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Remodeling, repair or maintenance are three concepts that you should take into account when buying a house. In this sense, the real estate portal Propiedades.com shared what the differences are and how to manage your budget in each one.
Maintenance: contingency prevention
When thinking about maintaining a home, it is important to consider it as a preventive service. Leonardo González, Real Estate analyst at Propiedades.com explains that it must be done on a regular basis, according to the intensity of use and operation.
“For example, painting the interior and exterior of a house whenever it is required; waterproof once a year; take care of the garden once a month; even clean daily or once a week ”, he indicates.
It also indicates that between 1 and 3 percent of the monthly budget should be allocated to home maintenance. With this you can schedule the purchase of supplies and necessary tools.
In the case of condominium amenities, such as multipurpose rooms, the expert recommends intensive and regular maintenance. Therefore, the administration must periodically inspect the common areas to keep them in perfect condition.
Repair: avoid major problems
A home repair means that something is preventing the proper functioning of your home. Whether due to the constant use of the facilities or natural wear and tear, it is important to regularly maintain and prevent expenses.
González points out that, to avoid an excessive payment for repairs, it is necessary:
- Evaluate the condition of the property
- Identify potential breakdowns, problems, and breakdowns
- Establish usage procedures
- Monitor risk areas
“If one or more repairs are required, it is important to plan them. It is not advisable to postpone indefinitely, as this increases the risks and costs of malfunctioning homes ”, he adds.
The expert says that a savings fund should be allocated by adding a criterion for repairing damage. This should represent between 2 and 5 percent of the monthly budget for contingencies and take into account the magnitude of the repair.
Remodeling: meet your needs
The remodeling is a modification of your spaces to make them to your liking and needs. For your project to be successful, it is necessary that you contemplate the functionality and usefulness of what you plan to do.
Unlike repairs, a remodel is an optional project, like changing the color of a room or expanding your kitchen. To prioritize remodeling in your home, González suggests taking into account the following points:
- Conduct a survey on the expectations, use and functions of the home
- Know the budget available to do the remodeling
- Know the financial tools that you can rely on
- Simulate the revaluation of the property with the modifications
- Solve the most urgent needs for the home
Likewise, you should create a savings fund destined only for remodeling, allocating between 5 and 10 percent of the monthly budget. In addition, you must:
- Seek technical advice
- Compare prices and quotes before deciding
- Project a budget
- Identify economic solutions and savings areas
- Execute the remodeling in the shortest possible time