The Costs of Home Ownership New Owners Must Remember

Let’s face it, being an adult and living somewhere other than your parent’s basement is expensive. For some, renting is the way to go. Whether in an apartment, condo or rental house, many people find comfort knowing that someone else is responsible for maintenance. Others feel as though renting isn’t a good investment, as when you’re done with the rental, you have nothing to show for it. For those people, home ownership is the way to go.

As a homeowner, sometimes you have to be prepared to foot a large repair bill, especially if you don’t keep up with your regular home maintenance. Of all the things you could face, there are a few that could set you back a pretty penny.

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With a huge dichotomy of price depending on what needs to be done, you could, potentially, have to take out a second mortgage to afford any foundation repairs your home may need. The foundation on which your home sits is subject to stress and damage from any number of factors. Water is a big culprit. Unrestricted water flow can erode your foundation’s mortar, seep into cracks in your foundation and freeze, making those cracks bigger. It may even rot and weaken your foundation if the water lays against it for any length of time. Be sure to monitor the drainage around your home to prevent this kind of damage.

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Your roof is another area where the price can be drastically affected by what needs to be done. Is it just the shingles, or does the felt underlay and the flashing need to be replaced, too? The type of shingles influences cost, as does the need to patch a bad spot or fix the entire roof. Weather is a roof’s biggest enemy. Water, again, can affect the integrity of your rooftop.

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Choosing to own your own home means your home maintenance chores don’t ever stop. Keep up with them, though, or you could be in for a massive repair bill.