After buying home, plan for expenses

Many first-time owners don’t set enough funds aside for maintenance and emergency repairs, industry experts say.
January 01, 2010|By Amy Hoak

Chicago — On his road to homeownership, Scott Leibfried has learned one thing: Expect the unexpected.

He and his wife had an offer accepted on a home, only to later find that foreclosure proceedings were about to begin on it. That’s after they considered another home that was aesthetically pleasing but had major issues that came to light upon closer inspection.

For previously owned homes, an inspector will estimate the age of major components, giving the home buyer a sense of when they will need replacing. A furnace, for example, often lasts 12 to 15 years; a water heater from 10 to 12 years, he says.

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