How much money should you budget for older home maintenance and repairs? Here are some tips for you.
Old House Maintenance
Floor squeaks break the cool night air. Gently rolling floors crest blindly under your favorite table creating a persistent wobble. Lights dim romantically each time the refrigerator comes on. The pleasures of owning and maintaining and older house!
Those in the real estate business often refer to these personality traits by their technical term – charm. But charm or not, old house maintenance home comes with special duties and responsibilities not realized by those used to buildings that have not surpassed adolescence. Read the full article.
The hassles are even worse in older homes. Ruth Robbins and her husband bought a 48-year-old house in Chevy Chase, Md., for $700,000 in 1994. After a home inspection, they got $15,000 back from the sellers to pay for fixing a few minor problems.
But the couple quickly discovered more glitches. The air conditioner sputtered like a Model T, and the dishwasher broke three weeks after they moved in. Now the chimney flue is leaking, the front bricks are flaking, and Ms. Robbins thinks the bathroom and kitchen need updating. Contractors’ estimates for all this exceed $200,000. Read the full article.
The age of the property will play a huge role. New construction (a home built within the last 5 – 10 years) will need very little maintenance. Homes 10-20 years old will need slightly more. Once a home turns 20-30, though, there’s a good chance that major components, such as the roof, hot water heater, and some piping, may need to be replaced. Read the full article.