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The Handyguys take a detour this week to interview Craig Smith from http://www.servicemagic.com/ to discuss a recent survey on home maintenance costs.
Do you know how much you spend each year to maintain your home? Are you spending too much? The servicemagic.com survey summarizes the actual cost of maintaining a home. While some homes are slow drains on your income, others are more like a sink hole that will suck your bank account dry. A quantitative look at the data may help you determine whether you should keep fixing your home or think about planting roots in another neighborhood.
Check out the Podcast for the full interview and let the Handyguys know if you have a question about your home.
10 thoughts on “Is Your House A Money Pit?”
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I believe exterior home remodeling is a very important thing because whenever some one sees you house they see the outside and you always want to impress people with your house.
A home is an investment and requires constant maintenance. You need to pick and choose your remodeling projects, begin with the most important such as painting, yard work, roof repair, ect. Do your projects well the first time and don’t cut corners, you will find that your projects will last longer.
What about renters? I guess that counts as a money pit no matter what, right?
Hmm, it really depends on the specific financials.
My parents used to own a house where it seems like as soon as something was repaired, something else broke. First it was a pipe that burst in the basement, then it was the sink upstairs. My parents were constantly having to fork out money just for maintenance.
Ah yes – These little projects can be annoying. I’m currently in a newer home and I’m doing the second toilet fill valve since the house was built. Same symptoms as the one in this video.
Fortunately is a $7 easy DIY fix.
I think if people would look at it more as a long term investment (building wealth) as opposed to the get rich quick outlook, they would be a lot happier with their real estate investment including not worrying about putting money into these homes that they rent. If you want to keep your investment around spend the money to do it right, you want it to last right? Although, I would definitely agree with the fact that sometimes you do need to just cut your losses; though this happens rarely. Great podcast, very informative!
Those guys at servicemagic are pure genius.