By Chaya Cooperberg
The Globe and Mail
September 15, 2010
As I was tending my backyard garden patch this summer, I noticed several cracks squiggling down the concrete foundation of our house. Although I did not see any water leaking into our unfinished basement, I decided to call in some experts to check it out before the onset of colder weather. We discovered that the foundation of our 30-year-old home had developed, through the course of settling, eight cracks that needed to be repaired. There was, in fact, in one dark corner of the basement I had not closely inspected, a small puddle. In the three years that we have owned our home, we have not had to do any major repairs. This week, we will be shelling out $4,500 on a maintenance project for which we have not planned or budgeted.
While the unexpected expense is painful, I am relieved that we found the cracks and are fixing them before they worsen and create larger issues that will cost us more down the road. Also, having a secure foundation is essential to maintaining a home’s value.
I admit, though, that this surprise home maintenance cost is one that I could and should have anticipated. Once a house reaches a certain age, wear and tear inevitably takes a toll. Foundational cracks are a common affliction but there are many other signs of aging to monitor and prepare for in your home.
The Canada Mortgage and Housing Corporation (CMHC) has a helpful online checklist that identifies your home’s regular maintenance needs by season. For example, CMHC suggests that fall is a good time to have your furnace or heating system serviced and to clean leaves from the eavestroughs and roof and test downspouts to ensure proper drainage.
This kind of preventive maintenance can keep small problems from becoming big, expensive problems later. Depending on the age of your house, you should expect to spend between 1 and 3 per cent of the purchase price every year on maintenance and repair. You should also remember to budget for the replacement of major systems, such as roofs, furnaces and central air conditioners.
Many of us are so focused on mortgage payments that we often forget to factor maintenance into the cost of home ownership. The cracks in my foundation were a rude reminder to me of this inevitable expense. I’ll be sure to do a thorough pre-winter checkup this year and start preparing myself and my budget for any future repairs.
© The Globe and Mail
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