| Often, when first-time home buyers consider buying a | | | | part of the expense of the purchase of the home and |
| home they do not think long-term about home | | | | refused to upgrade the home after they purchase it |
| improvement or keeping up their home over the years | | | | as they only want to hold on to it as an investment |
| when it comes to painting their home, replacing their | | | | and resell it when the economy gets better so they |
| roof, and even upgrading the appliances. This is | | | | can make money off of the property. |
| because they do not want to think about the expense | | | | When replacing a roof today, there are many types of |
| of owning their own home long-term, the main reason | | | | roofs to consider, such as do you want shale, slate, or |
| some people buy a home is to keep up with their | | | | a just a tar roof. You should also consider how many |
| friends or prove that they are as good as their friends. | | | | years you want the roof to last. When purchasing a |
| When you buy a brand-new home you may not have | | | | roof you should also have to consider what kind of |
| to worry about home improvement immediately, but | | | | weather or climate you live in, this becomes an |
| you should consider upkeep as part of your expenses | | | | important aspect of what kind of roof you put on your |
| since you need to paint your home at least once | | | | home and how many years you expect it to last once |
| every three years. Remember, you have no idea | | | | it is put on.. You need to consider a roof that will |
| when you will have to replace your refrigerator, your | | | | withstand extreme heat, hurricanes, ice storms, and |
| bathroom fixtures, or even in your water heater. The | | | | possibly even snow depending on what part of the |
| problem is that many first-time home buyers do not | | | | country you live in. |
| always think about the upkeep of their home or home | | | | Home improvement needs to be considered as part of |
| improvement on the long term. | | | | your expense in upkeep of your home when you plan |
| An acquaintance of mine who purchased a home but | | | | to purchase a home. It is not just a one time deal, it is |
| was not willing to spend the money to keep up her | | | | something you have to do yearly basis. When people |
| home. Instead of hiring a professional painter to paint | | | | think about owning a home they only think about the |
| her home when the walls needed to be repainted she | | | | investment value increasing over the years and what |
| brought in friends and they did a poor job. Since she | | | | they will make when they sell the home. They forget |
| wore a brand-new home and no one told her she | | | | that while they own the home they're expense is not |
| needed to replace the roof after 20 years, she just | | | | just their phone line and their electricity, but also |
| had a repair man patch it until she could not patch it | | | | insurance on the home and taxes on the home. When |
| anymore. Therefore, instead of replacing her roof | | | | you originally purchased the home you pay taxes on |
| when she had leaks in her roof, she only called a repair | | | | the current value of the home, but over time as the |
| man to fix it. This went on for three years until the | | | | property value goes up, your taxes also go well on the |
| patch up job did not prevent the rain from coming into | | | | home. |
| her roof. She has owned her home for 23 years, but | | | | One of the reasons that we your so many |
| her response was-- no one told me I had to repair a | | | | foreclosures on property today, is because first-time |
| roof. The thing is if you own your home you should | | | | homebuyers are not including all of these items as part |
| know for yourself that a home means making many | | | | of the expenses they have. Therefore, when they |
| repairs on a yearly basis-- to keep your home up to | | | | purchase a home they are considering only the |
| par. Because the roof was not repaired in a timely | | | | mortgage payment and the current expenses; but |
| fashion the rain leaked into the walls, which allowed | | | | when they are considering the purchase they should |
| mildew to grow inside the walls. The only way to solve | | | | also think about the fact that their income may not |
| this problem and get rid of the mildew is to take down | | | | increase, but their expenses will certainly increase |
| the walls and replace them, but she will not want to | | | | especially if the mortgage is on a variable scale and |
| pay for this added expense. | | | | not a fixed price, the utilities can increase over time, |
| When you purchase an old home that needs a lot of | | | | your taxes can increase over time, etc. |
| repair you also have to consider that part of your | | | | When you consider all of these expenses that you |
| expense when purchasing a home. Currently we are in | | | | pay over time, that unless you plan to include home |
| a deep recession as far as property is concerned and | | | | improvement into your expenses, then maybe |
| you find people purchasing undervalued property as an | | | | becoming a homeowner is not for you! |
| investment, but also refuse to include the repairs as | | | | |