{"id":2450,"date":"2016-06-17T08:53:29","date_gmt":"2016-06-17T12:53:29","guid":{"rendered":"http:\/\/dankrell.com\/blog\/?p=2450"},"modified":"2019-12-06T06:45:24","modified_gmt":"2019-12-06T11:45:24","slug":"home-owner-savvy","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2016\/06\/17\/home-owner-savvy\/","title":{"rendered":"Home owner savvy"},"content":{"rendered":"

The playwright Oscar Wilde<\/a> must have been fond of the idiom \u201cnowadays people know the price of everything and the value of nothing,\u201d because he used it in back to back works; first in The Picture of Dorian Gray<\/em>, and then a variation in Lady Windermere’s Fan<\/em>.\u00a0 Today, corrupted forms of Wilde\u2019s phrase are wrongly attributed or misquoted \u2013 but the point is well made.\u00a0 More psychologist then poet, Wilde seemed to characterize a core consumer behavioral trait of seeking short term gain vs long term value – which applies to home owner savvy!<\/p>\n

Consumers in the 19th<\/sup> century were much like consumers today, such that they sought out to get a bargain; often times overlooking the costs from which it comes by.\u00a0 And what may have been in Wilde\u2019s time a conflation of price and value, is still common today \u2013 especially for home owners.\u00a0 While many home owners pride themselves on their frugality in home maintenance, they don\u2019t realize the consequences of their poor choices when it comes time to sell their home.\u00a0 Home owner savvy is also knowing about value.<\/p>\n

Today\u2019s home owner\u2019s frugality comes honestly as a result of the great recession.\u00a0 A McKinsey Global Institute consumer sentiment survey from a year and half ago sums it up in the title: America the frugal: US Consumer Sentiment Survey<\/em><\/a> (Martinez, Motiwala, and Sher; mckinsey.com; December 2014).\u00a0 Martinez, Motiwala, and Sher wrote in their economic analysis that \u201c\u2026Multiple years of austerity have left consumers with altered views about spending. Almost 40 percent say they will probably never go back to their prerecession approach to buying\u2026<\/em>\u201d<\/p>\n

While looking to spend less on maintenance and home repairs, home owners often ignore the effects of their thriftiness on the long term maintenance costs of their home.\u00a0 Trying to spend less often means becoming reactive to maintenance issues, instead of proactive.\u00a0 Reactive maintenance typically means that the plumbing, electrical, or roof issue the owner is repairing, may have been an ongoing problem that may have also affected other systems of the home.\u00a0 However, proactive home maintenance<\/a> is an ongoing process that can prevent minor problems from becoming costly major issues and is home owner savvy.<\/p>\n

John Riha invoked Ben Franklin\u2019s \u201cAn ounce of prevention is worth a pound of cure<\/em>\u201d when writing about home maintenance and house values (How Much Value Does Regular Maintenance Add to Your Home?<\/em><\/a>; houselogic.com).\u00a0 He repeats a common theme that regular preventative maintenance doesn\u2019t only save you money down the line, but can add to a home\u2019s sale price.\u00a0 Riha quotes University of Connecticut and Syracuse University studies that implies the value of a regularly maintained home may increase by 1% a year!<\/p>\n

Riha recommends a \u201cproactive maintenance strategy\u201d to help stay on top of necessary repairs and system replacements.\u00a0 He suggests saving 1% to 3% of a home\u2019s cost for regular maintenance.\u00a0 To help keep it \u201cinteresting,\u201d he suggests repairing and updating one room per year.\u00a0 If you are unsure where to begin, a home inspection may help identify areas of immediate concern; as well as develop a regular maintenance schedule.\u00a0 Also, keeping records of ongoing repairs and upgrades will cement in a home buyer\u2019s mind the amount of care you had for your home.<\/p>\n

Home owner savvy is not necessarily about being frugal with home maintenance, which is also not about knowing the price of everything; but in reality, diminish the value of their home.\u00a0 Regular home maintenance can not only keep you comfortable and safe through the year, it may help you sell your home faster and for more<\/a>!<\/h2>\n

Original published at https:\/\/dankrell.com\/blog\/2016\/06\/17\/home-owner-savvy\/<\/p>\n

If you like this post, do not copy; instead please:
\nreference the article<\/a>,
\nlike it at facebook<\/a>
\nor re-tweet<\/a>.<\/p>\n

<\/a>
\nDisclaimer<\/a>. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

The playwright Oscar Wilde must have been fond of the idiom \u201cnowadays people know the price of everything and the value of nothing,\u201d because he used it in back to back works; first in The Picture of Dorian Gray, and then a variation in Lady Windermere’s Fan.\u00a0 Today, corrupted forms of Wilde\u2019s phrase are wrongly … <\/p>\n

Continue reading “Home owner savvy”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[178,419,478,173,382,161,406,13],"tags":[1041,887,926,939,648,885,912,880,895],"class_list":["post-2450","post","type-post","status-publish","format-standard","hentry","category-home-maintenance","category-home-owner","category-home-renovation","category-home-repairs","category-home-seller","category-home-seller-behavior","category-homeowner","category-real-estate","tag-get-top-dollar","tag-home-maintenance","tag-home-owner","tag-home-renovation","tag-home-repair","tag-home-repairs","tag-home-seller","tag-home-seller-behavior","tag-homeownership"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-Dw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/2450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=2450"}],"version-history":[{"count":13,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/2450\/revisions"}],"predecessor-version":[{"id":5870,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/2450\/revisions\/5870"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=2450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=2450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=2450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}