How Regular Maintenance Increases the Value of Houses in Portsmouth VA
Houses in Portsmouth VA need proactive maintenance to retain its value. Proper maintenance increases the property value by enhancing its curb appeal and ensuring safety. Neglected upkeep, on the other hand, will eventually require major repairs.
Regular maintenance prevents costly repairs down the lane. For example, cracked caulk around a window may not seem much. But if you don’t fix it the first time you notice it, water can seep into your sheathing. And before you even realize it, you’ll have a nasty mold and rot problem. That means a tube of caulk that costs just $4 and a half an hour of your time can prevent a hefty $5,000 repair down the lane.
Poor maintenance reduces property value
Poor maintenance affects the value of your property. Damage to your home is only one of the outcomes of neglected maintenance. Poor maintenance also affects overall property value.
If houses in Portsmouth VA look run down, they can lose ten percent of their estimated value. A home with chipped paint, worn carpeting, or sagging gutters will have a tough time getting sold. When you compare it with other homes on the market, it is at a serious disadvantage. The shaggy appearance will also turn off most buyers. And those who still make an offer will want to negotiate a lower price. By contrast, a well-maintained home can easily support its asking price.
Prolonging economic age
While improvements and upgrades result in higher valuations, regular maintenance does not increase the worth of a home. However, poor maintenance does affect the economic age of the property. To an appraiser, the economic age is the number of years the property is expected to last. Appraisers consider the economic age while determining depreciation. Well maintained homes will have long economic age and as a result, they will depreciate at a lower rate than a badly maintained home.
When appraising your home, appraisers don’t give a positive value to its maintenance. Maintenance helps because it prevents small problems from escalating into something more serious. Studies have shown that proper maintenance actually enhances the value of houses in Portsmouth VA each year.
Cost of maintenance
The cost of maintenance depends on a variety of factors. During some years, you will only have to clean the gutters or change furnace filters. Such tasks are not very expensive. However, every few years, you will also have to undertake major repairs or replacements that would cost thousands of dollars. Generally speaking, your annual maintenance costs will be 1 to 3 percent of the initial value of your houses in Portsmouth VA.
Homeowners should set aside a certain amount of money for carrying out routine maintenance tasks. Make sure that it is used only for home maintenance and repair.
Proactive maintenance is about preventing small issues from becoming major problems. Perform regular inspections. Have a maintenance schedule and follow it. If you don’t know what to do, consult a professional inspector. They can point out potential problems and suggest quick fixes. Try to redo one room per year. This will make maintenance fun.
Note down all maintenance tasks and upgrades and keep their receipts. When it is time to sell the home, you can show these receipts to the buyer.