. This is an expensive home improvement that is as necessary as having a good foundation.
- AC/Furnace replacement-replacing both items at the same time can be very expensive for most homeowners, one that might include financing. But, new AC units can be energy efficient that can save you money in your utility bills. Keeping a regular schedule for maintenance to your heating or AC units can keep them running smoothly and efficiently for many years to come.
- Basement waterproofing-if there is water on the basement floor of your home or the walls are damp due to the consistent seeping of water from the outdoors, you need to waterproof the basement right away. Prolonged damage to the basement walls can lead to damage to the foundation as well. The more damage that is done to the basement and foundation of the home, the more the homeowner will spend fixing them.
- Window Replacement-A homeowner can replace one broken window at a relatively low cost. Replacing all the windows of a home can be very expensive home improvement. It can save you a bit of money with your utility bills, but the extra incentive for window replacement is the ascetic aspect of having new windows that are easy to clean and are energy efficient.
If you are buying a home right now and need basement waterproofing or foundation repair, we are a company specialized in those areas with a long history in the community, and excellent customer satisfaction. Contact us today for a free no-obligation quote.