The cost of ownership of a house may begin with its market price, but it does not end there. You have to spend about 25% more of its buyout price on maintenance. Add to that the insurance and any improvements you may want in the long term, and you get a considerable sum.
Maintenance is one thing that keeps your home looking great and feeling comfortable through the years. Ignoring maintenance leads to higher cost of utilities. Here are some examples of how this can happen.
Broken equipment and appliances
You come home tired from work, and all you want to do is relax in your spa with a glass of red wine. And you find out the pump doesn’t work. Unless you immediately call for a technician, you may have to make do with a cold shower. According to Salt Lake City-based operator Preferred Pool and Spa, letting your spa run while broken may eat up excess power and may worsen the problem—to the extent of replacing it.
If you bought a house in top condition, you’re lucky. Fixer-uppers may have some damage you won’t see immediately. If you’re living in a place that is several years old, you may notice a spike in your electricity bill. It may be because the insulation is not as perfect as it once was. Even small holes or cracks in the wall can cause an issue. Broken glass on windows, doors and glass walls may be worse. Neglecting these issues may cost you more eventually, from your utility bills to your HVAC.
Sometimes, a problem with maintenance can happen when you have all your cash earmarked for other things. This is understandable as long as you plan smart so that you’ll be able to avoid or be ready for the higher costs in the end.