6 Common Expenses First Time Homeowners Have to be Prepared for

Congratulations and best wishes are in order if you're close to purchasing your initial family residence. We extend these sentiments because owning a home entails significant responsibilities, along with numerous costs that might catch the typical buyer off guard. Nevertheless, it's always the right moment to get ready, and now is an ideal time to begin. Doing so will enable you to not just scout for early indicators in the home but also to commence saving and implementing necessary precautions. Below, we outline several typical expenses that newcomers to homeownership need to be ready for.

Roof Replacement

If you intend to stay in your house for a while, there are very strong chances that you will either have to repair the roof at some point or have it replaced. Here, it depends on when the roof was installed and which materials were used. Where the property is located will also make a difference.

For instance, most asphalt roofs need to be repaired after around 20 years. However, this can extend to 50 years for metal roofs or even a century with options like slate. So, make sure that you get the documentation you need to know when the roof was installed. Ask if there are any active warranties on it, and what kind of maintenance work has been done.

Boiler Unit

Another thing you’ll have to either consider replacing or repairing will be your boiler unit. Again, age and model will make a big difference. As a rule, most modern boilers will last for about 15 years. This is again where you’ll need to get documentation on the type of boilers that is installed, maintenance performed, age, and active warranties.

You should also know that you don’t necessarily have to pay for a new boiler upfront. There are many ways that you can buy boilers on finance. If you want to know a few tips on how to do it, we suggest you check out this Boiler Central article on financing your new boiler. It gives you a few tips on where you can find 0% interest financing on boilers, for instance. They also show you exactly how the process goes and the different boiler finance plans you can find on the market.

Foundation Issues

This is something no homeowner wants to hear about, but foundation issues are very real and can happen to anybody. What makes them so scary is how important the foundation is to the house and how difficult and expensive it can be to repair.

The only way to prepare for this is to have the land surveyed before buying to check the integrity of the soil under the house. Foundation issues are also something you’ll be able to find out with a house inspection. But, if you want to be extra sure, you can always hire one or two more inspectors to check the foundation specifically.

Electrical Issues

This is another thing that most homeowners will have to deal with during their house's lifespan. Electrical issues can range from the benign like faulty light switches to major ones like electrical surges or electric fires. This isn't something you can expect to save on by repairing yourself. Any electrical problem, no matter how small it may seem, has to be performed or overseen by a professional. Even something as simple as dimming lights could be a symptom of something much more serious, so you'll have to pay attention to that.

Water Damage and Plumbing Issues

Plumbing issues are something you'll frequently have to work around when owning a house. This could be caused by low water pressure for instance, or clogged drains. No matter what it is, this is another issue that can only be left to professionals.

Water damage can also be caused by faulty pipes, but it can also come from something like a leaky roof or condensation forming on the walls. These are all things that will need to be attended to immediately as they could end up damaging your house at the structural level. We will add mould to the mix as humidity is the main reason for it. All of these issues are very common, and inevitable in most cases.

Another thing you'll need to watch out for if you're dealing with intense cold temperatures is pipes bursting. This is because water expands when it freezes, and when frozen water starts accumulating in the pipes, there is a very real risk that they will explode. The good news, however, is that there are things that you can do to prevent this.

One of the things you could do is leave a few taps running at a low level when it’s freezing outside. Movement in the pipes could be enough to prevent freezing and bursting. There’s also special tape that you can buy to protect your pipes from the cold, so it would be wise to be prepared now if you’re expecting a bitter cold this winter.

Pest Control

Another issue you might have to deal with is pest control. This can take many forms. You might have a small insect infestation or a hornet nest forming near the house. All of this will require resources. You might also have to deal with mice, or termites, which can be much worse if not taken care of right away.

Termite damage can run you into the thousands fast, but removal treatment is much lower than that. Still, you might need to go through several rounds of treatment. However, know that there are also things that you can do there to reduce the risks of termite infestations.

One would be to prevent moisture from accumulating anywhere near the foundation. That means checking the elevation around the house and seeing if you can make structural changes for rainwater to move away from it. You also have to eliminate any kind of wood to soil contact at the foundation level. Some of the things that can be done include retracting soil or mulch from the foundation, regrading, or adding supporting posts.

A home can be a big box of surprises, but when you come prepared, you won’t be caught off guard. You'll be able to come with an instant plan and hopefully have the money saved to address the issue immediately.