The #1 Thing You Can Do To Protect The Value of Your Home
“I resolve to take better care of my home this year”, said no one ever. I was thinking about this the other day as I read a list of the top resolutions for 2023. The top five were to exercise more, eat better, lose weight, save more money and spend more time with family and friends. I get it, home maintenance is not a sexy topic but a focus on maintaining your largest asset is more than just a good idea. After years of record equity gains for homeowners and historically low interest rates, this year will be stabilizing for the real estate market. Rates have peaked and will slowly fall as we head into the spring market. Home values have leveled off and will return to more modest gains. Whether you bought at the height of the market, or you have been in your home for 20 years, how do you protect your hard earned equity? The number one way to protect your equity is to maintain your home. Homes that consistently sell the fastest and for the most money regardless of market conditions are those that are meticulously maintained. Deferred maintenance is the kiss of death for home values and yet many homeowners take a relaxed approach to maintenance. They prioritize things like a kitchen renovation while their front steps are rotting off. An updated kitchen does add value, but deferred maintenance will quickly reduce any gains you may get from your shiny quartz countertops.
It can be expensive to maintain a home to this level and people often put off maintenance to save money. If you’re in this camp, I urge you to rethink your position. Repairs that come as a result of deferred maintenance are almost always more costly than the regular scheduled maintenance would have been. There are lots of easy ways to maintain your home that are budget friendly and just require your time. This year, to help you protect the value of your biggest asset, I have created a home maintenance checklist. Every month I’ll send out an email with two simple things you can do to be a ‘Meticulous Maintainer’ and protect the value of your biggest asset. Click here to sign up.