8 Random Tips for Homeowners
So many of my family and friends have bought houses in the past year, home ownership has really been on my mind. I thought I’d post some tips I’ve gathered from all around.
1. Buy within your means: 15 year fixed rate mortgage where payment is no more than 25% of your take home pay.
One family I know bought too much house and found they had to cut their lifestyle more than they really wanted to in order to accommodate the mortgage payment.
2. set aside 15% for repairs and maintenance.
One family I know never added an item in their budget for repairs and maintenance and were continuously caught unprepared when upkeep needed done.
3. Have your chimney inspected once a year and cleaned if deemed necessary–especially if you burn wood.
One family I know put this off for so long that actual damage was done and the cost ended up being substantial.
4. Keep your gutters cleaned out so water flows away from your house, not into your basement!
One family I know had constant seepage into their basement until they installed new gutters–now not a drop.
5. When buying, pay special attention to foundation and basement. cracks, stains, mold, bowing are signs that might be red flags.
One family I know spent thousands repairing their basement walls.
6. If your house has trees nearby, especially if it was built in the years when clay pipes were being used, the roots probably have or will infiltrate the exiting sewer lines causing clogs and backups. Drilling these roots out takes a professional drain company and can cost several hundred dollars. To prevent this, pour copper sulfate in the drain twice a year and it will retard root growth and dissolve roots that grow into the pipes.
One family I know had to have their sewer lines professionally drilled out to the tune of almost 4 digits.
7. Learn where your shutoff valves are. There are main shut off valves for your water and natural gas that control flow for your entire house. There are also individual valves for each appliance: toilet, sink, shower, washer, hot water tank, etc. (water) as well as stove, dryer, etc. (gas). Since they are not used often, they can get stiff, so every year or so, turn them off and back on to keep them loose.
No personal experience with this one, just saw it in a Reader’s Digest while in a waiting room!
8. Use sinking funds to pay for long-term repairs. For example, if your roof will last 6 more years and will cost $12,000 to replace, set aside $2000 per year (about $150 per month) toward the roof. When it is ready to replace, the funds will be sitting there ready.
One family I know overestimated the cost as well as underestimated the time frame. Not only did the end up replacing their roof stress-free, but were able to go on vacation with the money leftover!
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