Unpacking Q1 Earnings: Floor And Decor (NYSE:FND) In The Context Of Other Home Furnishing and Improvement Retail Stocks
Wrapping up Q1 earnings, we look at the numbers and key takeaways for the home furnishing and improvement retail stocks, including Floor And Decor (NYSE:FND) and its peers.
Home furnishing and improvement retailers understand that ‘home is where the heart is’ but that a home is only right when it’s in livable condition and furnished just right. These stores therefore focus on providing what is needed for both the upkeep of a house as well as what is desired for the aesthetics of a home. Decades ago, it was thought that furniture and home improvement would resist e-commerce because of the logistical challenges of shipping a sofa or lawn mower, but now you can buy both online; so just like other retailers, these stores need to adapt to new realities and consumer behaviors.
The 7 home furnishing and improvement retail stocks we track reported an ok Q1; on average, revenues beat analyst consensus estimates by 1.5%. while next quarter’s revenue guidance was 4.7% below consensus. Stocks–especially those trading at higher multiples–had a strong end of 2023, but 2024 has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, and home furnishing and improvement retail stocks have had a rough stretch, with share prices down 9.3% on average since the previous earnings results.
Floor And Decor (NYSE:FND)
Operating large, warehouse-style stores, Floor & Decor (NYSE:FND) is a specialty retailer that specializes in hard flooring surfaces for the home such as tiles, hardwood, stone, and laminates.
Floor And Decor reported revenues of $1.10 billion, down 2.2% year on year, falling short of analysts’ expectations by 1.5%. It was a mixed quarter for the company, with a decent beat of analysts’ earnings estimates but underwhelming earnings guidance for the full year.
Tom Taylor, Chief Executive Officer, stated, “We are pleased to report better-than-expected fiscal 2024 first quarter diluted earnings per share of $0.46. We take pride in these first quarter results as they demonstrate how our teams continue to work to strategically grow our gross margin rate and prudently manage expenses without sacrificing customer service amid the near-term uncertain macroeconomic challenges. We are focused on continuing to grow our market share by opening new warehouse-format stores, capitalizing on our everyday low prices and value-driven options, trend-right product assortments, in-stock job lot quantities, and exceptional customer service.”
Floor And Decor Total Revenue
Floor And Decor pulled off the highest full-year guidance raise but had the weakest performance against analyst estimates of the whole group. The stock is down 15.6% since the results and currently trades at $95.27.
Read our full report on Floor And Decor here, it’s free.
Best Q1: Williams-Sonoma (NYSE:WSM)
Started in 1956 as a store specializing in French cookware, Williams-Sonoma (NYSE:WSM) is a specialty retailer of higher-end kitchenware, home goods, and furniture.
Williams-Sonoma reported revenues of $1.66 billion, down 5.4% year on year, in line with analysts’ expectations. It was a very good quarter for the company, with an impressive beat of analysts’ gross margin and earnings estimates.
Williams-Sonoma Total Revenue
The stock is down 11.9% since the results and currently trades at $276.86.
Is now the time to buy Williams-Sonoma? Access our full analysis of the earnings results here, it’s free.
Weakest Q1: RH (NYSE:RH)
Formerly known as Restoration Hardware, RH (NYSE:RH) is a specialty retailer that exclusively sells its own brand of of high-end furniture and home decor.
RH reported revenues of $727 million, down 1.7% year on year, in line with analysts’ expectations. It was a weak quarter for the company, with a miss of analysts’ earnings.
RH pulled off the fastest revenue growth in the group. The stock is down 13.9% since the results and currently trades at $238.36.
Read our full analysis of RH’s results here.
Lowe’s (NYSE:LOW)
Founded in North Carolina as Lowe’s North Wilkesboro Hardware, the company is a home improvement retailer that sells everything from paint to tools to building materials.
Lowe’s reported revenues of $21.36 billion, down 4.4% year on year, surpassing analysts’ expectations by 1.2%. It was an ok quarter for the company, with a narrow beat of analysts’ earnings estimates.
The stock is down 6.9% since the results and currently trades at $213.51.
Read our full, actionable report on Lowe’s here, it’s free.
Home Depot (NYSE:HD)
Founded and headquartered in Atlanta, Georgia, Home Depot (NYSE:HD) is a home improvement retailer that sells everything from tools to building materials to appliances.
