Your home is probably your most significant financial asset, and it would make sense that you’d spend time maintaining it to head off small issues before they become big, expensive problems.
If you’re already feeling a little guilty and admitting to yourself you could be more proactive, you’re not alone.
New research suggests 84% of us do not maintain our homes and only a quarter of us (26%) check our homes for issues or damage just once a year.
As an experienced real estate agency, we advise all our clients on the value of home maintenance.
When it’s time to sell, you could either find yourself with a sizable workload or bill from a builder to prepare your home for sale. And if you continue to ignore those problems, the value of your property diminishes.
It would either cost you thousands of dollars because of lower bids, or buyers would turn away and your property would languish on the market – two outcomes we never want to see.
New research from the insurance company Allianz says home maintenance checks have fallen off the agenda with 1 in 10 surveyed homeowners (13 per cent) admitting they either never check their homes, or they only do so when an issue arises. Additionally, only 16% conduct quarterly checks.
Some 36% of respondents say they lack the knowledge or skills to fix problems. Another 32% say they are deterred by the cost of carrying out maintenance work.
The survey also found 18% of owners claiming to be time-poor, struggling to balance work, family and other commitments.
As a result, regular checks for issues such as plumbing, flexi-hoses, leaks, and wear and tear are frequently neglected. In the past two years, the insurance industry reported claims for burst pipes alone amounted to $864 million.
Allianz offers the following tips for home maintenance –
Flexi-hoses – Keeping your flexi-hoses in check is important to avoid unexpected water damage. Check flexi-hoses for cracks, rust or leaks.
Roof maintenance – Clear debris from gutters and trim overhanging branches. Install a gutter guard.
Home security – Upgrade deadbolts and window locks. Automate or turn lights on when you’re away. Consider hiring a professional security company.
Bathrooms – Check your bathroom for any signs of leaks. Reseal grout as needed. Clean drains regularly. Keep bathrooms ventilated to stop mould.
Drainage – Clear drains and gutters regularly. Use a garden hose to check that drains allow water to flow away from the home.