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Is Your Home Losing 1% Of Its Value Each Year?

Is Your Home Losing 1% Of Its Value Each Year?

If we’ve learned anything from HGTV, it’s that home improvement projects can increase your home’s value. But, did you know that basic home maintenance can be just as valuable? Without proactive maintenance – like regular roof inspections – your home could lose up to 10% of its value.

Routine maintenance not only protects the value of your property but can enhance curb appeal, ensure safety and above all, prevent simple problems from turning into costly repairs.  One study indicates that basic maintenance can even earn you money, about 1% each year!

If you expect to sell your home in the next few years, home maintenance should be even higher on your priority list. Keep in mind that appraisers factor in your property’s economic age — the number of years a house is expected to survive — when valuing your home. Routine maintenance positively affects this estimate. Plus, much like a blind date, first impressions matter. A potential buyer can be deterred by chipped or fading paint, sagging gutters, and worn carpet. Don’t wait until you’re ready to sell your property to maintain it!

So, if you’re like 70% of American homeowners and you believe your house is your biggest asset, taking care of it is probably a top priority. The good news is, keeping up with repairs and making smart improvements are both proven ways to increase home value over time. Here’s what to keep an eye on:

1. Your Roof

The roof of your home makes up about 50% of your home’s exterior, and it can have a significant impact on overall curb appeal. Also, small problems like a roof leak can lead to costly repairs. Regular inspections not only prevent problems but can help your roof last as long as possible.

2. Siding and Gutters

Both siding and gutters are designed to protect your home from the elements. If not properly maintained, you could be in for some nasty surprises including mold growth, rot, and expensive replacements.

3. Energy Efficiency

The two most significant sources of energy loss inside your home are due to low attic insulation and old windows. Keeping an eye on these two areas will not only save you money but keep your home green!

4. Masonry & Foundation

Inspect the foundation, patios, and walkways every few months, especially after weeks of snowdrifts have been packed against the walls of your home. Moisture can easily seep into pores, freeze, and expand, causing significant structural damage.

5. Deck & Porches

Check all decks, patios, porches, stairs, and railings for loose members and deterioration. Open decks and wood fences need to be treated every 4-6 years, depending on how much exposure they get to sun and rain.

 

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