Why You Shouldn’t Put Off a Major Home Renovation (and How to Prioritize It)
Chad Robertson Media Paying for major home repairs, like a leaky roof or a broken water heater, is definitely not an exciting part of home ownership. If you’re going to be spending money, you’ll probably choose to do something fun like updating your outdoor space or remodeling your kitchen.
Unfortunately, the projects that are the least attractive are also often the most important and fastest, but many homeowners have put them on the backburner due to financial concerns. According to a recent survey , 43% of homeowners have put off home repairs or maintenance due to inflation. As the cost of housing construction has risen by 19%, homeowners are seeing higher costs for some planned (and unplanned) projects.
While it makes sense to delay large and expensive projects, it can cost you more in the long run. For example, calling a professional to fix a water leak early is likely to be cheaper than repairing and replacing things damaged by flooding or mold.
As such, you definitely shouldn’t put off major repairs in favor of cosmetic upgrades, and if you’re on a tight budget, you may need to prioritize those repairs over other non-related expenses. Depending on the repair, you can break the project down into smaller tasks that you can tackle over time. If you don’t have cash, you can also turn to resources such as home equity loans or home equity lines of credit for urgent questions.
How to prioritize home renovations
This is probably obvious, but structural problems and issues with critical systems like electricity, gas, and plumbing that can cause major damage should be your top priority. These are often emergencies and usually require professional help.
Here are a few signs you shouldn’t ignore:
- Noisy sockets
- Frequent tripping of the circuit breaker
- Flickering power (such as lamps or household appliances)
- Smell of gas or burning
- Water leaks (stains, wet spots, deformation)
- Mold
- Missing shingles and damaged gutters
- Pests
Foundation and framing problems, as well as leaky windows and doors, also usually require quick (and costly) repairs.
Let’s say you don’t need to do a major overhaul (that you know about) and you want to invest in upgrades or cosmetic changes. Be careful if you don’t have cash in your emergency fund or emergency repairs. It would be a shame to spend all your money renovating a bathroom only to find out that your roof is in need of replacement. When prioritizing upgrades, you should consider both current quality of life and potential return on investment if you plan on selling.
Finally, prevention can provide protection when it comes to home care. Use a checklist and add tasks and service appointments to your calendar to catch issues early.