Key Maintenance Plan - Tip #15
How Much Value Does Regular Maintenance Add to Your Home (sourced various websites):
1. If you think home maintenance is costly and avoidable, remember the age-old advice of Benjamin Franklin: “An ounce of prevention is worth a pound of cure.” The fact is, proactive maintenance is essential to preserving the value of your home – without it, your home could lose 10% of its value. Regular, routine maintenance enhances curb appeal, ensures safety, and prevents neglected upkeep from turning into costly major repairs.
2. Good maintenance does affect a property’s economic age – the number of years that a house is expected to survive. Economic age is a key factor in helping appraisers determine depreciation – the rate at which a house is losing value. A well-maintained house with a long, healthy economic age depreciates at a much slower rate than a poorly maintained house, helping to preserve value.
3. A study by researchers at the University of Connecticut and Syracuse University suggests that maintenance actually increases the value of a house by about 1% each year. So, in essence preventative maintenance actually makes you money.
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