Homeowners Mistakes to Avoid

Owning a home gives a sense of security and independence. But home ownership also means you have to take care of maintenance. This does not mean you have to do everything yourself. It means you must be aware of potential issues and stay ahead of small problems before they become bigger problems.

Here are some mistakes to avoid and steps to take as a homeowner:

1. Do not ignore the small issues. A slow drip can cause damage over time (which your home insurance will not cover) and can be a sign that a bigger failure is imminent. Make time for the repair or call a serviceperson. Similarly, a running toilet should be addressed quickly. While a running toilet is less likely to cause damage to your home, the waste of water and the higher water bill can be avoided.

2. Do a regular walk around. Check your home regularly, looking for potential problems. If you have an attic, a basement, or a crawl space, be sure to look in those areas as well. You might discover leaks, insects or rodents, or even holes where the sunlight shines through. If you catch a problem early, often the problem is easier (and cheaper) to fix.

3. Keep up on maintenance for appliances. Check hoses to your dishwasher and washing machine. A sudden hose failure can cause a lot of damage. Also, check for lint buildup in your dryer vent to reduce the risk of fires. Follow the manufacturer’s instructions for maintaining your fridge and freezer as well. Many fridges have hoses and mechanical ice makers that can benefit from an inspection. Leaks and mechanical failures can be costly.

4. Maintain HVAC systems. Modern furnaces and AC systems are complicated, so consider using a service provider to inspect and maintain your HVAC system. In many cases, the service provider can also inspect your ventilation system, a common place for mold buildup, which causes health concerns. Regular inspections and maintenance can save money over the long term and help keep your family healthy.

​5. Consider a home warranty. Like all financial products, you should read the fine print for a home warranty carefully. But in many cases, a home warranty offers a way to keep home repair costs affordable. Similar to an insurance policy—although still different in many ways—a home warranty helps manage unexpected expenses by spreading out the cost of larger repairs. Often, service or replacements costs are discounted as well.