Owning a home certainly has its benefits. However, there are a number of downsides to it as well, many of which have to do with money.
Curious as to what these downsides are? Then keep on reading. Here are 6 all too common financial woes of owning a home.
1. Roof Replacement
Residential roofing isn’t meant to last forever. In fact, asphalt shingles (the most commonly used roofing material) tend to give in within about 25 years. And when they do, they will need to be replaced.
A roof replacement of this kind will generally run you between $5,000 and $10,000, depending on the size of your home. If you own your home long-term, this is a payment you’ll eventually have to make.
2. Siding Replacement
Just as a roof doesn’t last forever, neither does siding. Typical vinyl siding thrives for around 30 years, after which it needs to be swiftly replaced.
The cost to replace vinyl siding? Generally around $5,000. Though, it can be more depending on the size of your house.
3. HVAC Replacement
HVAC systems are necessary for keeping our homes cool and warm. But they’re far from indestructible. In fact, most air conditioners and furnaces give in within about 15 years of their first use.
In other words, you will eventually need to have these entities replaces. The cost? Usually around $5,000 for each.
4. Plumbing Problems
Few things can damage a home quite like water. If your home suffers water damage, you’re sure to be paying a hefty price to have it repaired.
Unfortunately, water leaks are common and you will almost certainly encounter them at some point. If you do, expect to pay thousands of dollars to have them repaired.
5. Electrical Problems
Though they’re nowhere near as common as plumbing problems, electrical problems do arise. Whether it’s deteriorated wiring, a malfunctioning circuit breaker, or otherwise, you will have to pay to have it fixed.
Electrical repairs can run anywhere from a few hundred dollars to a few thousand dollars. In either case, your bank account will take quite a hit.
6. Lawncare
When you buy your own home, you’re responsible for your own landscaping. Either you’ll have to do it yourself or hire someone else to do it for you. Either way, you’ll be spending hundreds of dollars a year.
If you opt to handle your own lawncare duties, you’ll need a lawnmower, a weed wacker, a hedge trimmer, and more. These will cost hundreds or maybe even thousands of dollars, and that doesn’t even include the fuel and electricity they require in order to run.
Don’t Let These Financial Woes Get the Best of You
These financial woes can get the best of you if you let them. But with the proper preparation, you can meet them head-on, and move past them in short order. Make sure to maintain an emergency fund and you’ll be able to get through most of the problems your home throws at you.
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