Carrier Classic

As real estate agents, we see hundreds of homes per year.  Some homes may be 50 years old and in mint condition.  Some homes may be 5 years old and falling apart.  What’s the difference?  Good construction has a lot to do with it.  Beyond that, the single greatest factor is regular home maintenance.  Lack of regular maintenance today brings deferred maintenance tomorrow – and this can cost a homeowner big money!

Factors Influencing Home Maintenance
If someone wanted to write a serious critique on why home maintenance is done or is neglected, arguments could be presented from several different angles:

• Fiscal Cycles – In times of want, people tend to take better care of homes because they realize the value of the investment. Conversely, in times of want, people do not take care of homes because they have not the money for regular maintenance. In times of plenty people become careless with their investments. Conversely, in times of plenty, people care of their homes because they have the money to do so.
• Social and Cultural Pressures – there are certain neighborhoods  where the vast majority of owners meticulously care for their homes, but often there will also be those who rebel against this type of neighborly “peer pressure” by refusing to take care of their homes.
• Personality Styles – some personality styles propagate care and some propagate recklessness
• Skill level – some people are master carpenters and some don’t even know how to use a hammer
• Generational – some people say that certain generations are more or less likely to care for their homes and they say it skips generations, so there are both younger and older generations that do or do not care for their homes
• Stress – some people are too busy to notice what needs to be done around the house

The 1% to 1.5% Rule of Thumb
To some extent, factors like those above may play into whether or not someone will maintain a home, but it also may just be a matter of knowledge. Many people have never heard that they should set aside 1% to 1.5%  of their home’s value every year for home maintenance.  If you have a $300k home, then every year you need to spend and save a total of at least $3,000 for maintenance.

Wow! So much money??  Think about it.  About every five years, your exterior paint will need to be refreshed. This protects your home from moisture.  Your major systems will not last a life time.  Roofs will need to be repaired and replaced. The HVAC system will need to be maintained and someday replaced.  Driveways will need to be repaired and replaced.  These are fairly boring ways to spend money.  But after a while, banking this money on a regular basis pays off when some of the money can be applied to replacing carpet and replacing appliances without the heartburn (and potential danger) of financing!

How Routine Home Maintenance Pays Off

1. Prolonging the life of home components.  Sealing driveway cracks slows the cracks from spreading.  Cleaning gutters keeps water running away from the home and keeps gutters from pulling away from the roof. Routine maintenance
2. Lowering energy bills – a well sealed home uses less energy, and an efficiently running HVAC system saves on heating and cooling bills.
3. Providing a safer environment. Here are some examples.  Overgrown landscaping hides houses and encourages theft.  Cracked and uneven pavement can cause someone to trip and fall.
4. Giving a better return on investment. Routine home maintenance will pay off big when you sell your house.  Houses that are in disrepair sit on the market longer and bring lower offers. People assume that if a home looks like it is in good repair, there will be less surprises on inspections and there will be less repairs once they own the home.  They also assume the opposite, that if the home looks like it is in disrepair, then what they don’t see may really cost them down the road.

How do you know what to do?  Several sites provide guidance and checklists you can print and post and do:
University of Georgia Extension Office Seasonal Checklist. Click on the Home Maintenance Checklist link.
Bob Vila’s list.

Alternatives to Doing Home Maintenance
Some people fall into one of the following categories:  a) I’m not handy; b) I  don’t have time;  c) I don’t have the slightest bit of interest; d) I’m a chronic procrastinator.  Examine the level at which you want to be involved.  Strike a mix between what you manage and what you hire someone else to do.  Some people have companies to coordinate and manage all of their home maintenance. Some people hire out the jobs they don’t want to do.

If you Don’t Have Money for Home Maintenance
Regular home maintenance is too important to neglect.  Deferred maintenance costs homeowners millions of dollars each year.  Get creative. Barter services.  Chances are you have a specialty that a company or individual would negotiate a trade.

Maybe you are asking yourself hard questions. Do I really have 1%-1.5% of my homes value each year to spend on maintenance? Do I just have too much house for my current needs?  If you are asking yourself these kinds of questions, give us a call and let us explore some possibilities with you.

The next blog post will cover renovations and cosmetic enhancements, also an important discussion on protecting one of your greatest financial investments!

An Anecdote if You’re Interested
Jeff and I had the pleasure of working on church projects with Courtenay Bythewood, a man who was one of those meticulous maintainers. Once, he told me that he had a box of index cards for home maintenance. Each card had a task, a log for when work was completed, and a place for notes. The cards were filed by specific increments of time. He said sometimes he would have 15 minutes, waiting on his lovely bride to finish getting ready to go somewhere, and he would take a card from the “15 Minute” section and complete a task.  That story always stuck with me – a natural procrastinator.