You have just spent USD 35,000 to update your kitchen and add a small bathroom. To pay for it, you took out a house equity loan that costs you a couple hundred additional dollars per month. Now think about your other monthly expenses for just a minute.
There is the mortgage and payments for your car, fuel, electrical energy, food, clothing, insurance, daycare, cable tv, Internet access, telephone, cell phones, and pet supplies.But there's an additional monthly budget item that should be included in every homeowner's list, but rarely is - the cash you set aside each month for house maintenance and repairs.
Home experts recommend that you set aside just a little money each month (between one and 3 percent of the value of your house annually) to stop what should be manageable house upkeep and repairs from turning into hellish home defects. If you forgo this ounce of prevention, your pound of cure might very well swallow not only your USD 35,000 remodeling investment, but the whole worth of your house, potentially leaving you on the brink of bankruptcy and homelessness.
Could that really happen, you ask? Unfortunately the answer is this: very easily. All it takes is one arcing spark from faulty wiring along with a basement full of old newspapers and your investment is gone up in smoke. A leaky roof left unrepaired can result in an attic full of mold. Vicki's inbox at vicki@moldauthor.com is crammed with e-mail from people struggling to cope with the financial, physical, and emotional devastation wreaked on them by severe mold infestations that are the direct result of improper home maintenance and repairs, construction defects, or faulty house inspections.
But the losses do not need to be this dramatic to hurt your bottom line. Those granite countertops in your kitchen are not going to sway a potential homebuyer into offering you your full asking cost if the cabinets underneath them are sporting broken or missing hardware and cracked or peeling paint. Deferred maintenance shout neglect. Depending on their nature and location, undone repairs can lop off USD 10,000 to USD 20,000 from the offers you receive on your home.
The residential property damage from fires and lightning each year is enormous. According to the National Fire Protection Agency, there had been 389,000 reported home fires in the United States in 2002, resulting in 2670 deaths, 13,650 injuries, and USD 5.9 billion in direct property damage. In addition, electrical storms cause approximately USD 100 million dollars annually in property damage, according towards the Federal Emergency Management Agency.
While smoking is the leading trigger of house fire deaths general, cooking is the leading cause of house fires and house fire injuries year-round. To protect yourself, your family, and your house from fire and also the effects of lightning, you need to:
Keep a fire extinguisher in an accessible spot. Install electrical power surge strips. Trip and reset circuit breakers to make certain they're functioning properly. Inspect electrical power and extension cords for signs of wear or damage. Inspect and clean dirt from the covers of all smoke and carbon monoxide detectors. Clean the grease and grime from stove hoods and stove exhaust fans to prevent a cooking fire from spreading. Check for loose-fitting plugs. This is often a sign that the electrical receptacle is worn.
Inspect your home's main electrical panel for burn marks. These marks may indicate "arcing" inside the panel, which can spark a fire. If you see evidence of arcing, call an electrician. Only a qualified professional ought to remove the front panel cover. Additionally, don't stack newspapers, magazines, or cardboard boxes close to electrical sources.
Make sure the light bulbs in all your fixtures are the right wattage. Incorrect wattage leads to heat buildup that can begin a fire inside the fixture, the ceiling, or the wall. If you use fireplaces, wood stoves, or electric heaters, watch them closely and make sure they're working properly. Have your chimney professionally cleaned at least once a year.
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