Financial Education

What You Need to Know about Home Maintenance

Jennifer told herself that all basements occasionally have moisture. Bart ignored some loose shingles on his roof. Liz assumed the hoses on her washing machine were in good shape. In the end, all three homeowners were faced with expensive water damage that they could have prevented.

Properly maintaining your home is an important responsibility. The time, energy and money that you spend now on home maintenance can help keep your finances watertight in the future.

How Proper Home Maintenance Can Save You Money

Taking care of your home helps you:

  • Prevent problems before they occur (or fix them while they're still minor and relatively inexpensive). For example, an average washing machine hose costs less than $30. Failed hoses account for more than half of all washing machine-related insurance claims, and these failures cost $5,308 per incident, on average – after the deductible is paid.*
  • Save on homeowners insurance. The more damage claims a homeowner files, the higher his or her premiums will be. A properly maintained home has a better chance of withstanding potential perils such as wind, ice and hail damage, so you can prevent or minimize claims and, as a result, keep your premiums down.
  • Maintain your home's value. Properly maintaining your home enhances its value, safety and appearance. If you decide to sell your home, most prospective buyers will balk if the home hasn't had proper maintenance.

Spring into Action

Now is a great time to inspect your home and perform maintenance where necessary. The following checklist can get you started.

Replace loose or missing shingles. If accessible, check your attic for evidence of leakage or condensation.

Direct water away from your home's foundation. Clean out your gutters, downspouts and window wells. Make sure they drain properly, guiding water away from your home. Sprinklers should be aimed away from your house, as well. You may also need to change the grade of your yard.

Examine the exterior of your home for evidence of damage or decay.

Inspect your basement or foundation walls for cracks, moisture or water stains, wood rot and pests.

Check appliances for wear and leakage. Regularly check your appliance hoses (such as on your washing machine and dishwasher) and replace them every five years. Never leave the house with these appliances still running, and consider turning off the water to your washer when you're out of town. Check under and around washing machines, toilets, water softeners, ice makers – anywhere that leaks could lead to mold – and know where the main water shut-off valve for your home is located.

Learn More

Maintaining your home is an important – and ongoing – responsibility. At Chaco, we offer low rates on home equity loans or personal loans to help fund your improvement or repair projects. To start the application process, call 513-785-3500 or visit www.chacocu.org.

* Source: Insurance Institute for Business & Home Safety, www.disastersafety.org.

Jennifer told herself that all basements occasionally have moisture. Bart ignored some loose shingles on his roof. Liz assumed the hoses on her washing machine were in good shape. In the end, all three homeowners were faced with expensive water damage that they could have prevented.

Properly maintaining your home is an important responsibility. The time, energy and money that you spend now on home maintenance can help keep your finances watertight in the future.

How Proper Home Maintenance Can Save You Money

Taking care of your home helps you:

  • Prevent problems before they occur (or fix them while they're still minor and relatively inexpensive). For example, an average washing machine hose costs less than $30. Failed hoses account for more than half of all washing machine-related insurance claims, and these failures cost $5,308 per incident, on average – after the deductible is paid.*
  • Save on homeowners insurance. The more damage claims a homeowner files, the higher his or her premiums will be. A properly maintained home has a better chance of withstanding potential perils such as wind, ice and hail damage, so you can prevent or minimize claims and, as a result, keep your premiums down.
  • Maintain your home's value. Properly maintaining your home enhances its value, safety and appearance. If you decide to sell your home, most prospective buyers will balk if the home hasn't had proper maintenance.

Spring into Action

Now is a great time to inspect your home and perform maintenance where necessary. The following checklist can get you started.

Replace loose or missing shingles. If accessible, check your attic for evidence of leakage or condensation.

Direct water away from your home's foundation. Clean out your gutters, downspouts and window wells. Make sure they drain properly, guiding water away from your home. Sprinklers should be aimed away from your house, as well. You may also need to change the grade of your yard.

Examine the exterior of your home for evidence of damage or decay.

Inspect your basement or foundation walls for cracks, moisture or water stains, wood rot and pests.

Check appliances for wear and leakage. Regularly check your appliance hoses (such as on your washing machine and dishwasher) and replace them every five years. Never leave the house with these appliances still running, and consider turning off the water to your washer when you're out of town. Check under and around washing machines, toilets, water softeners, ice makers – anywhere that leaks could lead to mold – and know where the main water shut-off valve for your home is located.

Learn More

Maintaining your home is an important – and ongoing – responsibility. At Chaco, we offer low rates on home equity loans or personal loans to help fund your improvement or repair projects. To start the application process, call 513-785-3500 or visit www.chacocu.org.

* Source: Insurance Institute for Business & Home Safety, www.disastersafety.org.

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When it comes to your financial plan, we understand what you need now and more importantly, what you need tomorrow. We are here to help you get the most out of both. Whether just starting out or preparing to retire, we help you become financially prepared and fully informed. At Chaco, we bring you the same expertise and competitive services as other institutions, but with the compassion and genuine care that can only come from being member-owned and operated. From CDs and savings to mortgages and more, we work to keep things simple when it comes to your finances – so you can focus on your life. And that makes a difference.