Owning a home will likely be one of the most expensive endeavors in your adult life. Beyond the initial purchase and your mortgage payments, there is the upkeep. Home maintenance and the cost of living can be a costly expense. For this reason, many homeowners choose to avoid some minor (but necessary) home repairs in the short-term. However, did you know that ignoring a short-term problem could lead to a very costly long-term problem?
Home maintenance can seem expensive – however, if you ever considered the cost of ignoring the problem, you may reconsider. More often than not, a small home repair can cost you, but not as much as it could cost you if you were to neglect it.
- An out of date electrical system could be fixed quickly with new circuit interrupters for about $125 each or new wiring could be installed for around $400. The average cost of damage if you were to leave these problems uncorrected: $31,762.
- Cleaning your chimney, although not the most fun task, can cost you nothing if you do it yourself. A fire resulting from a dirty chimney however, could cost you over $30,000 in damages.
- Did you know that it could cost you as little as $20 to fix leaky pipes yourself? If you were to leave it and a flood or other water related damage resulted, you could end up shelling out close to $7,000!
- Fixing loose tiles or bricks is a homeowner DIY project- that may cost you as little as $5. If someone were to get injured on your property however, that could cost an average of $18,351 for a personal injury claim – yikes!
And believe it or not, those are only a few examples of why ignoring home repairs costs you more! Now before things get worse, make a list of what you need to take care of in your home today!