Home Depot reported revenues of $36.42 billion, down 2.3% year on year, falling short of analysts’ expectations by 0.6%. It was a mixed quarter for the company, with some shareholders hoping for a better result.
The stock is down 1.4% since the results and currently trades at $336.17.
Read our full, actionable report on Home Depot here, it’s free.
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Are you wondering what the best low-maintenance businesses are? Looking for a business that doesn’t need much work? You’re not alone. Many people want to find ways to make money without having to spend all their time managing things. There are plenty of low-maintenance businesses that can provide good income with less effort. You just…
Are you wondering what the best low-maintenance businesses are? Looking for a business that doesn’t need much work? You’re not alone. Many people want to find ways to make money without having to spend all their time managing things.
There are plenty of low-maintenance businesses that can provide good income with less effort. You just need to know what options are out there and how they can fit into your busy life.
So, what makes a business low-maintenance?
This will vary from person to person, but businesses that are low maintenance are usually simpler to run because they use automation to handle work automatically. This means you don’t have to spend as much time and effort managing and growing your business.
These kinds of businesses usually have fewer things that need attention, which makes them easier to manage. For example, a vending machine business mostly involves refilling machines and collecting money. Another example is owning rental property, where you might only need to deal with tenants and handle repairs from time to time.
Running a low-maintenance business has many benefits. It reduces stress and workload for the business owner, allows for easier growth because work is simplified, and lets you concentrate on long-term planning instead of daily tasks. This approach can improve work-life balance and give you more time for hobbies and personal interests outside of work.
For me, I run a fairly low-maintenance business. It took some time to get to this point, but I now work around 10 hours a week. I can use my free time to do what I want and pursue my passions. So, I personally know how helpful these are.
Best Low Maintenance Businesses
Below are the best low-maintenance businesses to start:
1. Printables
Printables are a great low-maintenance business idea. You create digital files that people can print at home, and these can be things like journals, planners, calendars, or coloring pages.
One of the best places to sell printables is on Etsy. You make the design once and then you can sell it over and over again, and this means you don’t have to keep making new products.
Another benefit is that you don’t need any inventory. Customers download the files and print them themselves, and this saves you time and money on shipping and storing products.
To start, you’ll need some basic design skills. There are many free tools online you can use like Canva, and with some practice, you can create professional-looking products.
By focusing on quality digital products and good customer service, you can build a steady stream of income with printables. It’s a fun and creative way to make money with low upkeep.
You can learn more at How I Make Money Selling Printables On Etsy.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
2. Affiliate marketing
Affiliate marketing is a great low-maintenance business idea. You can promote products and services of other companies. When someone buys through your link, you earn a commission. It’s like getting paid for recommending things you like.
I do affiliate marketing through this blog (you can learn about starting a blog here in my free blogging course), Making Sense of Cents, and I think it’s a great way to make money – whether you are looking for a full-time income or a part-time side hustle.
Setting up isn’t hard and you can use blog posts, social media, or a YouTube channel to share your links. I recommend choosing products related to things you love or know a lot about. That way, it feels natural and fun to share, plus you know that you are helping the people who are clicking on your referral links.
One thing I really love about affiliate marketing is that you don’t need much money to start. Joining affiliate programs is almost always free (I’ve actually never been asked to pay to join one, and I have never seen one that has a fee). Many companies have referral programs, such as Amazon, eBay, and even smaller brands.
The best part is, you don’t handle inventory or customer service. The company does all that and you just focus on getting people to click your links.
Affiliate marketing can be done from anywhere with internet access. It’s a flexible way to make money, especially if you have a busy schedule. Just put in some initial effort to set everything up, and it can almost run by itself.
For me, I spend less than 10 hours usually on my blog, and it earns me a full-time income. I put in a lot of work in the beginning, and now things run mostly by themselves with just a little maintenance from me, such as updating blog posts and sending out emails.
You can learn more at Affiliate Marketing Tips For Bloggers – Free eBook.
3. Vending machines
Vending machines are a great low-maintenance business idea because they don’t take a lot of time to manage and can bring in extra cash. You place them in high-traffic areas and just need to restock them every so often.
