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Every home will often need repair work or maintenance work that helps to keep the property in good condition. However, not every homeowner is proactive in their efforts to keep it as such.
As a result, a lack of attention can cause your home to fall into disrepair, and that can quietly cost you thousands over time.
With that in mind, here are some ways in which housing disrepair can cost you a fortune and how to avoid it for your property this year.
Depreciation of property value
Neglecting what is essential maintenance can significantly impact your home’s market value. With issues like a leaky roof, outdated kitchens, or damaged siding being a somewhat common occurrence, it can all lead to making your home less appealing to buyers.
This, as a result, can lead to lower appraisals. Over time, this results in a reduced return on investment when you decide to sell, whenever that may be.
Increased utility bills
Utility bills are something to be aware of, as disrepair can directly translate to energy inefficiency. This can drive up monthly utility costs, which is important to think about.
Gaps in insulation from poorly sealed doors to drafty windows can force your heating and cooling systems to work harder. That’s why it’s important to update old insulation or to address a lack of insulation where it’s missing.
Inefficient appliances and systems, like an old or faulty HVAC system, water heater, or appliance,s will ultimately consume more energy than more modern, well-maintained units.
Escalating repair expenses
There will be minor issues that crop up now and then, but if ignored, can result in larger and more expensive problems if ignored.
A small leak under the sink will lead to extensive water damage, rot in the structure, and mould growth. This requires costly repairs and professional remediation. If you’re procrastinating, then these cheap fixes will turn into multi-thousand-pound projects.
If you’re renting, then seeking compensation amount for housing disrepair might be something you’re able to get.
Potential legal liabilities
Disrepair can also create a lot of safety hazards when you’re not careful. This can lead to potential legal consequences.
For example, if someone is renting the property, or a visitor or worker is injured on your property due to a safety issue, then you could personally face personal injury lawsuits, as well as substantial legal fees or settlements.
Mitigating the costs
In order to protect your investment, whether you’re a landlord of the property or you live there as a main residence, it’s important to be proactive with your maintenance.
Regular inspections should be conducted of all your home’s systems and structure in order to capture problems early. Any prompt repairs will need to be addressed as soon as they arise. Don’t put off repairs, even when they’re minor. Setting aside a portion of your income can also help with keeping up with your home’s maintenance and appearance.
Housing disrepair can cost a lot, so use these tips to make sure your own property doesn’t cost you a fortune to maintain.
