STRATEGIES
While each home is unique and will have different needs, all are subject to the usual wear and tear and more problematic pitfalls. The solution? Plan ahead.
1. Map out the mechanicals
On paper or digitally (using free downloadable software), create a master plan of your home’s layout, noting the location of key levers and switches and systems for routine maintenance and in case of an emergency.
- Know the location of the main gas shut-off valve or lever—either on the outside of the home or near the furnace or water heater. Similarly, know how to turn off the gas for any appliances that use it (such as a stove).
- Note where fire extinguishers and smoke/carbon monoxide detectors are kept (including in the basement).
- Locate and label the home’s main water-supply shutoff valve(s) in the basement, crawl space, or mechanical closet, as well as the local shutoffs for toilets and sinks (usually near the toilet base or in the sink cabinet). Same for the washing machine.
- Pinpoint the location of the furnace, water heater, sump pump (if any), and circuit breaker box—and make sure the circuits are clearly marked. Keep a flashlight here.
- If you have central AC, include the location of the unit and thermostats.
- Besides the master plan, file all appliance owner’s manuals in plastic sleeves in a binder (and keep this in a designated spot, such as the home office)—and/or scan and save digitally.
2. Manage your time and tasks
Taking care of your home repairs and overall upkeep is essential to protecting your investment—and making it safe and sound for all its inhabitants.
- Breaking the tasks down into monthly, seasonal, and annual to-dos makes the whole ordeal less overwhelming. See page 210 for a suggested schedule.
- Spend an hour each weekend, a couple of afternoons a month, and a few dedicated days during the year ticking off all the boxes—and be sure to block off these sessions in your calendar.
- Each home is different and its needs depend on its age and makeup as well as the climate and location, so consider the schedule and checklists as a guideline—and do each task when it makes the most sense.
- Make sure to budget for upkeep, too. One suggested approach is to set aside 1 to 2 percent of the home’s purchase price (or current market value if you’ve owned it for a while) each year for routine maintenance and repairs; another is to plan on spending $1 for every square foot per year. Either way, it pays to have a reserve. If that is not feasible, you can also look into taking out a home equity loan, but be sure to factor in the interest rate and any fees involved before doing so.
Being aware of when these big-ticket items are likely to need replacing will keep you (and your savings) from getting caught off-guard.
1. Most common appliances—washer/dryer, refrigerator unit, range, dishwasher—last about 10 to 15 years.
2. Plan to replace wood shingle roofs every 30 years or so, slate and tile in 50 years or more.
3. Central AC units and furnaces tend to wear out after 15 to 20 years; water heaters after 10 to 15 years (upgrade to a more energy-efficient option).
4. Concrete and asphalt driveways can last up to 30 years, depending on climate conditions; same for wood decks.