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Kathleen, Shoshana, Cat, Melissa, Colin, Lisa & Mike      The Goneau Group
Kathleen, Shoshana, Cat, Melissa, Colin, & Lisa
REALTORĀ®
Real Estate Consultants
Keller Williams Realty
(508) 251-2558
1084 Main Street Bolton, MA 01740
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The 5 Things Every Homeowner Needs

 

If you haven't already laid out major money in home repairs, you're lucky. In fact, HomeAdvisor's survey found that over 75 percent of homeowners had to pay for an emergency repair within 12 months of buying. Don't get caught off guard as most people are. Add these tools to your toolkit. 

No. 1: Repairs and Maintenance Fund

The first and most important tool in your toolbox is your repairs and maintenance fund. You may think to yourself that you just bought this house or that you've been living in it a while, so everything should be perfect, but you would be wrong. In fact, typical homeowners can wind up spending up to 1 percent of the purchase price of their homes on repairs in just the first year of home ownership. Make sure you set at least a couple of thousand dollars aside, and keep adding to the fund until you have about $10,000 saved.

No. 2: An Actual Toolbox

Perhaps you have a small makeshift toolbox, but it's time to be a grown-up and get a serious toolbox that includes a drill, drill bits, nails, multiple types of screwdrivers and more. Invest in a top-of-the-line toolkit that will help you take care of the small repairs around the house.

No. 3: Numbers of Local Contractors

Some of the repairs that will come up in your first year you can do yourself for little money. However, some problems that you encounter will require an actual professional to help you fix them. Put together a list of highly rated local contractors, and keep it with your repair kit. Include electricians, plumbers, landscapers, painters and so on.

No. 4: An Account at the Hardware Store

You're a homeowner now, so your local hardware store is going to be your saving grace when you need a pipe cutter or drywall. If you open an account, many times you will get special discounts to go with it. The savings can add up to a lot over the years, especially if you're handy and can make a lot of the repairs yourself.

No. 5: DIY Preparedness

Finally, you can stow that repair fund money for a while if you get more comfortable with trying to tackle some of the smaller repair projects yourself. In the first year of homeownership, the types of home repairs that you will likely run into include:

  • Broken HVAC system.
  • Leaking water.
  • Clogged drains.
  • Blocked sewage system.

If instead of spending money on a contractor to fix a simple faucet leak you do it yourself, that's likely to keep at least a couple of hundred to a thousand dollars in your pocket. However, know when you are out of your comfort zone and it's time to call in a professional. If you need some recommendations, give me a call, and I might be able to refer a professional.

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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