For many homeowners, who have faced increased costs on their bonds as interest rates have gone up, the idea of actually saving any funds for any future need has become an impossibility. As has saving toward maintenance costs associated with owning a home. And preventative maintenance is important.
It is said that it is not unrealistic to set aside 10% of your total home value in order to properly maintain it each year. This may involve painting, repairing leaks or slowly repairing wear and tear on door hinges, light fittings or perhaps work that is needed in the garden or the exterior of your place.
What is now happening is that most people do not take preventative maintenance steps (since they cannot afford to) but rather wait until something goes terribly wrong.
Others simply allow the property to become more and more run down over time hoping for some sort of financial windfall in order to one day sort out those problems. Not having available funds prevents them from being proactive. And the longer many of these preventative measures are delayed the worse problems can be when they come to a head.
No wonder many property purchasers simply consider total renovations when acquiring a new property. Often this is necessary since the property was not well maintained.
