Five Things You Can Do to Preserve Home Value
We often discuss a home’s value usually during a sale or refinance. Sometimes during an onsite inspection, the appraiser will come across many different areas of a home that can chip away at that value but were preventable.
Appraisers call that deferred maintenance. Let’s see what that is and what you can start doing right now to preserve your home’s value.
Simply put deferred maintenance are things that could have been done during the life of the home to keep their functional use or appeal up. The often-simple repairs and upkeep that in our busy lives we put aside for another day. These items if left unkept will continue to deteriorate and may cause other areas of a home to deteriorate or cause damage that usually requires much more expensive repairs and may reduce your home value.
· Roof – If you live in an area of inclement weather check your roof after every storm. Even a simple walk around to check for shingles missing, and getting them repaired quickly will save you lots of money down the road. If you live in drier climates, it’s not a bad idea to check at least once or twice a year. Roof inspectors will sometimes do a free check. Repair any damages to the roof now and save on leaking roofs, mold and structural damage later.
· Gutters – As above, if you live in inclement weather areas, check into getting gutters with drainage away from your home. Not only does it keep you drier coming in and out of your home, but the water drained away from the exterior walls and foundation will prevent or mitigate any foundation settlement which can be costly. Repairs to foundation damage can cost in the thousands or tens of thousands of dollars. Good drainage can help prevent it.
· Exterior Paint – If your home has any wood siding (even just chimney) or exterior stucco, it’s a good idea to check them for wood rot and damage. Areas damaged should be replaced as soon as possible. Painting the exterior surfaces about every 4-5 years will prevent damage, while keeping your home looking great and maintaining value.
· Plumbing Leaks – Repair all plumbing leaks, and check pipes and fittings at least once a year. Usually leaks can occur under the kitchen sink that may cause damage to cabinets and floors, hot water heaters, and even the AC units. If you have the furnace units in your attic as most new homes do, getting that checked every few years is a good idea. At the least, look in the attic and find the AC drip pan and make sure there is no visible signs of water or condensation. If there is, call your AC repair person as soon as you can to have it repaired to avoid further leaks and damage to ceiling or possible flooding.
· Rodents – Most new homes use plastic water lines particularly for second floor bathrooms. These can easily be chewed by rats and squirrels if they get into the attic or walls. And they do. If you live near a wooded area, or if your property has many trees, be sure that branches to not overhang or touch your home, as that is an easy path for rodents to get into your home. Look into a pest control maintenance program or have the home checked every year or two if you have many trees or suspect rodents. Don’t leave food out.
Your home is the most expensive investment. The above recommendations can help you maintain your home’s condition and value.
If you have other recommendations, please add them to the comments.