Purchasing your first house is a large step in adulthood. Many people have to save for several years before they are able to finally purchase their own home. If you have never owned a home before, it is important that you know what you are walking into. JMark Inspections is here to talk about some of the hidden costs that come with owning your own home so that you can properly budget for the home of your dreams.

Is it Expensive to Maintain a House?

When you are renting a home, you don’t have to think about what goes into maintaining the property. If you have an issue, you simply call your landlord and ask them to kindly come out and fix it. When you purchase your own home, those maintenance costs are now coming out of your pocket, and it can get expensive. Not only will you move into your home and see that you may need to buy furnishings for it; you will also run into these maintenance costs right away. This is why it is so important to budget for these hidden costs.

How Much Should I Budget for Home Maintenance?

As a general rule of thumb, if your home cost you $250,000 you should plan on saving about $2,500-$5,000 each year to cover any costs that could potentially pop up. If you break this down monthly it is roughly $208-$417 each month. This will help you build up a cushion because you never know what the next day could bring as far as home maintenance goes. With many Americans living paycheck to paycheck, saving money is easier said than done. However, it is worth saving so that you don’t go into debt when something breaks at your home.

How Do You Handle Unexpected Expenses?

The best way to stay on top of unexpected maintenance costs is to make sure you are performing routine maintenance on all of your home’s systems. Make sure you schedule those appointments to have your heating and cooling systems cleaned before their respective seasons arrive. Keep your appliances in good condition by repairing them if they seem to not be working right. You can also purchase a home warranty when you purchase your home to help for the first few years while you are building up a reserve. Home warranties will at least cover the large expenses like your heating and cooling systems.

Home & Commercial Property Inspector Services in Pasadena, Pearland, League City, Sugar Land, The Woodlands, Conroe, Friendswood & Greater Houston, Texas

One way to ensure you aren’t purchasing a lemon when you buy your home is to make sure to have a highly trained and qualified home inspector do your home inspection. The inspectors at JMark Inspections will walk through every aspect of the home and make sure all the systems are working as they should. This isn’t to say they can’t have problems down the road, but when you have a thorough home inspection performed, you are walking into the purchase with your eyes wide open. Call us today!