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Property Maintenance: 5 Proactive Ways To Prevent Your Property From Losing Value
Isolated illustration of a house surfing downwards on a declining graph

Property Maintenance: 5 Proactive Ways To Prevent Your Property From Losing Value

 

If you’re a first-time homeowner, congratulations! Welcome to a world without landlords, co-tenants, roommates, or rents.

Now that you’ve made a huge life decision and have acquired a home for yourself, it’s important to make sure that your investment is protected and its value preserved through time.

Many a time, when people buy properties, after a couple of years, they discover that the features that once defined the properties as beautiful, begins to have small faults. The gate begins to slightly creak or appear as if it is about to fall off its hinges. Some parts of the roof begin to leak, cracks starts appearing in the wall. The nicely coated paint on the wall begins to peel off. Gradually, the house begins to appear like a shadow of its self.

So as a new homeowner, considering a proactive property maintenance approach is the best way to go, and that is exactly the point of this article78.

Whether it’s preparing for unexpected repairs, severe weather, or accidents, make sure you’re ready to handle any curveballs that life may throw your way.

1. Prepare for repairs

It’s never fun to think about “what if.” But if an appliance breaks or your roof leaks, it’s better to be prepared.

2. Build repair costs into your budget

To be prepared, you have to make sure you factor in repair costs into your budget. Having money set aside for costly repairs can help protect you from financial stress. Experts recommend stashing away 1 to 2 percent of the purchase price of your home for these types of situations. For example, if your home was N3,000,000, you should budget N30,000 to N60,000 per year.

3. Make routine property maintenance a priority

You take your car into the shop for regular upkeep. Shouldn’t your home receive the same care?

Routine property maintenance allows your property to retain its value. Regularly replace your heat and air conditioning filters to keep systems running at peak performance. Safely check your roof at least twice a year for signs of damage.

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4. Get familiar with your insurance policy 

You don’t need to memorize every sentence, but having a basic understanding of what’s covered will help you feel even more confident when something needs fixing.

5. Prepare for severe weather

Mother Nature is known for her powerful storms, yet a recent survey found that only 25 percent of respondents proactively prepare for potentially damaging weather events.

Keep an eye on the forecast and remember, storms can be dangerous.

If you have enough time, trim any weak tree branches that could fall on your home and destroy the roof.

Use your best judgement depending on the type of weather and severity. Move any outdoor furniture or accessories into your garage. Relocate your belongings away from windows.

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6. Take fire safety seriously

Burning candles, using weak wiring, and being careless with your gas cooker can all lead to disaster if you’re not keeping a watchful eye.

Make sure you’re always alert and watchful. When burning candles, position them away from curtains, furniture, and other flammable materials. Never leave your kitchen unattended while cooking. Never leave your gas on, as well as your electrical appliances.

 

 

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