Taking a proactive approach can help you save money.
The cost of everything is increasing and home maintenance expenses are no exception. In fact, the average costs of maintaining a single-family home have now reached an all-time high, according to a recent Thumbtack Home Care report.
Earlier this year, data from Zillow and Thumbtack revealed that on average, homeowners can expect to pay $14,155 per year, or $1,180 per month, in hidden costs related to home ownership. a house. This estimate includes changes in property taxes and utilities, as well as maintenance costs.
New data from Thumbtack The home care price index reveals the specifics of the increase in maintenance. From the third quarter of 2022 to the third quarter of 2023, the average home maintenance costs increased by $400 (from $6,146 to $6,548). And even though the rise in costs has slowed, Jack Erb, economist at Thumbtack, tells us that these expenses have still reached unprecedented levels.
Factors Driving Increasing Maintenance Costs
Several factors contribute to the rising costs of maintaining a home. “Inflation has increased the overall cost of goods and services, while persistent shortages of labor and materials have also driven up prices,” says Erb. And compared to last year, it says annual costs increased in 12 of 17 housekeeping categories.
Average annual costs by category
“In addition, just under half of owner-occupied housing was built before 1980, and about 35 percent was built before 1970,” says Erb. “With demand for new construction outpacing supply, proactive home maintenance has never been more important to homeowners.”
Ways to Reduce Maintenance Costs
It is always better to be proactive rather than trying to react and catch up when the repairs become larger and more expensive. “Just like the body’s circulatory system, proactive home maintenance ensures longevity and reduces costs,” says Erb.
He recommends that you start by taking care of the house heart — your mechanical room. “Change HVAC filters regularly and keep water systems clean, much like you monitor cholesterol levels.”
Then Erb says you should go to the house. frame. “Clean windows and gutters, inspect your roof for leaks, and check for paint wear and foundation problems. » Water damage and structural issues can wreak havoc on your home, so don’t delay maintenance.
“Finally, keep your home looking and healthy by taking care of landscaping and finishes,” says Erb. This helps with curb appeal and also ensures that your home can withstand the elements and invasive creatures that like to hide in maintained areas.
Michael DiMartino, senior vice president of project services at Electrical house renovation, told us that it is important to have good attic insulation, not only to maintain a comfortable temperature inside, but also to prevent a nightmare from happening on your roof. “As snow accumulates on your roof, thawing and refreezing can occur,” he says. “If this ice forms along the edge of your roof, it creates a dam that prevents melting snow from draining properly.”
Fluid buildup can seep into roof shingles and possibly cause leaks inside your home. “It can also cause a lot of weight that your roof isn’t ready to support, especially if your home has been redone,” he says. However, proper attic insulation and adding vents to your roof can prevent these ice dams from forming.
Speaking of insulation, DiMartino notes that not all plumbing pipes are equipped to handle freezing temperatures. “You can easily add foam insulation around pipes, especially those on your exterior walls, to ensure that water passing through them doesn’t freeze and allow pressure to build.” And when leaving the house for an extended period during periods of extreme cold, he recommends leaving a trickle or a drop of water running, because pipes tend to freeze or burst when there is no no water flowing.
Two simple maintenance tips that can save you a lot of money: clean your dryer vents and check your smoke detectors. According to the National Fire Protection Association, the leading cause of dryer fires is dust, fibers or lint. Cleaning the lint screen and cavity after each use can limit the amount of dust that even makes it to the dryer vent. And cleaning the dryer vent at least twice a year can help prevent a dryer fire.
A house fire (from a clothes dryer or any other source) can cause tens of thousands of dollars in damage, provided the house does not catch on fire.
More importantly, you may only have a minute or two to leave the house once the smoke detector sounds. But what happens if the alarm never sounds because the smoke detector doesn’t work? According to the NFPA, 3 out of 5 home fire deaths occurred in homes without smoke detectors or with smoke detectors that did not work. Perhaps the most important maintenance project is making sure your smoke detectors are installed and working properly. An easy way to remember to check your smoke alarms is to do it at the same time you reset your clocks, when Daylight Saving Time begins or ends.
Planning for home maintenance and repairs
Home maintenance is also something buyers should consider when choosing a home, and not doing so is a typical first-time home buyer mistake. If Thumbtack’s most recent estimate remains stable, $6,548 in annual maintenance costs adds up to $32,740 over five years and $65,480 over 10 years. Certainly, you shouldn’t need to repair a roof, stain a deck, or have a tree trimmed or removed every year. However, some costs, such as window cleaning, carpet cleaning, power washing, lawn care, and appliance repair, are ongoing costs.
“It is very important that buyers do not overspend on a home, as there are many costs associated with monthly, quarterly and annual maintenance of a home,” explains Candice Williams, a real estate agent with Coldwell Banker Realty in Houston, in an interview. “It’s very common for buyers to try to find a home that’s at the upper end of their budget, but don’t take into account that they may be living paycheck to paycheck to pay for it. mortgage and other expenses.”
And even when buyers predict they’ll have enough money to cover everything, Williams recommends creating a reserve. “Life, and especially the economy, can be unpredictable,” she warns. “For example, no one could have predicted that millions of people would be unemployed because businesses had to close due to lockdown measures. »
For current and future home buyers, the importance of properly planning for expected and unexpected home maintenance and repairs cannot be overstated. “Budgeting for unexpected home maintenance repairs could mean the difference between providing a simple solution or one that could cause more disaster in the home,” says Jason Geliosa real estate agent serving the southeast Michigan market, in an interview.
“Considering the average boiler repair cost is between $150 and $500, with a total replacement cost between $5,000 and $8,000, not having the money set aside or the resources needed to resolve the problem could cause additional damage to the home and other financial problems,” says Gelios.
And if you don’t save enough for maintenance, he warns, it could end up costing you more in the long run.
“Home maintenance should be a top priority for every homeowner because you never know when something could go wrong,” says Gelios. “And homeowners should perform regular maintenance on their homes, not only to reduce the risk of big, unexpected problems, but also to extend the life of the home.”