You can sell all kinds of items in vending machines. Snacks and drinks are popular choices; some people even sell toys or beauty products. The key is to pick items that your target customers (the people who are already at the location where you will place your vending machines) will want to buy.
One of the best parts about vending machines is the low start-up cost. You can start with just one machine and grow your business from there. Plus, you don’t have to hire a lot of staff or deal with a complicated setup.
Running a vending machine business also means you can earn passive income. Once your machine is set up and stocked, it can make money while you do other things. You just need to check on it and refill it when needed.
Learn more at How To Start A Vending Machine Business.
4. Real estate rental
Real estate rental is a popular way to earn passive income with low maintenance.
You can start by buying a property and renting it out. This could be a single-family home, a condo, or even an apartment.
Many people use platforms like Airbnb to rent properties to tourists, and this can be a good way to make money if you live in a popular area.
If managing the property seems overwhelming, you can hire a property management company. They handle things like finding tenants, collecting rent, and doing maintenance. Hiring a property management company can be a good way to make this a more low-maintenance business.
Learn more about low-maintenance real estate ideas at 23 Best Real Estate Side Hustles To Make Extra Money.
5. ATM business
We’ve all used ATMs, but did you know that someone like you or me is making money from them?
An ATM business can be a great low-maintenance business choice. You place ATM machines in busy locations where lots of people need cash.
You earn money from the fees people pay to use your machines, and these small fees can add up quickly.
The start-up cost is your main expense, as ATMs usually cost around $2,000 to $3,000 each or more, and you will have to buy these yourself.
Managing ATMs doesn’t take much time either because once the machines are set up, they mostly take care of themselves. You just need to refill them with cash and make sure they are running well.
Overall, this business can provide a steady flow of income with a low effort once everything is in place. As long as you pick good locations and keep your machines running, you can make money with less day-to-day work.
6. Laundromat
Starting a laundromat business is a popular low-maintenance business. People always need clean clothes, so there is a steady demand.
A laundromat often needs less day-to-day management because you just need to make sure machines are working and maintain a clean environment.
You can set up your laundry service in a busy neighborhood where people need quick and easy laundry solutions. This will help you attract more customers.
With a laundromat, most of the work is done by machines. You just need to make sure the machines are working properly and help customers if they have questions.
Learn more at Are Laundromats Profitable? How Much Do Laundromats Make?
7. Self-storage units
Self-storage units are one of the best low-maintenance businesses you can start. People need extra space to store their belongings, and you can provide that for them.
You don’t need to be there all the time, and you can set up a system where people can access their storage unit with a code or key card. This means fewer hours spent managing the business.
The demand for storage units is high in many areas. People are always looking for a place to keep their stuff – whether they are moving, downsizing, or just need extra space.
Once your storage units are rented out, you can earn passive income each month.
Maintenance is minimal for self-storage units. Most of the work involves keeping the area clean and making sure everything is secure. You might need to fix a door or handle paperwork occasionally, but it’s not time-consuming.
You can sell climate-controlled units to attract more customers and charge a higher rate too. Some items need to be stored in specific conditions, and providing this option can set your business apart.
You can also add features like 24-hour surveillance cameras and secure fencing to make your customers feel safe. People are more likely to rent from you if they know their belongings are protected.
For me, I personally have used a storage unit a few times – for my personal belongings such as boxes and even for an RV and boat. They always had crazy long waits, and some towns even had waitlists of years long – so there is a lot of demand!
Learn more at How To Invest In Self-Storage For Beginners.
8. Car wash
Starting a car wash business can be a smart idea. You can choose to open a self-service car wash or an automated one, and both options require less daily work compared to a full-service car wash.
A self-service car wash lets customers wash their own cars. This means you don’t need many employees, and you just need to keep the place clean and maintain the machines.
For an automated car wash, cars go through a machine that does the washing. You only need to check the equipment and refill supplies like soap and water.
Car washes can be profitable. Many people prefer to have a clean car but don’t have the time to wash it themselves, so this keeps the demand high.
You can also offer extra services like a vacuum that customers can use for an additional fee. This can boost your income without much extra work.
With some planning and the right setup, a car wash can be a great low-maintenance business idea. Plus, it can provide a steady income once it’s up and running.
9. Create an online course
Creating an online course is a great low-maintenance business idea. You can share your knowledge and skills with people all over the world. Once you create and upload the course, it can keep making money even while you sleep.
