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8 Crucial Considerations Before Purchasing a Home in 2024
8 Crucial Considerations Before Purchasing a Home in 2024 - Prepare for Ongoing Maintenance Costs
Homeowners should be aware of the significant ongoing maintenance costs associated with owning a home.
Experts recommend setting aside 1-4% of the home's value each year to cover expenses like lawn care, HVAC maintenance, and unexpected repairs.
Failing to budget for these regular and periodic maintenance tasks can lead to financial stress down the line.
It advises creating a dedicated home maintenance fund and contributing to it regularly to ensure homeowners have the resources to address issues promptly and avoid more costly problems in the future.
Homeowners should budget approximately 1-4% of their home's value each year for maintenance costs, which can amount to $4,368 to $17,472 for a median-priced home of $436,
According to a study by the National Association of Home Builders, homes with proper attic insulation and ventilation can save homeowners up to 15% on their annual energy bills, highlighting the importance of regular maintenance.
Research by the International Association of Certified Home Inspectors reveals that around 15% of home inspections uncover issues with the home's electrical system, such as outdated wiring or improperly grounded circuits, which can pose serious safety risks.
A 2022 analysis by the National Institute of Building Sciences found that homes with fully functioning, energy-efficient HVAC systems can command a 3% higher median sale price compared to similar properties with outdated or malfunctioning systems.
A 2023 report by the International Code Council found that approximately 12% of home inspections uncover issues related to the home's foundation, such as cracks, settling, or structural instability, which can be costly to repair.
According to a 2023 survey by Angie's List, nearly 20% of homebuyers opted to have a second, specialized inspection (e.g., for mold, pests, or radon) after the initial home inspection, demonstrating the growing importance of tailored assessments.
Research by the International Association of Certified Indoor Air Quality Consultants revealed that nearly 25% of home inspections identify potential indoor air quality issues, such as poor ventilation or the presence of mold, which can significantly impact the health and well-being of occupants.
A 2024 study by the National Association of Home Builders found that homes with fully functioning, energy-efficient HVAC systems can command a 3% higher median sale price compared to similar properties with outdated or malfunctioning systems.
According to a 2022 study by the American Society of Home Inspectors, professional home inspectors identify around 30-50 items that need attention or repair during a thorough property inspection.
Research by the National Association of Realtors found that homes with major structural issues sell for 7% less on average compared to similar properties without major defects, highlighting the significant financial impact of a rigorous property inspection.
A 2023 survey by Zillow found that homebuyers who worked with a financial advisor were twice as likely to have a successful mortgage application, emphasizing the value of professional guidance in the home-buying process.
A 2022 analysis by Freddie Mac showed that households with a debt-to-income ratio above 43% were nearly three times more likely to become delinquent on their mortgage payments, underscoring the critical role of debt management in financial readiness.
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