Jill Finkelstein - Compass



Posted by Jill Finkelstein on 6/21/2020

Home maintenance plays a key role in ensuring your house will impress both now and in the future. If you establish a home maintenance budget today, you can reduce the risk of spending too much to find ways to keep your residence looking neat and tidy.

Ultimately, creating a home maintenance budget can be simple Ė here are three tips to help you craft an effective home maintenance budget.

1. Assess Your Home Maintenance Needs

Home maintenance generally varies from house to house. Thus, the home maintenance needs of a mansion owner are unlikely to match those of a condo owner.

Think about what types of home maintenance that you need to perform. That way, you can determine exactly what you'll need to do to maintain your residence for years to come.

It often helps to examine each room of your house, as well as your home's exterior. Then, you can better understand different aspects of your home and what you'll need to do to achieve the optimal home care results.

2. Make a Home Maintenance Checklist

A checklist is a terrific option for any homeowner who wants to limit his or her home maintenance expenses. This checklist will enable you to determine the home maintenance tasks that you'll need to complete and the expenses associated with them.

For example, if you want to maintain a lush garden in your backyard, you may need to purchase assorted gardening supplies. Conversely, if your bedroom has carpet, you'll want to pick up a vacuum that you can use to keep the carpet dirt- and dust-free.

It also may be a good idea to update your home maintenance checklist regularly. If you perform home upgrades, your home maintenance needs may change. As such, you'll want to revise your home maintenance checklist to account for various home upgrades over time.

3. Establish Home Maintenance Priorities

Whereas cleaning your swimming pool may need to be done periodically during summertime, mowing the front lawn likely needs to be done much more frequently. Fortunately, if you have home maintenance priorities in place, you can budget your time and resources appropriately.

As you craft your home maintenance budget, you should consider your home care expertise as well. If you don't feel comfortable performing certain home maintenance projects, it may be worthwhile to hire professionals to complete these tasks for you. And if you decide to hire professionals, you probably will need to account for additional costs in your home maintenance budget.

With a home maintenance budget, you'll be better equipped than ever before to ensure your house dazzles day after day. Plus, if you decide to sell your house, you'll be in a great position to maximize its value.

Lastly, if you plan to list your home, you may want to contact a real estate agent sooner rather than later. This real estate professional can help you prepare your residence for the housing market and provide expert home selling tips. As a result, a real estate agent will make it easy for you to list your house and enjoy a quick, profitable home selling experience.




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Posted by Jill Finkelstein on 7/10/2016

Purchasing a home is a large investment and not one that anyone should make on a whim. Itís important to understand your maximum budget but also what you are comfortable spending, which may not be the same number as your maximum budget. But itís also important to fully understand the hidden costs that come with owning a home. Your mortgage payment is not the only payment you will be making each month and itís certainly not the only cost associated with owning a home. Letís take a look at some hidden costs listed below: Home Insurance: Insurance is something that you may know you need, but not a cost you are thinking about when house hunting. Therefore, the cost can sneak up on you. Be sure to factor in this cost, as it will be associated with your homeís location, age and value. For example, you are going to pay more if you live in an area that is prone to natural disasters such as floods or tornadoes. Home furnishings: Is this your first home or, at least, your first home that you would like to furnish with new furniture not hand-me-downs or a couch from craigslist? There also may be items that you need for this home that you did not need in your apartment such as a dining room table or spare bedroom bed frame and mattress. Furnishing your home can be a large expense and one that you should be saving up for. You donít need to go out and spend thousands on each item and you may want to spread out your purchases, but this is a very important cost to consider when purchasing a home. Appearance: When you purchase a home there may be things about the house that you want to change or update. This is something that not many factor in when buying the home as they are so wrapped up in the process of purchasing. However, even small updates cost money and if you spend all of your money on the down payment, you will not have any leftover to make those updates to make the home truly yours. Maintenance: If you previously rented, then maintenance is not something that you had to handle, as that is what your landlord was for. However, when you buy a home all maintenance and repairs fall on you. If you are purchasing an older home itís extremely important to understand what needs to be updated or replaced now or in the near future, such as the water heater, furnace or roof. Itís possible that you may get the previous homeowner to take care of this if itís in need at the time of selling, but if these updates/replacements take place a couple years down the road then itís up to you to take care of it. There is also the general maintenance of your home such as landscaping and snow removal. Will you purchase your own equipment or hire a service? Either way, this is an additional expense. Utilities: Often times many utilities are included in your rent. Well, this is not the case when owning a home. If the home does not have a septic system then you will need to pay for water and sewerage. You will have to pay for your own cable, Internet, and phone, and letís not forget about electricity. Itís important to understand all of the utilities that you will have to pay when you purchase a home. Property Taxes: Property taxes vary by town, but will always be an additional cost when owning a home. And, this cost will increase if you make additions or significant updates to your home. More desirable/expensive locations will have higher property taxes. This is often a cost that catches many off guard so be sure to research the locations where you are house hunting to see if you can afford the property taxes on top of all of the other associated costs. This is not meant to discourage anyone but shed light on the costs that many do not consider when they are house hunting. Make sure your budget allows for your mortgage payment and the expenses listed above that are tailored to your situation and you will have no problem becoming and staying a homeowner.







Jill Finkelstein