Common Mistakes Homeowners Make That Can Really Cost You

Everyone like a bargain and saving money is usually a good thing unless it results in a costly mistake. If you are a homeowner you know that maintaining your home is important to protect your investment. Keeping your home in good repair and up- dating and remodeling are all necessary expenses when you own a home. Sometimes cutting corners on these expenses can actually cost you more in the long run.

When you need to call in a professional to make a repair or do some remodeling it is a good idea to get several bids. You want to make sure you aren’t overpaying for the work you need done, but the lowest bid may not always be the best deal. Make sure the bids include both materials and labor, the lowest bid may be a “labor only” bid and could end up being the most expensive once the cost of material is added in. You also want to make sure that you are getting someone that is experienced and knowledgeable about the job they are bidding. Sometimes a more experienced contractor’s bid may seem higher but the job might be done more quickly and with a better quality work which might end up saving you money down the line.

Before you begin a remodeling project, do your research. Besides the initial cost to do the job, look at the value it will add to your home. Also give some consideration as to how long you plan on staying in your home. If you have no immediate plans to sell and want to spend $20,000 remodeling your master bath that is your decision. Don’t expect to add that $20,000 remodel on to the price of your home when it comes time to sell. Most buyers will not be willing to repay you dollar for dollar for your remodeling choices. If the cost is worth it to you, then the value is for your enjoyment while you own the home. If youare planning on selling soon, then a less expensive remodel might be a better option.

Another area where pinching pennies might not be the way to go is when you are buying tools. Certain tools are used frequently around the house and buying the cheapest one will almost certainly result in having to replace it often. Investing in a good quality drill, saw or ladder may actually save you money in the long run by lasting for years rather than just for one job.

Lastly, make sure you save receipts on things you buy for your home. Invest in a good filing cabinet and keep good records of what you buy. Send in the warranties on all products that have coverage and keep receipts, warranty and operating manuals together in one spot. It is much less expensive to get a furnace repaired under warranty than to have to buy a new furnace. It will also give you great records to show the next owner of your home that it was well maintained. Realtors will love how organized you are and will be able to market your home with accurate information as to the age of mechanicals and updates. Buyers will most definitely see the value in that as well and may translate to a quicker sale at a better price, so save those receipts!