Homeowners spend a lot of money maintaining homes just like homebuyers have spent buying. Even Americans spend more money on the highest prices for houses to keep their homes. The cost of home maintenance has risen 9.3% over the past year. Homeowners need to budget their home maintenance accordingly since inflation has affected almost every aspect of our lives.
These expenses are rapidly increasing in cities like Portland, Oregon, and Las Vegas, where property prices have skyrocketed. However, the prices have dropped 2% in Baltimore, where the home maintenance costs are cheaper than in other cities.
Over the year, the average cost of living for a single home has risen due to increased charges of laborers and material shortages. In addition, there is also increased demand for home services, with over 30% of homeowners surveyed saying they spend more than $10,000 on home maintenance and projects.
Can we blame Inflation for Rising Prices?
Although the prices of things have gone down during the year’s third quarter, overall inflation continued rising for almost everything in 2021.
According to the National Association for Business Economics, it can be seen that inflation will be above 2% for the next three years with rising wages and excessive demands for goods and services. Consumer Price Index inflation estimated the inflation projection to be nearly 3% towards the end of the year.
With these increases, the annual home maintenance costs for a single-family will likely increase to almost $5000 in 2022. Undoubtedly, the prices depend on the type of maintenances and renovation people wish to do. In 2021, costs were rising for everything but a few maintenance categories. Here are some cost increases for the last quarter of 2021.
- Roof maintenance: 13.4%.
- Appliance maintenance: 19.7%.
- Sprinkler and irrigation repair: 28.8%.
- Duct cleaning: 19.5%.
- House cleaning 13.3%.
- Tree trimming: 13.4%.
The three categories that experienced a decline in their prices are:
- fireplace and chimney cleaning decreases by 5.3%
- central air-conditioning maintenance decreased by 1.8%; and
- lawn care fell by 0.4%.
How to save money on home maintenance?
While planning home maintenance, one has to take a closer look at the house’s condition. Moreover, with increased prices, one must look for effective ways to save money on home maintenance. Here are some ways to save money on home maintenance.
- Clean gutters regularly,
- Replace faulty equipment on time,
- Replace HVAC system filters when dirty
- Check leakages in toilets and sinks
- Evaluate the exterior of the house, such as its foundation, to check for cracks and other issues.
You can always consult a professional if you are not sure about the condition of your home.
How does purchasing home warranties help in reducing maintenance costs?
Purchasing home warranties saves on the cost of replacing faulty machines and malfunctioning devices. The home warranty pays for repairs and replacement of the home’s major components, including:
- HVAC systems
It is a contract between the Warranty Company and the homeowner. Home warranties include annual charges that homeowners pay. Many warranty companies take service charges when they visit to repair faulty machines.
This is a start on getting ahead of your home maintenance. As a DIYer, you can surely do a lot more to save by reusing, renting, or buying leftover home improvement materials from your neighbors. Check what is available in your neighborhood on DIYM, the marketplace for home improvement DIYers.