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Home prices are through the roof (pun not intended) in the United States. CNN reports that in August 2023, the median home price was $407,100. Now compare the situation to just a few years ago. Back in August 2019, the median home price in the US was just $278,200.
With price spikes like this, it’s no wonder that many working Americans feel like owning property is out of the realm of possibility. At least for now. So they continue to rent.
What doesn’t help the situation, at least in the US, is that there is a shortage of homes: there’s lots of demand for (affordable) property, but very little supply. So even if you have a decent job and some savings, it doesn’t mean that you’ll find anything in your price range in the area where you want to live.
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You may end up paying more than you initially wanted to. Or you may have to compromise on where you plan on living. While having some flexibility is definitely a good thing when looking at listings, the reality of the situation can mean that you’re forced to make a decision that you’re not fully happy with. How much you’re willing to compromise on the ideal you have in your mind is entirely up to you.
However, if you do end up owning a home (congratulations, by the way, we’re genuinely happy for you), it doesn’t mean that life’s going to be full of rainbows and sunshine from thereon out.
Older homes might need a decent amount of repair and upkeep. And even newer properties will require you to spend time, energy, and cash to maintain them over the years. Failing to do so means lowering your own quality of life and reducing the property’s worth.
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Broadly speaking, there are two main paths that you can take when it comes to home maintenance. You can either learn to do some DIY using free resources on the internet to fix up your home. Or you can hire a contractor. In the first case scenario, you’re sacrificing your time and energy in order to save money. The upside is that you learn some handy skills that are going to be useful in the years and decades of homeownership to come.
In the second case, you’re prioritizing your free time at the expense of money. You’re relying on other people’s expertise to ensure you haven’t missed anything essential during maintenance.
It might not be a bad idea to learn a bit of DIY for some smaller repairs and to rely on actual pros for the more important stuff, like serious plumping problems and fixing dangerous electrical faults.
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One issue to definitely be on the lookout for is water damage. According to Forbes Home, it’s a problem that costs American homeowners up to $20 billion (yes, that's ‘billion’ with a ‘b’) every single year.
Depending on the damage caused by leaks and floods, you may have to contact not only a water restoration professional but also a mold specialist who can inspect the house. The best remedy for costly water damage is prevention: regularly inspecting the pipes for any cracks, leaks, or serious damage.
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* not changing furnace filters often enough, can damage carpet with gross stains and put stress on the HVAC unit
* using those chlorine tablets in your toilet tank, causing plastic parts to degrade and eventually fail
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* If you get roof leaks, it's time to replace, not patch
* Clean out the dryer lint trap every time you use it to keep all the c**p from clogging the exhaust hose and vent which could get hot and/or even catch fire
* Keep the gutters cleaned out and test the downspouts annually to make sure they aren't clogged up (if you get a big frozen gutter waterfall, melting ice can pull the gutter down if it gets too heavy, and it can cause water to drip into the house in ways that normally wouldn't happen (I had a wall waterfall running past my basement washer and dryer outlets which was terrifying)