We all love surprises in life, if they are fun and “happy tears” causing, but none of us welcome the gut wrenching surprises that can sometimes sneak up on us.
The more educated we can be, the less likely we will be taken by surprise with these hidden homeownership costs.
Emergency Reserves Are A Must – Your buyers need to have an emergency fund to pay of emergency and/or unexpected repairs. Even the best home inspectors can only “gauge” the life expectancy of key home components (water heater, HVAC, plumbing, etc.)…they can’t guarantee those life expectancies.
Maintenance Costs – Older/antique homes are beautiful but they require special care and craftsmanship to retain their beauty. Pools and perennial gardens need perennial maintenance. Homes listed in historic registers may require special permission for certain maintenance issues.
Over-Improvement Costs – We usually approach home improvement from two different perspectives.
Before starting a remodel, you should talk to a local experienced Realtor, IF you are thinking of selling anytime soon. It is a great idea to know more about ROIs (Return On Improvements). Cost vs. Value Report found that there is a return of $.64 cents for every $1. spent on home improvements.
Kitchens and bathrooms tend to generate the best return on investment when selling a home. Improvements in mid-range priced homes that focus on window and door replacements, attic installations and kitchen refurbishing tend to be best ROIs.
Improvements in upscale prices homes that focus on high-end bathroom renovations and opulent master suites, grand entrances, family rooms and multi-story additions tend to be best ROIs.
Having a thorough home inspection by a qualified inspector to literally save you some headaches later on. A qualified inspector can discover many minor issues, as well as some major ones like mold in the walls of the house you are about to purchased.
Let’s welcome the nice surprises in life (like: “HAPPY BIRTHDAY” from a room full of people) and let’s reduce the unpleasant nightmare ones.