Save money by seeing to home repairs promptly
Proper sealing and insulation can save you money on electricity bills, fixing the leaky faucet saves water and attending to small cracks and leaks now will save you from major damage down the line.
Procrastination often comes at a cost, and in home maintenance, these costs are high.
Choosing to neglect home repairs can lead to costly contractor bills and likely result in a lower selling price if issues are not rectified.
According to Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa, protecting the property resale value should be a homeowner’s priority to ensure the best possible return on investment.
“What starts as a tiny crack or a minor leak can escalate into a major problem if left unattended. A small water leak, for example, can gradually lead to mould growth and structural damage, and compromise the integrity of your home’s foundation.
“By addressing issues promptly, you can nip them in the bud, preventing them from spiralling into more extensive—and expensive—repairs,” he explains.
Goslett adds a well-maintained home retains its value better than a neglected one.
“Sometimes, the need to sell can arise suddenly. If a homeowner kept the home maintained, they put themselves in a better position to earn a higher return on their investment if they need to sell the home quickly,” he notes.
He also advises landlords to act promptly when a tenant raises a maintenance issue and reminds landlords that repairs can only be at the tenant’s expense if the tenant has caused the damage owing to wilful or negligent actions.
“Depending on the severity of the damage and the wording of the contract, a landlord might be in breach of the rental agreement if they fail to see to the repairs within a reasonable time frame.
“This is why I would always advise landlords to have an emergency fund that pays for repairs that might suddenly arise within their rental portfolios.”
One additional benefit to seeing repairs promptly is that it might reduce your monthly utility costs.
“For example, sealing gaps and cracks in doors and windows prevents heat loss in winter and keeps your home cooler in summer, reducing the workload on your heating and cooling systems and lowering your electric bill.
“Replacing leaky or faulty faucets can reduce your water consumption and lower your monthly water bill,” says Goslett.
“Attending to home repairs promptly is not just about maintaining the overall appeal of your property; it is a prudent financial decision that can save you a significant amount of money in the long run,” he concludes.
