I’d like to own a home someday; however, I understand that there are risks that come with it. My parents own their home, but I know that they’ve had to spend a great deal of money over the years on repairs and maintenance. I know this is a broad question, but I’d like the experts to explain what the major dangers are to a home, especially, the kind of things that can go wrong and cost a great deal of money. What are the best ways to protect myself from these issues if I end up purchasing a home at some point down the line?

For many people, buying a home is an important part of the American dream. However, buying a home is not without its own risks and dangers. As you astutely point out, buying a property instead of renting means you have a great deal of value tied up in one piece of real estate. Also, there are plenty of dangers that can lead to your valuable real estate property becoming much less valuable, very quickly. Let’s talk a bit about how you should protect yourself.

Some dangers to a home come in the form of quick-moving disasters, such as floods and fires. Incidents like this are sometimes beyond the control of a homeowner, which is why homeowner’s insurance is so important. You can also take steps to protect your property from these issues by taking certain precautions, such as performing fire safety checks.

Sudden disasters are certainly attention-grabbing fears. However, there are other ways homes can sustain damage and cost their owners. Some of them are slower-moving, and sound less shocking. However, they are just as dangerous as, and often more common than, sudden incidents like fires.

Many types of water damage belong in this category. A flash flood may be the sort of sudden disaster you need insurance to handle. However, water can also sneak into your space slowly, drip from leaks, or burst out of pipes or water heaters. That’s why it’s important to check your home–particularly your basement–for common issues like water infiltration. Regular plumbing maintenance is essential, and you should never put off repairs for a later date.

Houses can also be endangered or compromised due to structural issues. It’s important to check a property for signs of foundation problems, including cracks in baseboards, walls, and floors. Foundation problems can be solved, according to people who work in foundation repair, but you should tackle them as soon as possible.

Foundation and water damage issues are not the only threats that face a home, of course. We singled them out here because they are both particularly dangerous to a home and relatively common, among such extreme issues. However, there are also plenty of less common problems that are just as dangerous, as well as less extreme issues that are much more common. Many of these issues relate to each other. A home features interconnected systems, and problems with one system can lead to damage to others. Ultimately, the best way to ensure that a home remains safe and valuable is to adhere to a regular schedule of preventative maintenance. Combined with insurance coverage, this should help protect a valuable property.

“We mature with the damage, not with the years.” – Mateus William