With a cold and snowy winter right around the corner, it’s time to get your home ready for what might be a long period of hibernation. Here we look at the top maintenance items, their costs, and how to budget and finance the repairs you need before the snow flies!

What should you get a temperature check on?

Furnace: Annual cleaning and maintenance will prolong the life of this cold-weather essential. Getting an inspection now gives you the chance to get small repairs done right away so you can fire up the furnace when the temperature does drop. You’ll also find out if a full replacement is on your horizon, which typically runs between $5,000-$15,000 with installation.

Roof: Are there any missing shingles, leaks, or other issues? If your roof needs repair, get it done right away. Not only will you prevent bigger problems down the road, but you’ll also be able to delay a more costly roof replacement. Already too late? A new roof will likely cost you between $10,000-$30,000.

Windows: If it’s just a single window you need to replace, that might only set you back $300-$900. Think big picture too, making sure all the windows are properly sealed. Homes typically need full window replacements every 25-30 years, so factoring in the age of your home will help you decide if it’s better to maintain or more practical to do a full replacement, which will vary depending on how many you have. You could be looking at a price tag over $20,000.

Painting: If your house needs a new coat, or your deck needs waterproofing, now is the time to get it done, Exterior painting season ends soon, but can seal out bugs, water and other hazards. Interior painting can cheer your up while you’re indoors, and you’ve still got time to keep the windows open to ventilate. Budget $2000 for a small space, or up to $20,000 for a larger home.

Siding: Inspect your exterior for any damage, animal nesting, vegetation, cracks or other visible issues. Getting these things resolved can save a ton on heat this winter and increase the value of your home. If you find bigger issues that mean replacing the siding, budget for $10,000-$25,000 depending on the amount of siding.

How do you budget for future repairs? 

There are three popular ways to create your home repair and maintenance budget:

1. The $1 rule: Set aside $1 for every square foot of real estate per year. This is the easiest, but least accurate, way to budget.
2. The 1% rule: Set aside 1% of your home’s value per year. This is a more accurate, albeit likely more expensive, way to budget.
3. The bottom-up estimate: Review every potential expenditure, break them down by year and cost, then add up each year’s predicted needs. This is the most accurate, but also most complicated way to budget.

Another factor to consider when budgeting is inflation. Homeowners’ maintenance and repair costs increased by 19.2% from September 2018 to September 2024. That’s prices on things like paint, drywall, flooring, and shingles, plus electrical and plumbing labour. It’s important to increase your budget accordingly!

What financing options are available for immediate needs? 

Financing a home renovation or repair is easier if you can budget and save ahead of time. But it doesn’t always work out that way! If your home is in need of major repairs in the next couple of months, a financing solution might be your best option. Talking to a mortgage broker (like me!) can help you identify options that best suit your needs. Some things we can consider:

• A Home Equity Line of Credit (HELOC) gives total flexibility in when and how you spend and repay financing. It works just like the overdraft on a bank account. You access funds as you need them, which is perfect for renovations and paying contractors when amounts and timing can change. Plus, you only make payments once you’ve made a withdrawal—which can be as much as you want or as little as interest only.
• A Second Mortgage is good for a large lump sum with a reasonable interest rate. It preserves the rate you may have on your existing 1^st mortgage and avoids any penalties for breaking that contract. There are also more flexible lenders with more flexible qualification guidelines, so approval can be easier than other options.
• Refinancing can help to consolidate other debts into one lower payment, freeing up cashflow. However, there may be penalties if you break your existing mortgage too early in the term. The rate is always important, and if you’ve got a high rate on your existing financing, we might even be able to find a lower option. A refinance is particularly timely if you’re nearing the end of your term and are ready to tackle a home repair project without touching your existing savings.
• A Reverse Mortgage is great for those 55 and older who want total flexibility in repayment. With a reverse mortgage, there is no required monthly payment, although you can repay it if and when you want. You will never owe more than the value of your home, and you can clear up any funds owing when you sell the property if you choose.

If you think repair needs won’t apply to your home, consider that 24% of Canadian households need minor repairs, and 9.8% need major repairs. With that in mind, now is the time to check your home for warning signs, create a plan to mitigate losses, complete needed repairs, and get ahead of trouble! Call me any time to discuss financing options.