valentinosdcpulse

Don’t Wait on DC Home Maintenance—For More Reasons Than You Think

On your list of favorite activities, home maintenance is likely at or very near the bottom. Yet doing regular repairs on your home can create value in lots of different ways. You’ll save money, maintain your home’s value, and get to enjoy your home while you’re living in it—not just for a few weeks before you sell.

The title of the old song says “Little Things Mean A Lot,” and this is as true for home maintenance as it is for romance. In most cases, finding and fixing a little issue means spending only a little money. Ignore the small problem, and there’s a good chance it will grow into a very costly repair. For example, cracked caulk around a window can be fixed for around $4 with a tube of caulk. Hold off on this minor restoration and likely water will get into the sheathing, mold will grow, and you could shell out $5,000 or more to repair what began as a small easy fix.

Your property value will also suffer from a lack of regular upkeep. Appraisers state that homes which have not been maintained can lose, at minimum, 10 percent of their appraised value, which can equal a $15,000 to $20,000 reduction. When it’s time to sell, fewer buyers are interested in a poorly maintained home regardless of the DC, MD or VA neighborhood, and this could lower your selling price. On the flip side, a study by the University of Connecticut and Syracuse University indicates that “maintenance actually increases the value of a house by about 1 percent each year.”

Annual maintenance costs can vary from year to year but average around $3,300, according to the U.S. Census. Lenders put these costs at one to three percent of a home’s initial price. So if you buy a $200,000 house, plan on spending $2,000 to $6,000 annually for maintenance. If possible, try to set aside these funds in a budget that’s just for home repairs so you don’t end up scrambling for dollars when something major breaks.

Being proactive with home maintenance means you’ll stay ahead of many headaches.Create and follow a regular maintenance schedule or have planned visits from a professional inspector to show you what needs to be done. It’s also essential to keep a log of all fixes, replacements or upgrades, especially of the more “invisible” repairs like plumbing and electrical work. This will be invaluable when you’re ready to sell your Metro DC home.

If saving money and maintaining value aren’t enough motivation to keep your home in great shape, do it for your own personal gratification. Making regular repairs versus fixing things up right before selling means that you (and not simply the next owner!) get to enjoy all the things you’re paying for, which is money and time well spent.

Rachel Valentino and her team at Valentino & Associates at Keller Williams are experts in buying and selling real estate in the Greater Washington, DC area. Contact Rachel's Team today for all of your real estate needs. Also ask about homebuying programs in DC that might help you out.