Home is the symbol of one’s success but that dream home can turn into a nightmare if regular maintenance is not part of your standard routine. A general rule of thumb is to estimate 1% of the value of your home for annual repairs.
Pride in ownership and to have a beautiful, well maintained home.
It protect the value of one of the largest, most important, lifetime investments/assets.
Reduce family safety and health risks.
Improve your home’s appearance and appeal.
Peace of mind knowing all systems, equipment, and components are in good working order.
Maximize home’s sales potential
Cost of Home Maintenance: Repairs and renovations: Expenditure on repair and renovations are relatively less for the house which is newly constructed but increase with the age of the house. Insurance: Hazard insurance includes insurance against loss from fire, storms, flood which usually is one fourth to one half of one per cent of the market value of the house. Depreciation and obsolescence : As the house gets old it suffers from obsolescence. It is not easy to determine the possible loss. However, it comes between less than one per cent to five percent annually. Loss on capital: If the money which is to be invested for home ownership is invested in other way, substantial returns might be expected. It should be counted as cost against home ownership. As much as two and a half per cent return might be worked out, depending on current rate of interest.
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