Here's What Can Happen When You Delay Important Home Maintenance and Repairs

Before becoming a homeowner, you should ensure you're ready for the responsibility. In addition to being financially responsible for making your mortgage payments, you'll be responsible for staying on top of necessary maintenance and repairs and the costs associated with these tasks. Not taking proper care of your property can result in negative consequences.

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Ignoring property maintenance can result in home damage

Many homeowners aren't promptly taking care of necessary home maintenance and repair work. A study from Nationwide Agency Forward found that 44% of homeowners are delaying routine home maintenance tasks. The study also found that 31% of homeowners are delaying necessary repairs and renovations.

It may seem like you have plenty of time to complete home maintenance and repair projects, but that may not be the case. Delayed maintenance can result in damage to your home, and existing damage can quickly worsen the longer it's ignored. Don't wait to take care of important home projects like this if you want to keep your property in good condition.

Delaying home upkeep can negatively impact your finances

Additionally, delaying repairs and maintenance could harm your personal finances. An unexpected repair could quickly become more costly if you wait to take care of it. Your best bet is to keep up with regular upkeep of your home to avoid an expensive repair bill. If you're worried you won't be able to afford a home repair project, here are a few ways to pay for home repairs and maintenance.

Delayed repairs could result in an insurance claim denial

You likely pay a significant sum of money on annual homeowners insurance premiums to protect your property. You may assume you'll always be covered and eligible to file a claim when damage occurs to your home because you pay for coverage.

But you may not realize that delaying repairs for a known issue could impact whether your claim is covered. You must follow the conditions outlined in your homeowners insurance policy, which may spell out that you must promptly take care of repairs for known issues or risk denial of coverage when making a claim.

If you were unaware of this, you're not alone. The same study mentioned above found that one in four insurance agents said their typical customers were unaware that delaying necessary home maintenance can affect their home insurance policy.

Stay on top of maintenance and don't delay repairs

Your home is an investment that costs a lot of money. Ensure you're treating your home with the proper care it deserves. By staying on top of routine maintenance, you can keep your home in great shape and avoid expensive damage. If you've been prioritizing regular maintenance tasks, that's great news -- you're taking the right steps!

If you ever suspect that home repairs are needed, contact a professional as quickly as possible to assess the situation so the problem doesn't worsen or become more expensive. It may cost you money, but you'll feel better knowing you addressed the situation immediately.

Regularly continuing to your emergency fund is one way to prepare for future home repair costs. Doing this means you'll have the money you need before an expensive repair bill arrives. We recommend keeping your emergency savings in a high-yield savings account so you earn interest as your cash sits in the bank.