The Rising Cost of Home Maintenance

Why Home Maintenance Costs Are Rising

Several interrelated reasons are causing home maintenance and repair bills to balloon:

• Labor Shortages – A tight labor market makes it harder to find available contractors. With demand outpacing supply, professionals can charge higher rates. The home services industry is still recovering from workforce declines during the pandemic.

• Material Cost Inflation – Raw materials that go into home projects have increased substantially. Lumber prices rose over 30% in 2022 while steel, copper and other commodity prices saw double-digit inflation (Source: tradingeconomics.com). These input costs get passed through to the consumer.

• Supply Chain Disruptions – Global supply chain problems make material and parts harder to source, also driving up costs. Appliance repairs are pricier when key components are backordered. Contractors charge more when they have to wait for supplies.

• Rising Overhead – With inflation impacting organizations across the board, contractors and home service companies face higher overhead. Fuel, vehicle, equipment, insurance and labor costs are all up. These operational expenses translate to consumer price hikes.

• Growing Home Age – As homes age, the maintenance required increases. The average home in the U.S. is over 40 years old. Older systems and components need repairs and replacements more frequently, resulting in added costs.

• Severe Weather – From winter storms to hurricanes, extreme weather events are becoming more common (Source: EPA.gov). The damage inflicted means pricier repairs for homeowners through higher demand.

• Regional Cost Differences – While national home maintenance costs rose 9% in 2022, some metro areas saw much steeper increases. Regions prone to weather events or with the hottest real estate markets faced the biggest spikes.

With all these inflationary factors converging, it’s no wonder homeowners are suffering from sticker shock on project quotes.

Biggest Maintenance Cost Increases

While no home repair or upgrade is immune to inflation, some categories saw greater cost jumps. Areas that relied more heavily on fluctuating commodities or global supply chains faced the steepest price hikes.

• Lumber-Intensive Projects – Any project using substantial wood saw outsized cost increases. That includes deck refinishing, fence/pergola building, gazebo construction, and trim repairs. Lumber faced severe supply constraints.

• Roofing – Replacing or repairing roofing grew much pricier with material and labor inflation. Demand also increased after major storms. Roofing requires dumpsters, cranes, and other equipment whose costs rose.

• Windows and Doors – New doors and windows saw big price jumps in 2022. Ongoing shortages of chemical compounds used in vinyl and fiberglass made these materials scarce. Freight and fuel surcharges further drove up costs.

• Large Appliances – Refrigerators, washers, dryers and other major appliances grew significantly more expensive to purchase and repair. Supply chain issues made parts harder to come by. Skilled labor shortages also constrained service capacity.

How Homeowners Can Adapt

While the home maintenance cost outlook may seem bleak, homeowners have options to minimize the impact of inflation. Here are smart tips to stretch your home improvement and repair dollars.

• Price shop extensively – Get quotes from at least 3 contractors to compare rates. Search for any deals or coupons. Avoid assuming one company will be cheapest.

• Ask about alternative materials – If wood or steel prices concern you, ask for substitute material suggestions that may offer savings. There may be flexible options.

• Inquire about off-peak discounts – Contractors offer deals during their slow seasons. Schedule big projects in fall/winter rather than busy spring/summer.

• Learn DIY skills – For simpler tasks, studying YouTube tutorials on basic repairs can avoid hiring a handyman. Replace seals, filters, and hardware yourself.

• Extend system lifespans – With preventative maintenance, you can stretch the lifespan of appliances, roofing and other big-ticket items. This delays costly replacements.

• Use your social network – Ask friends and neighbors for contractor referrals. Loyal clients often get priority and discounts from in-demand professionals.

The current inflationary environment creates new home maintenance challenges. But utilizing these tips and approaching projects strategically can take some pain out of rising repair and replacement costs. Monitor expenses diligently, research options thoroughly and budget wisely.

Tracking Home Maintenance Costs

To manage inflation’s impact on your home repair and upgrade expenditures, the first key step is tracking costs diligently. Create a system to capture all home maintenance line items and build a historical view of spending over time.

• Home Inventory – Catalog all systems, appliances and components in your house with basic details like ages and warranties. This inventory helps forecast upcoming replacement needs and related costs.

• Keep all Receipts – Save all invoices and receipts from any external contractor doing work on your home. This captures exact historical spending and makes cost trend analysis possible.

• Log DIY Expenses – Note costs even for Do-It-Yourself maintenance items like parts, materials and tools purchased. These still represent real repair costs even if not professional labor.

• Take Photos – Document repairs and upgrades with before, during and after photos. If you need to dispute contractor work quality later, photographic evidence is invaluable.

By religiously tracking all home maintenance expenditures, you gain visibility into cost changes over time. This helps plan budgets and make savvy cost-cutting decisions.

Benefits of Proactive Home Maintenance

Inflation makes the case for diligent home maintenance even stronger. Being proactive reduces the need for major repairs down the line that carry massive price tags. Here are powerful benefits of staying ahead of maintenance:

• Avoid emergency repairs – With preventive maintenance, you can fix minor issues before they spiral into urgent problems requiring premium or overtime service fees.

• Extend system lifespans – Routinely replacing filters, clearing drain lines, sealing surfaces, checking wires and pipes, etc. helps appliances and components reach their maximum safe useful lives.

