Buying a home is a dream come true for many, but, as with any large investment, there is risk involved. It involves more time, effort, and money than renting a property. When you are getting ready to buy a home, become familiar with some of the surprising costs of homeownership.
Costs of Homeownership Include Maintaining Flooring
The flooring in your home takes the brunt of the family’s activities. However, with proper cleaning and care, your flooring can last 15-20 years depending on the material.
Regardless of the chosen materials, a new floor is also costly because of the labor. Underlayment, trim, and other details will add up to a sizable expense.
Dealing With the HVAC System
As a renter, you relied on the landlord when repairs were needed. As the homeowner, you’re responsible for the maintenance and repair projects.
If your HVAC system breaks down, a new unit plus installation will cost thousands of dollars. Take care of the HVAC system by having it serviced on a regular basis. Replace the filter on time, hire professionals for evaluations, and keep the exterior unit clean.
Looking to the Outdoors for Costs of Homeownership
You can choose to mow your own lawn, but you might not have time to take care of the landscaping. Mowing, weeding, fertilizing, and other tasks need to be completed to keep the property tidy. Unless you’re willing to do the yard work, expect to spend several hundred dollars a year on this, depending on the size of the lawn.
Understanding the Costs of Plumbing
If a leak under your kitchen sink goes unnoticed for some time, mold may begin to grow. Replacing plumbing or cabinetry and mold mitigation are surprising costs of homeownership.
To avoid major issues, hire a professional to inspect the pipes around the entire property. Be observant so that any leaks are discovered early before causing costly damage. Paying for plumbing maintenance is less expensive than repairing damage caused by faulty pipes.
Termite Damage is a Surprising Cost of Homeownership
Termites can damage exposed wood or cellulose in any home. The surprising costs of homeownership include fumigation and replacing any damaged wood from a termite infestation.
Prevent termites by keeping lumber and tree stumps away from your house. Keeping your property dry also makes it less attractive to termites.
Be diligent about maintaining your home. Regular maintenance around the property helps prevent most minor issues from becoming major problems.