Chapter 11: Your First Year as a Homeowner

Chapter 11: Your First Year as a Homeowner

A Scene from Real Life

Keys in June. October: washer leak ($3,000). January: frozen pipes ($1,200). The father laughed: “Nobody told me a house is a giant pet that needs constant feeding.”

The 1% Rule

Set aside 1% of the home’s value per year for maintenance. On $320,000: $267/month. Older homes: 1.5-2%.

Ticking Clocks

• Water heater: 8-12 years ($1,200-2,000)
• Roof: 20-30 years ($10,000-20,000)
• HVAC: 15-20 years ($7,000-12,000)

Seasonal Maintenance

Spring: gutters, roof. Fall: heating service, pipe insulation. Winter: keep heat at 55°F minimum.

When to Refinance

When rates drop 1%+ below yours, to drop PMI, or to switch ARM to fixed. Breakeven: costs ÷ monthly savings = months to recover.

Action Steps

• Open a “Home Maintenance” account with auto-transfers.
• Ask the inspector for system ages; note replacement dates.
• Create a “Home Records” file from day one.
• Review your rate yearly.

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