I started my first online course around 8 years ago and have earned over $2,000,000 from it over the years. Much of the work was done up front, and I am still able to help students today. I update the course all the time, but most of the legwork was done years ago, which has been so nice.
You can start this low-maintenance small business idea by thinking about what you are good at.
Online courses can be made on all types of subjects, such as gardening, baking, musical instruments, business, finance, travel, and more.
Another plus is you can always update or add new content to keep your course fresh and relevant. This can attract new learners and keep current ones coming back for more.
An online course is a fantastic way to earn passive income with some upfront effort and minimal ongoing maintenance.
Note: I recommend signing up for this free training – How Anyone Can Create an Online Course That Sells – In this free training, you will learn the 7-step process to create, market, and launch a profitable online course.
10. Stock photo photography
Stock photo photography is a great low-maintenance business idea where you can get paid to take pictures. You can take pictures in your free time and upload them to stock photo websites. Each time someone downloads your photo, you earn money.
All you need is a decent camera. You can even use your smartphone if it has a good camera!
You don’t have to worry about managing inventory or dealing with customers directly, and you can just focus on taking high-quality photos that people want to use.
Popular subjects include landscapes, cityscapes, and everyday objects. Seasonal themes and holiday photos also do well.
Once you’ve uploaded your photos, they can keep earning money for years, and that’s why it’s considered a passive income source.
11. Dropshipping
Dropshipping is a popular business model for many beginners. You sell products online, but you don’t need to keep them in stock. Instead, your supplier ships the products directly to your customers. This means you don’t need to spend money on storing inventory.
Once your website is set up and products are listed, it can handle sales automatically. As orders come in, you can streamline shipment processes, allowing your business to handle more customers without much added effort.
Another great thing about starting a dropshipping business is that it is affordable. With little or no start-up capital, you can list products on your website and start selling. You only buy the products from your supplier when you make a sale.
Another positive about dropshipping is the low risk involved. You’re not stuck with unsold inventory. Plus, you don’t need to worry about packing and shipping items. This makes dropshipping a low-maintenance business idea.
12. Print-on-demand
Print-on-demand is a great low-maintenance business idea. You can create custom designs for items like T-shirts, mugs, and phone cases.
You don’t have to worry about storing inventory. When someone buys a product, the print-on-demand company prints it and ships it directly to the customer, and this makes the process very hands-off for you.
Printful and Printify are popular print-on-demand companies. They offer many different products and work with various platforms like Shopify and Etsy. You can sell your designs in multiple stores, reaching different audiences.
What’s nice about print-on-demand is you can start small and grow. You only pay for the products customers buy. This means low upfront costs and reduced financial risk for your business.
Starting a print-on-demand business can be a great way to make money with minimal effort.
13. Parking lots
Parking lots can be a great low-maintenance business. If you have a space in a busy city, it’s a prime spot as a lot of people probably need parking, and they’re willing to pay a good price for it.
Once you set up a parking lot, there’s not much you need to do. You might have to repaint lines or put up new signs occasionally, but these tasks are easy and don’t take much time.
Owning a parking lot has other benefits too, with the main ones being that you don’t have to manage a lot of employees, and the maintenance costs are pretty low. Plus, you don’t need to be there every day to keep it running smoothly.
Starting a small parking lot with just 20 spaces can already bring in good money. If you charge $20 per day per space, you could see an annual revenue of around $146,000, with a high profit margin.
14. Billboards
Billboards are a great low-maintenance business. Once you set them up, they don’t need a lot of work. You can rent out advertising space to companies that want to advertise.
Starting a billboard business means finding good locations. Busy streets and highways are best and you need to rent or buy the space. After that, the billboard does the work for you.
Frequently Asked Questions
Starting a low-maintenance business can be a great way to earn income with minimal effort. Below are some common questions and answers about low-maintenance business options.
What is the cheapest business with the most profit?
The cheapest business with the most profit to start includes businesses like selling printables on Etsy, affiliate marketing on a blog, creating an online course, and dropshipping.
What is the easiest business to start and maintain?
The easiest business to start and maintain includes printables, self-storage units, stock photo photography, and parking lots.
What kinds of businesses can I start that don’t require a lot of time to manage?
