Homeownership has a long list of associated responsibilities—especially if you’re the one who needs to shoulder the cost of maintaining the home. Based on research by Checkatrade, homeowners should save an average of 1-2% of their home’s total value annually to cover maintenance expenses. For older homes, the figure can increase significantly, requiring owners to set aside 3-4% if the property is over 20 years old. The average house price in the UK is £271,531 as of today. This equates to a minimum of £2,715 a year for each mile to plan for maintenance.
It’s important for prospective homeowners to understand the financial implications of the long-term home maintenance. As they continue to manage the maintenance and repair challenges, a proactive approach now can help them avoid some of those unexpected expenses in the future. The chapters ahead offer a glimpse into critical maintenance duties and smart budgeting techniques that will allow homeowners to get the most value from their home investments.
Importance of Regular Maintenance
Residential property owners need to take proactive measures such as consistent maintenance to prevent a much more expensive sidestep toward repair. Routine tasks like changing the batteries in smoke alarms every six months and testing them monthly can help avoid thousands in costs over time. “If your fire alarm is broken, hasn’t had the necessary maintenance, or there are faulty wires that haven’t been replaced, your accident could be excluded from your fire insurance policy,” explains Matthew Harwood.
Moreover, schedule maintenance for appliances is very important. Simple measures — such as descaling kettles regularly — can help them work well and last longer. “Regular, small tasks keep appliances working efficiently and help you avoid early replacements,” says Paula Higgins.
Just as equally important is making sure that heating systems are properly maintained. The average price of a regular boiler service is between £70 and £110. By comparison, installing an alternative to a new boiler can cost £1,200-£2,000. As Higgins points out, “A boiler breakdown in winter is both a financial and a practical nightmare.” Owners of these homes should make preventive maintenance top of mind to prevent these expensive situations.
Addressing Structural Issues
Homeowners need to be proactive and pay attention to underlying structural features of their home. Monitor cloister loft periodically, including after any major storm event. This quick step can detect signs of leaks or airflow issues before they develop into bigger issues. In addition, broken roof tiles need to be repaired immediately to prevent more serious issues.
Blocked gutters Another frequent pain-point that can have deadly repercussions. When rainwater pours down the outside of building’s walls, it can lead to condensation, mould formation and even structural damage. Many insurance providers will deny claims for gutter damage. For example, they can only take these actions if they find gutters were clogged or broken at the time damage incurred. Investing in small preventative measures like drain strainers and coil drain cleaners can help homeowners avoid blockages and the costly repairs they may necessitate.
As Sue Hayward suggests, “Protect yourself against the cost of unexpected repairs like broken fences or your heating packing up by putting money aside in a regular savings account each month.” Building homeowners savings buffer can help them respond to emergencies without sandbagging their finances with debt.
Finding Reliable Help
When homeowners need professional help with home maintenance tasks, finding reliable tradespeople can be a daunting challenge. For more specialized or urgent needs, Higgins recommends turning to your local WhatsApp and Facebook neighborhood watch groups to ask for recommendations. “Tradespeople are often unregulated, so use neighbourhood WhatsApp and Facebook groups to find someone trustworthy,” she states.
What’s equally important for homeowners to realize is that the buck for all maintenance tasks stops with them. Nathan Blackler reinforces this notion: “All home maintenance tasks are the responsibility of the homeowner and should be done, and most home insurance plans state this as a clause.” Understanding these obligations not only helps homeowners stay in good standing with their insurance policies, but better protects their homes.