Budgeting for The Unexpected Costs of Home Ownership
Written By: Ben on November 27, 2023

home repair plan in arizona

Should You Invest in a Home Repair Plan in Arizona

Homeownership is the American dream. After all, owning a home gives you stability, both physically and financially. Unfortunately, there’s a lot of expenses that come with owning a home that can make that financial stability a little more wobbly without being prepared for it. We recommend a home repair plan in Arizona to handle some expenses. Here are some other ideas about making sure you budget appropriately to handle maintenance and other expenses that might hit your wallet as a homeowner.

Unexpected Escrow Payments

Ideally, your escrow should cover property taxes and homeowners’ insurance, but you might need to be prepared to handle any shortages. Your mortgage company may simply divide up the deficiency into 12 payments and tack it onto your mortgage, but then your monthly payments go up. It’s something you should anticipate so you can decide the best course.

Maintenance and Repairs – Inside and Out

As a homeowner, you’re going to have to take care of everything on your property, from toilet back-ups to yardwork. Most experts recommend keeping a savings account of 1 to 2% of your home’s cost to account for these items each year. When you have the best home warranty in Arizona, you will know what it costs to get a professional to fix something. You pay a deductible when an appliance or system breaks down, instead of having to call someone to know what it will cost to make repairs.

Don’t Forget to Account For Your Increased Time

You can always have a savings account for increased financial responsibility, but you’re only going to have so much time to take care of things. When you rented an apartment, you probably didn’t have to mow each week in the summer or shovel the driveway in the winter. It’s easy to take those things for granted, so make sure to plan time at home to handle everything that is going to come up. Regular maintenance of your appliances and major systems of your home keep them running more effectively without breaking down unexpectedly. If you don’t spend time in prevention, you’re going to end up spending more to cure the problem.

Find the Best Home Warranty in Arizona

Get an appliance warranty in Arizona to cover unexpected repairs throughout the year. HomeGuard HomeWarranty can help, contact us today!