In earlier posts I alluded to some home repairs that need to be done. Over the past two years, we have done small things to our house. We have replaced our dishwasher, refrigerator, dryer, remediated mold from a water leak, and added insulation. Plus, we bought all new furniture for the house, refinanced our mortgage, and tried to figure out our future house repairs will be.
Our latest home repair is something we have been talking about for a while and really was a safety issue. On Friday we updated the electrical panel in our house from 100 to 200 amps. Over a year ago, our dishwasher needed to be rewired because the previous homeowners decided to put a junction box below a dishwasher. So we had to rewire the box to properly install the dishwasher. It cost us an extra $600 for the electrical work and exposed another problem in our house.
When the electrician was doing the work he told us that we had too much power going into our electrical panel. In other words, we could overload the panel and start a house fire. Unfortunately, our home inspector never mentioned that. Because of the safety aspect, we got 3 different estimates. One estimate was for over $5000 and the other two came in at $2500.
One of the estimates actually came from the electrician who had repaired our dishwasher. Because of the good work he had done before and the similarity of the cost to another estimate we had him replace our panel.
I actually charged the repairs on my credit card, but solely to get the monetary benefits that come with the charge (I get 2% cash back to my Roth IRA with each charge). And today I paid off the $2500 with a transfer from our bank account.
Home ownership can be a wonderful thing. There are many benefits financial and intangible to owning a house. For the first time this weekend we entertained in our house, which basically meant that Mrs. ROB got to cook for more than just me and the dog.
While spending $2500 may not have been a necessity and the right decision at the moment I have piece of mind that it makes our house safer and it can be useful for any future expansions or adjustments we make to our house.
What future home repairs do you HAVE to do? What repairs would you like to do? Put your answers in the comments section below please.
Hope you continue to find balance in your financial life.