• Improve safety – Checking for loose railings, leaks, exposed wires, etc. reduces hazard risks around your home that could lead to injury or property damage.

• Enhance comfort – Addressing stuck doors, leaky ducts, rattling pipes, inefficient insulation and other nagging issues improves day-to-day home comfort and enjoyment.

• Maintain warranties – Following prescribed maintenance per system manuals keeps warranties intact. This guarantees no-cost repair/replacement options if problems arise down the road.

• Boost resale value – A documented history of consistent maintenance and upgrades signals quality and care to future buyers. This maximizes your home’s eventual sale price.

Preventing problems through savvy maintenance both avoids costs long-term and maintains home quality.

Key Preventative Maintenance Tasks

Adhering to maintenance schedules helps safeguard systems and extend their lifespans. Here are some of the most essential proactive tasks:

• Inspect roof annually and replace on schedule – Avoid leaks
• Clear gutters and downspouts twice per year – Prevent water damage
• Check smoke and CO detectors monthly – Ensure proper function
• Replace HVAC filters quarterly – Improve air quality and energy efficiency
• Flush water heater annually – Reduce sediment buildup
• Caulk windows, doors, showers when needed – Prevent mold and pests
• Test garage door balance yearly – Avert broken springs or cables
• Inspect chimney and fireplace yearly – Reduce fire risks
• Examine interior/exterior paint every 1-2 years – Address cracking and peeling promptly
• Clean dryer vents yearly – Increase efficiency and reduce fire hazard

Building these quick maintenance checks into your normal routine helps avoid costly reactive repairs when issues escalate. Think of maintenance as insurance against major future expenses.

Savings from DIY Repairs

With professional labor pricing inflated, doing repairs yourself via DIY provides massive savings. Many common maintenance tasks are feasible for handy homeowners to tackle on their own.

Evaluate your skill level to determine which projects are within your DIY capabilities versus best left to the pros. 

Here are some typical DIY repairs and estimated savings:

• Unclogging gutters or drains – $100+ savings
• Replacing a leaky faucet – $150+ savings
• Fixing stuck doors – $100+ savings
• Replacing weather stripping – $150+ savings
• Installing a new toilet – $200+ savings
• Replacing light fixtures – $100+ savings
• Minor drywall repairs – $300+ savings
• Flooring repairs – $5+ per sq. ft savings
• Appliance part replacements – $150+ savings
• Filter changes – $50+ per unit savings
• Landscaping – $20+ per hour savings

Even once you factor in parts/material costs, major labor savings make DIY repairs a smart choice in many situations. And you gain confidence by learning useful new home improvement skills in the process.

Outsourcing Complex Maintenance For more complex maintenance tasks, partnering with a skilled professional is the best approach, even given inflationary rates. Attempting intricate repairs without experience can cause serious and costly errors. 

Jobs best left to experts include:

• Plumbing – Main line rodding, pipe leaks, water heater replacement, etc.
• Electrical – Panel upgrades, running new wiring, fixing shorts and faults, etc.
• Roofing – Replacing shingles, structural repairs, gutter installation, etc.
• Foundational – Settlement fixes, drainage adjustments, brick/masonry repointing, etc.
• Heating and cooling – New system sizing/installation, ductwork adjustments, troubleshooting complex issues etc.

Secure multiple quotes and verify contractor skills and licenses to find the best value. Peace of mind often makes paying a premium for the highest quality feasible work worthwhile.

Future Home Maintenance Cost Strategies

While current inflationary pressures show few signs of abating in 2023, there are steps homeowners can take to blunt the impact of rising maintenance expenses long-term:

• Build emergency savings funds to access for unforeseen repairs without financing
• Negotiate service contracts with preferred providers to lock-in set rates
• Explore long-term home maintenance insurance for coverage of major system repairs or replacements
• Install durable systems and materials at initial construction or renovation for prolonged lifecycles
• Upgrade to energy-efficient models to cut utility expenses and related maintenance costs
• Learn basic maintenance and repair skills to offset hourly labor rates
• Invest in high-quality tools and equipment to perform jobs properly

Owning a home will always have maintenance costs. But keeping on top of your budgeting, services, repairs and preventative care helps ensure expenses don’t spiral out of control. With smart management, rising inflation will not have to sink your home improvement plans.

The Next Steps

Ongoing inflation means homeowners must become even more maintenance savvy. Tracking costs, maximizing lifespans, exploring DIY and budgeting smartly are essential. But the payoff of protecting your valuable asset can make the extra effort worthwhile.

Focus first on preventative maintenance that wards off costly repairs. Outsource complex tasks to qualified pros at competitive rates. And tackle minor DIY jobs yourself whenever feasible. With diligence and adaptation, you can keep your home properly maintained despite rising prices.

The satisfaction of developing some basic home improvement skills also makes you less dependent on paying inflated rates for labor. And preserving your home’s condition avoids having to cut corners or defer important repairs. View smart maintenance practices as an investment in your home’s livability and value.

Conclusion

If you are an HOA looking for reliable property maintenance or renovation services, Octo Property Services is here to assist you. With our expertise and dedication to quality, we can help you enhance the value of your properties and oversee tenant satisfaction. 

To learn more about our services and discuss your specific needs, please fill out the contact form on our website, and our team will be in touch with you promptly to provide the best maintenance solutions for your properties!