Vending machines are a great option. Once placed in high-traffic areas, they require little maintenance. Just stock them up and collect your earnings.
Which businesses can really run by themselves?
Real estate rentals can run mostly by themselves, especially if you hire a property manager. They take care of the day-to-day tasks like rent collection and maintenance.
What are the best business choices for earning passive income?
ATM businesses can generate passive income. You earn money from surcharge fees every time someone uses your machine. Place your ATMs in busy locations to maximize earnings.
What is the least riskiest business?
Self-storage facilities are low risk. People always need storage, and once set up, these facilities require minimal management. You collect rental fees without much daily involvement.
How do you find low-maintenance businesses for sale?
To find a business that runs itself for sale, check listings on websites like BizBuySell and LoopNet, or contact business brokers. Before purchasing, thoroughly research and vet any business to make sure it meets your needs and expectations.
What are the best businesses to buy for passive income?
Buying existing laundromats or storage facilities can be great for passive income. These businesses already have cash flow and customers, reducing your initial workload, and you can purchase them to get started quicker.
Best Low Maintenance Businesses – Summary
I hope you enjoyed this article on the best low-maintenance businesses.
There are many types of businesses that run themselves and are low maintenance as you learned above. These include selling printables, affiliate marketing, vending machines, rental real estate, running a laundromat, renting storage space, and more.
Some key traits of low-maintenance businesses include:
Few routine tasks
Easy to manage
Low maintenance or repair needs
One of the biggest benefits is the reduced time and effort required. Many low-maintenance businesses can be set up to run smoothly with minimal daily involvement. This frees you up to focus on other important tasks, like spending time with family or pursuing hobbies.
Low-maintenance businesses are also highly scalable. Since you spend less time on daily tasks, you can concentrate on growing your business. As it grows, you can duplicate your model and open more locations or move into new markets.
What do you think are the best low-maintenance businesses?
Moda Domus Handcrafted Ceramic Cabbage Dinner Plate
While you can–and should–eat all your meals off this ceramide cabbage plate, it’s so beautiful that it should really count as a piece of art.
An Iron Catchall
Jan Barboglio Golondrina
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Jan Barboglio’s gothic-meets-medieval pieces are truly stunning to behold, and this cast iron dish from the designer is perfect for storing your jewelry, keys, or everyday nicknacks.
A Decorative Candle
Fornasetti Frutto Proibito Candle
You would be forgiven for thinking this candle is too pretty to burn, but its wonderful notes of jasmine and blood orange will make you eager to light it. Once the wax has burned down, the apple-shaped ceramic container can also easily be repurposed.
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An Unusual Lamp
Tennant New York L’Escargot Lamp
For the creature lovers out there, this unique lamp is inspired by sea snails found in the Galapagos. The base is wrapped with leather cord and is sure to be a conversation starter.
A Cozy Throw Blanket
Barefoot Dreams CozyChic Throw Blanket
This plush throw blanket might seem quite classic, but its fuzzy finish adds some textural interest.
A Statement Throw Pillow
Schumacher The Wave 20″ Pillow
Starring a faded, waved print by esteemed interior designer Miles Redd, this throw pillow offers added cushioning and a hint of edge to an otherwise simple living room.
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A Luxury Coffee Table Book
Paul-Gérard Pasols Louis Vuitton: The Birth of Modern Luxury
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Though an interesting read in itself, this book is too stylish not to be displayed. Leave it out for your guests to educate themselves and learn a little more about your interests.
A Decorative Box
Bordallo Pinheiro Small Pimiento Box
You get bonus points for storing veggies in here, but even as a fun decorative box in your collection, this piece stands out. It’s microwave and dishwasher-safe and makes for the perfect piece of coffee table eye candy.
A Glass Figurine
Daum Crystal Coral Sea Small Shell Figurine
French glassware company Daum has been making lovely, colorful figurines for centuries. Whether placed above the mantle or on your bedside table, this blue conch shell style will help bring the beachy aesthetic into your home.
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A Sculptural Vase
Michael Aram Butterfly Ginkgo Small Vase
Fresh flowers will look even more striking in this sculptural vase. The ginkgo-adorned piece catches the light in the most luminous way.
Minimalist Nesting Trays
Open Spaces Nesting Trays
Simply tossing your keys or jewelry into one of these nesting trays can immediately make your home feel more put together. What’s more, they’re stackable.
