Owning a home is still considered a sound investment, but property must be maintained so it can stay an asset on your balance sheet. Home maintenance costs may sometimes seem excessive, but when looking at the long-term, these costs are worth every penny. Safeguard your home from massive repairs and replacements that could easily drain funds, especially if you are unprepared for them.
According to online blog The Balance, there are two guidelines to calculate your home maintenance costs:
- Set aside one percent of the purchase price of your home every year
- Budget one dollar ($1CDN) per square foot per year for maintenance and repair costs
Here are some areas of the home that need regular supervision and maintenance:
Plumbing maintenance requires inspecting pipes, walls, and ceilings for leaks and water stains. Consider insulating all exposed pipes; uninsulated pipes are more susceptible to corrosion, which decreases the life of plumbing. If pipes freeze and break, you might have to spend around $1,500 to $4,000 CAD to replace them, which is higher than the overall annual maintenance cost.
Heating, Ventilation, and Air Conditioning (HVAC) Systems
HVAC systems are responsible for the circulation and regulation of clean air in and out of your home. These systems need regular checks for signs of leaks, mould, and other damage. Furnaces, bathroom vents, and air conditioning compressors must also be cleaned and maintained. If left unattended, damage from HVAC leaks may require an overhaul of your HVAC system, which may cost $1,000 to $3,000 CDN.
Electrical wiring distributes power to your entire home. Check trees for interference with electric lines and have them professionally trimmed if necessary. Also look inside your home for chewed wires from rats and other pests. Destroyed wires could cause electrocution or fire. Smoke damage alone can be a devastating repair cost for a homeowner (not to mention loss of clothing, food/spices, and other belongings).
Smoke alarm and carbon monoxide detectors
Detectors are your first line of defense for possible fire or dangerous air conditions. Change batteries on smoke and carbon monoxide detectors once a year, and replace when they’re approaching the expiry date. Many homes and lives are lost to lack of proper warning when a fire breaks out.
Gutters prevent water from invading your home by channelling rain and melted snow away from roofs, exterior walls, and property foundations. Clogged gutters can cause roof damage and leak water inside. This encourages growth of mould and rotting of wood. A house’s very structure and foundation is weakened by water.
Is your home scheduled for any HVAC maintenance? Our professional service providers at Dr. Duct will help keep your home in top shape. Call our office at (613) 845-0707 for a free estimate.