By Dian Hymer
Most home buyers think first of the monthly mortgage payment when they consider how much they can afford to pay for a home. They frequently forget about the cost of home maintenance. Some homes cost more to maintain than others. But all homes need to be attended to on a regular basis to keep them from falling into a state of disrepair.
Older homes usually need more maintenance than newer homes. Plumbing and electrical systems wear out over time. So do components like the roof and the foundation.
For example, let's say you're buying an older home from the 1920's that has a tile roof. The terra cotta tile may have an indeterminate life span, as long as the tiles aren't damaged. But the felt that lies underneath the tile can become brittle after awhile and crack. This felt paper is the waterproofing membrane that keeps rainwater from penetrating into your home. When the waterproofing membrane fails, the tiles need to be removed from the roof and the membrane replaced in order for the roof to be watertight. This can be expensive, especially for large roofs.
Updating often includes plumbing, heating, electrical, drainage, foundation, kitchens and bathrooms. Unless you're buying an older home that has been renovated by previous owners, you should anticipate making such upgrades in the future.
First Time Tip: Have any home you buy thoroughly inspected by an experienced and reputable home inspector. Let the inspector know that, in addition to learning the current condition of the property, you need to know when you should anticipate replacing or repairing major systems and components.
Find out how much it will cost to maintain the property before it becomes your responsibility. In some cases, this will require that you get bids from certain contractors (plumber, roofer, electrician or drainage expert) who may need to look at the property before giving estimates. Find out if the seller has had contractors work on the property. They may be able to provide you with information about future maintenance costs.
Ask the previous owners what routine maintenance chores they took care of during their term of ownership. Did the roof gutters need cleaning? How often? Are there drains that need clearing? Do any skylights leak? What is the cost to take care of these items? If the sellers know craftsmen they can recommend to take care of these chores, get their names and numbers and consider using them in the future.
Find out what the monthly utility bills run. This will vary from one month to the next. Ask the sellers for an average for the summer and winter months. Also find out if there are any local homeowner assessments. If there are, what do they cost?
Set a budget for yourself before you commit to going through with the purchase. Include the costs for incidentals like tree-trimming, painting, heating and maintaining a pool or spa. Don't forget to ask the seller when the house was last painted. Find out how often does the exterior need repainting. This will usually range from 5 to 10 years depending on the quality of the last paint job and the harshness of the climate.
Don't assume that because a home is new, it won't need any maintenance for awhile. New homes can be defective. Also, there may be vent pipes or skylights that need routine sealing to keep them from leaking.
The Closing: If your new home comes without landscaping and window coverings, you'll need to budget these into your hidden costs of home ownership.
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