A Time Keeper
Vitra Nelson Night Clock
Opening your phone to check the time will simply never be as glamorous as glancing at this cool clock.
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Elevated Salt & Pepper Shakers
L’objet Han Salt & Pepper Shakers
For something equally luxe to match your pristine tableware, these crystal and gold-plated salt and paper shakers fit the bill.
A Designer Pillow
Dior Large Square Pillow
Dressed in a print so recognizable it needs no introduction, this Dior style is the ultimate throw pillow for fashion lovers. You can also get it custom embroidered to make someone’s day.
Vintage-Inspired Wall Decor
Crosley 1950 Payphone
Now 16% Off
As a decor item, this retro-inspired phone will become you room’s next focal point. But the best part is, this device is fully functional—with or without coins.
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An Elegant Water Jug
Toast Jack Welbourne Wave Jug
Replacing modern designs with handmade ceramics is an easy way to add a warmer, holistic energy to your home. Rather than filling up your cup in the sink, pour from this elegant water jug instead.
A Spurge-Worthy Chess Set
Ameico Man Ray Chess Set
As both a mentally-stimulating game and luxe home accessory, this hand-finished beechwood chess set delivers on all fronts.
Preserved Roses
The Million Roses Long Stem Roses | Candy Pink Roses
Considering how much money these preserved roses will ultimately save you on weekly bouquet runs, they’re well worth the investment. Here, you get a bundle of two dozen, which should last at least three years with zero upkeep.
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Intricate Wallpaper
MINDTHEGAP The Station View Wallpaper
Adding wallpaper, even to a single wall in a room, can instantly transform your space. This intricate option from Anthropologie offers an old-world feel.
Hanging art in your home is one of the best ways to not only elevate the look of your space, but also show off your taste and sensibilities. This distinct photograph by Cas Friese can be bought in several sizes, depending on your needs.
Tatjana Freund is Hearst’s Fashion & Luxury Commerce Editor, covering beauty, fashion and more across multiple brands. Previously, she worked at ELLE.com and Marie Claire. She’s a fan of whiskey neat, podcasts that give her nightmares, and one time Zoë Kravitz laughed at a joke she made.
After you purchase a new home, there are many things to budget for, including moving costs, new furniture, and ongoing expenses such as your mortgage. Although it may seem like many of the significant expenditures are out of the way once you close on a property, there are additional costs that can add up.
To avoid financial surprises, it’s wise to jot down and budget for all of the extra expenses you will encounter when you move into your new place. To help you organize your finances, here are the things to budget for after buying a house.
Moving-Out Expenses to Budget for
Before you take up residence in your new home, you must move all of your things. Even if you pack and move all your belongings yourself, you’ll still have to spend on things like boxes, packing materials, and a truck. And if you use movers, it will cost you even more.
Recommended: The Ultimate Moving Checklist
Moving Your Belongings
There are three main options for moving your belongings:
• Renting a truck and doing it yourself. It’s more cost efficient than using professional movers, but DIY moving yourself still adds up. You’ll have to pay for the truck rental fee, gas, and damage protection. If you’re moving across the country, you may also have to factor in the costs of shipping some of your items. Even though you can enlist your friends and family to help you do the heavy lifting, the cost of moving yourself can still be significant, and it’s a lot of work.
• Hiring movers. If you decide to use professional movers, it’s wise to shop around to find the best price. Here’s why: For moves under 100 miles away, the national average cost of moving is $1,400, and it ranges from $800 to $2,500. If you’re moving long distance, the average cost can be as high as $2,200 to $5,700. To cut costs, you can do your own packing, which may save you money.
• Moving your things in a storage container. Another option is to use a hauling container — you load your things in it, and the container company moves it to your new location. This usually costs between $500 and $5,000, depending on the distance and how much stuff you’re moving. Long-distance moves will usually cost more than local ones.
Moving Supplies
If you decide to go the DIY moving route, you will need to buy boxes, bubble wrap, labels, and tape. And you likely have more items to wrap and box up than you think, which requires even more supplies.
Cleaning Supplies
You’ll probably want to clean your current property before you move out, and you’ll definitely want to clean the new place when you move in. That means buying mops, sponges, cleaning solutions, and paper towels. You may also want to get the carpets cleaned or hire a professional house cleaner if the place needs a deep cleaning.
