Home Maintenance Checklist: How to Prioritize Repairs and Plan Home Improvements

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1. Exterior and Structural Maintenance Checklist
2. Plumbing and Water Protection Checklist
3. Electrical and Safety Systems Checklist
4. Heating, Cooling and Energy Efficiency Checklist
5. Budget Preparation
6. Financing Home Improvement Projects
7. The Bottom Line
8. Downloadable Checklist

Exterior and Structural Maintenance Checklist

Regular exterior maintenance may help identify signs of weather-related damage, moisture intrusion and normal wear before they become larger issues.

• It can be helpful to review your home exterior regularly, including:
• Inspecting the roof for missing shingles, leaks or damaged flashing¹
• Checking siding, brick, stucco and exterior paint for deterioration²
• Examining the foundation for cracks or moisture³
• Cleaning and repairing gutters and downspouts¹
• Inspecting windows and exterior doors for drafts or water intrusion¹
• Repairing decks and porches¹
• Checking driveways and walkways for cracks⁴
• Trimming trees and branches near the roof, siding or utility lines¹

Addressing exterior problems early may help prevent issues and reduce the likelihood of more extensive repairs.

Plumbing and Water Protection Checklist

Water damage can be one of the most costly issues that homeowners face. Routine inspections may help identify small problems before they become major repairs.

Areas to inspect include:

• Sinks, toilets and showers for leaks⁵
• Exposed pipes for corrosion or damage⁵
• The sump pump and backup system to make sure they operate⁹
• The basement and attic for water stains, mold or moisture¹
• Water heaters for leaks and sediment buildup¹
• Exterior drainage, to ensure it directs water away from the home’s foundation¹
• Caulking around sinks, tubs, showers, trim and fixtures⁶

Even minor leaks could create larger issues if left unresolved. You don’t want to ignore smaller repairs because they could cost you more in the long run.

Electrical and Safety Systems Checklist

Safety-related systems deserve regular attention regardless of whether a renovation project is planned.

Some actions homeowners may want to take include⁷:

• Testing smoke alarms and carbon monoxide detectors
• Replacing expired alarms and batteries
• Inspecting outlets, switches and electrical panels for damage, including exposed or damaged wiring
• Confirming that kitchens, bathrooms and exterior areas have appropriate protected outlets
• Checking extension cords and power strips for overloading

If electrical work is required, it's best to use licensed professionals.

Heating, Cooling and Energy Efficiency Checklist

Heating and cooling systems affect both comfort and energy usage. Periodic maintenance may help improve performance and extend equipment life.

Steps to take can include:

• Sealing drafts around windows and doors⁸
• Inspecting heating and cooling systems for maintenance needs9
• Replacing HVAC filters⁹
• Inspecting ductwork⁹
• Evaluating attic insulation⁹
• Cleaning and inspecting exhaust fans⁹
• Inspect fireplaces and chimneys⁹

Once maintenance and repair needs have been identified, homeowners can begin prioritizing any needed or wanted home improvement projects based on budget, timing and overall goals.

Budget Preparation

You’ll want to come up with a budget before requesting contractor estimates, although you may have to adjust it when numbers from contractors come in. If you have a budget, you’ll have a better sense of how much you can spend, what you can realistically do, and whether you need to take out a renovation loan, home equity loan, HELOC or get other financing to fund home improvements.

Some costs homeowners may want to budget for include:

• Contractor labor
• Building materials
• Appliances and fixtures
• Permits and inspections
• Design services
• Cleanup and debris removal
• Temporary housing or storage, if necessary

It can also be helpful to keep extra cash reserves for unexpected costs.

Financing Home Improvement Projects

Some maintenance projects and renovations can be paid for with savings, while others may require financing. Although there are many types of loans you can take out to finance home renovations or improvements, good options for current homeowners include renovation loans, home equity loans and HELOCs.

A home equity loan may be a good fit for projects with known upfront costs and predictable payment needs, while a HELOC may offer more flexibility for renovations completed in stages or with uncertain expenses.

If you’re looking to finance major repairs or renovations, you’ll most likely want to look into renovation loans. Unlike home equity loans and HELOCs, renovation loans may be used to address major deficiencies that affect a property's safety, soundness or structural integrity.

Renovation Loans

A renovation loan combines mortgage financing and renovation costs into a single loan. These loans may be an option for homebuyers purchasing a property that needs repairs or improvements, as well as homeowners refinancing to pay for eligible renovations.

Depending on the loan, funds may also be available for improvements like room additions, system replacements, accessibility upgrades, energy-efficiency improvements and other eligible remodeling projects.

Because renovation loans are based in part on the home's projected value after improvements, they can provide financing for repairs and upgrades that might otherwise be difficult to fund.

Learn more about the types of renovation loans that might be available for you, including:

• FHA 203(k) Rehabilitation Loan
• VA renovation loan
• HomeStyle^® Renovation Mortgage
• CHOICERenovation^® Mortgage

Home Equity Loans*

For homeowners with sufficient equity, a home equity loan may provide access to funds for larger home improvement projects. Because you'll receive the full loan amount upfront, home equity loans are often best suited to projects with a defined scope and established contractor estimates.

A home equity loan typically provides:

• A lump-sum distribution of funds (after closing costs are subtracted)
• Fixed interest rates
• Predictable monthly payments
• The ability to keep an existing first mortgage intact

You can use the funds to cover labor, materials, permits and other related expenses.

Keep in mind, if you apply for a home equity loan and your appraisal identifies health or safety issues with the home, such as roof damage or water damage, those repairs will need to be completed before your loan can be funded.

Home Equity Lines of Credit (HELOCs)**

A home equity line of credit (HELOC) works differently. Instead of receiving all funds at once, homeowners can draw from an available credit line as expenses arise.

This flexibility may be useful for projects completed in stages or with uncertain final costs.

A HELOC allows you to:

• Access funds as needed during the draw period
• Have flexibility for phased construction projects
• Borrow only what you need

Some homeowners use a HELOC for larger improvements that involve multiple contractors or an extended construction timeline.

As with a home equity loan, if your appraisal identifies health or safety issues with the home, those repairs will need to be finished before your HELOC can be funded.

The Bottom Line

Keeping up with routine home maintenance can help protect your property, reduce the risk of costly repairs and preserve your home's value.

If you’re looking for financing to help you with the costs of home maintenance, repairs, renovations or home improvements, Newrez can help. Reach out to one of our loan experts today and they’ll be glad to walk you through your options.

Downloadable Home Maintenance Checklist

This checklist is a starting point to help you keep your home in shape. However, your home may require additional maintenance or may not need everything on this list. -> Download Here