Inflation and the Rising Cost of Home Maintenance

Purchasing a home is a dream come true for a lot of people. However, being a homeowner comes with its responsibilities. Once the truck leaves, you will have to take care of your new home.

Home maintenance is critical for ensuring your home’s safety and smooth running. It is a recurring expense you will have to fund until death or when you sell it.

While home maintenance costs depend on your home’s age, size, location, and condition, it is recommended to budget 1 percent to 5 percent of the property’s value for maintenance. 

Inflation has significantly increased major maintenance expenses, from roof repairs to appliance maintenance. People who purchased their homes years ago may discover they are now spending more than usual due to inflation.

Many homeowners are delaying important maintenance and repair projects due to increased costs. 

Meanwhile, when home repairs or maintenance are not handled on time, they may cause further damage, which could be more expensive to fix.

However, services like Cinch Home Appliance Warranty Solutions can help reduce these expenses. 

A home appliance warranty is a service contract that covers the costs of repairing or replacing appliances whenever they develop a fault due to normal wear and tear.

Annual home maintenance checklist

Home maintenance can be overwhelming, especially if you are a first-time owner. It is more tedious if you are the super-busy type.

Regular home maintenance is vital to keep your homes in excellent shape throughout the year. Below is a home maintenance checklist with tasks for each season:

Summer

● Clean your pool

● Get rid of weeds in your garden

● Check your HVAC

● Get rid of pests and bugs

● Clean carpets

● Repair and paint siding

● Flush hot water heater

● Seal decks

Winter

● Check fences for storm damage

● Clean dryer exhaust duct

● Service your snow blower

● Clean interior spaces

● Inspect the exterior for signs of ice dams

Autumn

● Plant new crops in your garden

● Test smoke detector

● Clean gutters

● Drain water sources like sprinklers and ponds

● Insulate external pipes and taps to prevent freezing over.

Spring

● Check trees health

● Examine the roof for damage

● Repair driveway faults

● Inspect gutter and drainage holes

● Clean windows

Factors affecting home maintenance costs

No two homes are the same, even if they share similar features. To effectively budget for your home maintenance costs, here are some factors to consider:

Home age

The age of a building is reflected in its components. A new home will demand lesser maintenance costs than an old one. Old buildings tend to have a lot of faulty parts.

Purpose

Home features differ. A luxurious home will require maintenance of certain features absent in a typical home. 

Maintenance history

Delaye repairs or maintenance can cause further damage to a home component. A building with a poor maintenance history may have many faulty features that need repairs or replacement.

Quality of building materials

Quality building materials have a longer life span than substandard products. They may, however, be expensive but pay off for their cost with reduced maintenance costs.

Location

Labor costs vary from one area to another. This means homeowners in locations with cheap workmanship fees might spend less on maintenance. Likewise, the repair materials might be more affordable at retails in your area.

Regulations in your area can also contribute as legislation in your locality might prevent the DIY of certain projects.

Tips to reduce home maintenance costs amidst inflation

Canadians, in a report by Research to Insights, noted they were most impacted by higher housing costs as inflation ramped up.

Replace old-model appliances

Home appliances have an average lifespan. Many of them may last longer than the average lifespan if well maintained; however, they may not be as efficient as new.

If your appliance requires more frequent repairs than usual, it might be time to replace it. 

Also, to save on energy bills, get rid of old-model appliances and replace them with energy-efficient models.

Try safe DIY

Do It Yourself (DIY) can save you workmanship and sometimes reduce the overall cost of repair materials.

Check online for DIY guides to fix any issue with your home components. Ensure it is safe, as some projects, like the repair of electrical systems, are best handled by professionals.

Off-season repairs

Demands for technicians’ services during certain seasons can drive up their charges. To avoid this, have your home components inspected during the off-season.

Repairing components during the off-season also allows enough time to wait for a technician to visit without the need to pay emergency rates due to urgency.

Do preventive maintenance

Maintenance, if done regularly, can help prevent the breakdown of your component.

For example, replacing batteries in your smoke alarms and carbon monoxide detectors can ensure they function properly.

Negotiate with contractors

When searching for a professional to handle repair or maintenance, do not settle for the first company you contact.

Check out other reputable ones and compare their quotes to choose the best based on your budget.

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