How to Prepare for Unexpected Home
One of the most challenging aspects
of homeownership is the unexpected added costs. When calculating monthly
expenses to maintain a home, it's important to include not only everyday costs
such as mortgage payments, utilities and property taxes, but also to factor in
possible home repair expenses. Some of the most common home repairs are done on
plumbing fixtures, patios, fences and driveways, heating and air conditioning
systems, and painting the interior or exterior of your home.
Keeping your home in good working
order can add value to a home; however, it's crucial that homeowners plan ahead
for costs associated with unexpected repairs. Contributing small amounts
regularly to an emergency fund for maintenance and repairs can go a long way in
preparing for unforeseen expenses.
By adding in the cost of a reserve
fund to the monthly household budget, homeowners can prevent a financial blow
from unplanned additional costs.
BMO Harris Bank offers the following
financial tips to homeowners looking to make home repairs: