We all know by now the value of a decent savings pot. Even if we don’t have our eye on a particular prize, more of us than ever are now getting used to setting aside as much as 20% of our monthly income to build up our rainy day funds. This is fantastic news, but it also begs the question – when should you actually spend the money your squirrelling away?
Too often, people save blindly without ever allowing themselves to spend. As well as being something of a waste, this mindset can lead to issues, especially where our homes are concerned. After all, the ability to afford house repairs as and when they happen is part of the reason why savings matter so much in the first place!
So, whether you need to replace your boiler, pay for damp treatments or even entrust pest removal to an exterminator, your savings should be your first port of call. After all, if you snooze, you could see yourself spending even more money in the following ways.
Issues in your home are rarely isolated problems. Rather, one thing tends to lead to another, with damp often leading to structural reassessment, while pests can impact… well, everything! In this way, our homes operate under something of a domino effect. And, as each domino falls, the costs you face at the end of the row increase. Hence why catching expenses after that first moment of impact is fundamental.
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Potential impact on property value
These worsening issues can also cause significant damage to overall property value. Damp, in particular, poses issues, with as many as 38% of homeowners stating they would expect as much as a 20% discount as a result. That’s a significant chunk, and it’s not the only risk of lost savings. Equally, issues such as unfinished renovations, outdated windows, or even electricity that needs rewiring can add up to see you losing a whole load of money when you need it the most. How annoying is that when you had the cash in the bank to just fix the issue from the off?
Less need for cover-ups
If we’re trying to avoid issues in our homes, we get pretty good at covering up with paint, decor, and generally well-placed furniture. In fact, if you’re trying to hide multiple niggles around your house, you may end up with all manner of quirky (and quite often expensive) pieces in tactical positions. Unfortunately, this is a problem because, while the initial outlay may be less, this approach doesn’t actually deal with anything. As such there will come a time when you just need to address things head-on. Save yourself the wasted money by sucking up that big expense in the first place!
No one likes to see their savings take a substantial hit, especially not for something like home maintenance. But, with these risk factors in mind, it’s time to ask yourself, what are your savings for if not for issues like these?