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How to factor in repairs and maintenance when buying a property


Lizabeth

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When buying or property, it's important to consider all of the costs involved, including repairs and maintenance. Unfortunately, many people underestimate the cost of repairs and maintenance, and it can end up costing them a lot of money in the long run.

Common repairs and maintenance for residential properties include things like painting, flooring, and appliances. These can add up quickly, especially if multiple repairs or upgrades are needed. To budget for these costs, it's important to research the average cost of common repairs and maintenance in your area and to set aside money each month to cover these costs.

One of the best ways to identify potential repairs and maintenance costs is to get a professional home inspection. A home inspector can help identify any issues with the property that may need to be fixed and can provide an estimate of the cost of repairs. It's important to find a reputable home inspector and to be present during the inspection so you can ask questions and get a better understanding of the property's condition.

There are also hidden costs that can arise with repairs and maintenance. These can include things like permits, inspections, and unexpected repairs that come up after the sale. To budget for these costs, it's important to set aside a contingency fund of 10% to 15% of the purchase price.

In conclusion, it's important to factor in the cost of repairs and maintenance when buying or selling a property. With understanding the true cost of homeownership, you can make more informed decisions and protect yourself and your investment. 

 

Have you had any experience with this before?

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