When it comes to buying or selling a home, many people have misconceptions about the current market conditions. A survey conducted by the National Association of Realtors revealed that buyers and sellers alike have a false sense of security when it comes to the housing market. In this article, we will explore some of the most common misconceptions about home repairs in Omaha, and how they can be costly to your wallet. One of the most common misconceptions is that a faucet leak is not a big deal. However, this is far from the truth.
A household leak can waste up to 10,000 gallons of water a year, which is equivalent to washing 270 loads of laundry. By repairing a leaking faucet right away, you can prevent water waste and save money on your water bill. Another misconception is that buying a home to repair at a great price will save you money in the long run. While this may be true in some cases, it is important to remember that the costs of repairs and maintenance can quickly erode any savings. Even newer homes can have unexpected costs.
More than 20% of millennial homeowners reported being unprepared for the costs of maintenance and repairs. When it comes to home inspections, many people believe that an A or F grade is necessary for a home to be considered safe and sound. However, this is not always the case. Every home is inspected according to universal safety and maintenance standards, but a certain amount of Repair Recommended (RR) and Acceptable (A) ratings will not earn you an A or F grade. Even new homes require a thorough inspection to ensure safety and detect any construction errors that could lead to major repairs in the future. Finally, millennials are more likely than other generations to make rash decisions when buying a home in a competitive market.
This includes buying a home at first sight (90%), buying a home that needs major repairs (82%) and making an offer above the sale price (80%). While these decisions may seem like good ideas at the time, they can lead to costly repairs down the line.
