Property management is almost always considered, in considerable detail, in relation to commercial properties. However, each owner should pay special attention to maintaining, improving, and focusing on a plan for managing their personal property. Most home buyers look at their monthly living expenses and think about their mortgage interest and principal, escrow items (such as insurance, property taxes, etc.), and utilities. However, too often, there is no planning for the other needs and obligations of homeownership, and because of this, many are unprepared for major, or even minor, repairs. For that reason, I’ve created these 6 items that every homeowner should plan for, prepare for, and pay attention to.
1. Paint / Power – Wash: Depending on where your home is and what materials are outside, your schedule for these things will be different. If you are in a region where there is a lot of snow and ice, or one that is close to the ocean, you will need to maintain it more often. If the property is in the woods, it probably requires special care. If you have a log home (like cedar shingles, etc.), ask a local paint store how often the houses in your area need paint. If you have a house with vinyl walls, etc., you should probably pressure wash it once a year or two. Doing regularly scheduled preventive maintenance will often cost much less than waiting for major disasters.
2. Gardens: What type of property is your home on? Is it level, sloped, clear or wooded, etc.? If there are many trees, it is necessary to remove the leaves regularly. Obviously cutting, repairing and maintaining your lawn, which includes regular watering, etc. Do you need sprinklers on the ground? If you have them, prepare for regular maintenance, including winterizing, backflow devices, repair, etc. What about your gardens, etc.? How will you take care of them?
3. Heating / air conditioning systems: Be sure to maintain and clean your boiler and do some preventive maintenance before winter! Change / clean your air conditioning systems, winterize (if necessary) and make sure they are kept clean and in good repair. Don’t forget your air filters.
Four. Windows doors: Are you heating the interior or exterior of your home? Unless your windows and doors are a little tight, you will be wasting a lot of money, on your heating bills, as well as your utility bills when you use your air conditioners! Make sure windows are sealed, when necessary, and doors are barred and shut securely!
5. The ceiling: Two considerations in this area of the house. A new roof typically lasts 25 years or more, but that doesn’t mean there isn’t a defective area. Remember to clean the leaves of your gutters, etc., and at the same time take a look at your ceiling. Are there areas, either in your home or in the attic, that seem to indicate some moisture?
6. Interior: floors, walls, etc: Don’t forget the inside of your house. Remember, painting around windows and window sills is often necessary, more often than the rest of the house. Consider a rotating painting schedule, so that you paint one or two rooms, each year, on an alternate schedule. Inspect your floors and do your hardwood floors need care? How are your tiles? Inspect your carpet.
Create a budget for your home maintenance annually, save money in a separate home maintenance account, and use it only for those purposes. Anything you don’t use in one year, add it to the next year’s contribution. Do this weekly, but do it always!