Owning a home is a huge accomplishment, but it comes with a lot of responsibility. Buying a house is one of the biggest investments you’ll make, but many homeowners fail to protect their assets by skipping common expenses that end up costing more in the long run.
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“Ignoring standard upgrades and maintenance isn’t saving money; it’s setting yourself up for a very expensive surprise later,” said Yawar Charlie, director of estates at Christie’s International Real Estate of Southern California.
By investing in key upgrades now, you can save yourself headaches and money. Here are five areas homeowners overlook and why it’s a big mistake to ignore these expenses, according to real estate experts.
Exterior Paint
Having a nice exterior isn’t just for looks. While a good paint job enhances the curb appeal and aesthetic of your home, there are more reasons to keep the outside maintained.
“If your home’s siding is made of wood, it’s important to stay on top of treating and painting the wood every few years,” said Lauren Hurwitz, a licensed realtor with Compass in Westchester County, New York, and owner and CEO of MediaHouse. “Neglecting proper maintenance can lead to rot, water damage and even become a potential breeding ground for pests.”
The exterior also protects against the weather, including rain, heat and sun damage. Charlie recommends repainting the outside every seven to 10 years, which is pricey, but the consequences of not doing so will put a bigger dent in your wallet.
According to Charlie, “A repaint runs $5,000 to $10,000, depending on size and finish, but ignore it and you could end up with $20,000 to $40,000 in wood rot, stucco repair or pest remediation down the line.”
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Roof Maintenance and Replacement
A roof’s lifespan depends on the type of materials, but it can last on average up to 30 years, per Angi. But upkeep is vital.
“Regular roof inspections and small fixes can run $300 to $800, but if you ignore cracked tiles or worn shingles, you could be looking at a full replacement between $12,000 and $25,000, depending on the size and materials,” said Charlie.
And if water damage inside the home happens as a result of a leaky roof, it can rack up thousands more to your bill.
HVAC System Upkeep
A well-maintained HVAC system isn’t just making sure your house is at the correct temperature at all times. Upkeep improves the air quality in your home, uses less energy to perform, which means lower energy bills and extends the system’s lifespan. Leaving HVAC unchecked will lead to costly problems.
“Your heating and cooling system isn’t just about comfort; it’s a silent partner in your home’s value,” said Charlie. “Annual servicing costs around $150 to $400, but ignoring it can lead to a full system replacement that averages $7,500 to $12,000.”
A neglected HVAC can also spike your monthly utility bills by 25% to 40% because the system works overtime. Charlie said to think of it like your car-regular oil changes beat engine replacement every time.
Plumbing and Sewer Line Checks
Plumbing problems can rack up a hefty price tag, so the best approach is not overlooking minor issues.
“Small plumbing issues might cost a few hundred dollars to fix, but a cracked sewer line can cost $8,000 to $20,000 or more to repair or replace,” said Charlie. “Water damage and mold remediation can easily add another $5,000 to $10,000 on top of that.”
Ignoring plumbing problems is basically playing financial roulette.
Foundation and Drainage
Your home’s foundation is the core structurally and if it starts to weaken, your entire house is at risk.
“Minor grading or drainage fixes might cost $1,000 to $3,000, but foundation repair can skyrocket to $30,000 or more if cracks spread or settling worsens,” Charlie said.
Additionally, serious issues can also affect your ability to sell or refinance the home.
“Buyers will walk away faster than a bad first date if they see foundation problems,” Charlie said.
Putting attention towards upgrades now can safeguard your home and your bank account.
“When you stay ahead of standard upgrades, you’re not just maintaining your home; you’re protecting your investment and future equity,” said Charlie.
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This article originally appeared on GOBankingRates.com: The Price You Pay for Ignoring 5 Standard Home Upgrades and Expenses
