Deferred Repairs can Lead to Despair
There are many gratifying aspects of owning a home. Paying for repairs is not one of them. But keeping your property in good shape is important to protect your investment. Here are a few things to keep in mind regarding the upkeep of your home.
There are different categories of repairs
Some items in need of repair around a home are strictly cosmetic. A hole in the sheet rock may be unsightly but typically poses no additional problems.
Other issues make life less enjoyable but do not put your property or safety at risk. For example, a broken garage-door spring makes it nearly impossible to open your garage door, but maybe you don’t park your cars in the garage anyway.
Some conditions are more urgent. Electrical problems can be a safety risk. A malfunctioning lock makes it difficult to secure your home. A leaking roof that isn’t addressed may turn into a mold problem. And untreated termites? They’ll keep feasting on your home, leading to mounting problems and costs.
Why not fix minor nuisances now?
You know that putting off critical repairs can magnify problems and your repair bills. So you have an incentive to take care of them promptly. But there’s a good reason to fix less-critical issues quickly as well.
Sure, you can defer repairs on minor problems like the hole in the sheetrock or a dripping faucet, but you’ll want to take care of them prior to selling your home. So if you’re going to spend the money on them anyway, why not enjoy the repair while you’re still living in the home?
What if you can’t get around to repairs?
The reality is that most property owners don’t stay on top of every issue that pops up on a property. When it comes time to sell, they will have to catch up on a few items to put the home into top showing condition. If you choose not to take care of those little items, you may turn off some potential buyers, may have to wait longer for an acceptable offer, and probably won’t get as high an offer as a similar home without any issues.
Sometimes, circumstances make it difficult to keep up with repairs at all—including major problems. When that’s the case, understand that the deferred maintenance will significantly lower the amount you should expect to receive from your sale.
Now that you know the importance of keeping your home in good working order, make sure to factor repairs and maintenance into your homeownership budget.
Learn more about homebuying, selling, and homeownership at texasrealestate.com.
About The Greater Fort Worth Association of REALTORS®
The Greater Fort Worth Association of REALTORS® was established in 1918 and has spent a century representing the real estate industry in the Greater Fort Worth area. With over 3,500 REALTOR® and affiliate members, GFWAR is a strong advocate for real estate professionals and private property owners. For more information, visit www.gfwar.org.