If we want our homes to treat us right (from keeping us warm and comfortable to providing a decent financial return when sold) we need to treat our homes with respect.
Basic home maintenance is not an option for homeowners; it is a requirement much like automobile maintenance. If we do not properly maintain our cars we are going to be stranded somewhere on a cold rainy night.
A simple checkup on your homes maintenance level is filling out this Seller’s Property Disclosure Statement. This is a PA State required disclosure form that all sellers must provide to the buyer in a residential real estate transaction.
Since any disclosed defects (lack of maintenance) on this form will affect the value (both perceived and real) of your home in the eyes of potential buyers, addressing these defects in a timely fashion during your ownership period is always in your best interest.
Depending on the age and overall condition of your home when you purchased it, an annual maintenance budget of 0.5% – 1.0% of your homes approximate value could be a reasonable expectation.