10 Common Expenses After Buying a Home
Once the move is done, there are other expenses you’ll need to account for as you settle into your new abode. Here are a few things to budget for after buying a home.
Furniture and Appliances
You’ll likely bring some furniture and decor from your old place, but you’ll probably want to purchase some new things as well. For example, if the appliances are outdated, you might want to upgrade to new ones. And you may have more rooms to furnish, which requires additional furniture.
Consider opening a savings account for the new items you want to purchase. It can also help pay for any unexpected costs, such as having to replace a hot water heater that breaks.
Mortgage Payments
As a homeowner, every month you will making a mortgage payment that typically includes:
• The principal portion of the payment. This is the percentage of your mortgage that reduces your payment over the life of the loan. The more you pay toward principal, the less you will have to pay in interest.
• The interest. This is the amount you pay to borrow funds from the bank or lender to purchase your home.
If you are using an escrow account to pay your mortgage, other things may be included in your payment, such as your property taxes, insurance, and private mortgage insurance. This guide to reading your mortgage statement can help you understand all the costs involved in your mortgage payment.
Property Taxes
Property taxes are the taxes you pay on your home. In many cases, these taxes are the second most significant expense after your mortgage. Property taxes are based on the value of your home, which is typically governed by your state. The county you live in collects and calculates the sum due. Usually, property tax calculations are done every year, so the amount you owe may fluctuate annually.
Homeowners Insurance
Homeowners insurance helps protect your home from damage or destruction caused by events like a fire, wind storm, or vandalism. It can also protect you from lawsuits or property damages you are liable for. If someone slips and falls on your sidewalk, for instance, homeowners insurance will pay for the injured person’s medical bills and the legal costs if they decide to sue you.
The cost you pay for this coverage will vary by the type and amount of coverage you select.
Private Mortgage Insurance (PMI)
For borrowers who can’t afford a down payment that’s 20% of the mortgage value, lenders usually require private mortgage insurance (PMI). This type of coverage is designed to protect the lender if you default on your mortgage payments.
PMI can cost as much as a few hundred dollars per month, depending on the sum you borrow.
HOA Dues
This is a Homeowner’s Association fee, which goes toward the upkeep of property in a planned community, co-op, or condo. The amount can range from a couple of hundred dollars a year to more than $2,000, depending on the amenities you’re paying for (like a pool and landscaping). You typically pay HOA fees monthly, quarterly, or annually.
Utilities
Your utility payments include water, gas, electric, trash, and sewer fees. Some bills like water and electricity are based on the amount you use every month, so monitoring your electric and water usage, like taking short showers and turning lights off, can help lower your cost. Other payments, such as your trash or recycling, might be a fixed amount.
Lawn Care
Maintaining the curb appeal of your home requires landscape services and lawn care. If you choose to mow your own lawn, you may need to factor in the purchase of a mower, which can cost about $1,068 on average. If you hire a lawn service to cut your grass, you may pay $25 to $50 a week.
Pest Control
Pests, such as ants, ticks, rodents, or mice, can wreak havoc on your home and your family’s health. For these reasons, many homeowners hire a pest control company to prevent the infestation of pests around their homes. The company’s initial visit may cost between $150 to $300, then $45 to $75 for every follow-up.
Home Improvement Costs
As a homeowner, there are likely things you want to change about your house. From painting the walls to a complete kitchen renovation, transforming your property can add to the cost of owning a home. According to the HomeAdvisor 2023 State of Home Spending Report, homeowners spend an average of $9,542 on home improvement each year.
Additionally, as the features of your home age, you will need to replace and repair them accordingly.
Common Mistakes After Buying a Home
One of the most common mistakes people make when buying a home is spending more than they can afford. For instance, you may forget to factor in utilities, lawn care, HOA fees, costs of upkeep, and other hidden expenses that come with owning a home. It’s crucial to do your research to determine extra costs and add them up before you move forward with purchasing a property.
Another mistake new homeowners make is taking on too many DIY projects. TV shows can make home renovations look easy. However, many of these projects require professionals who know what they are doing. Attempting a home improvement project could cost you more to fix than hiring a pro in the first place. In fact, about 80% of homeowners that attempt their own renovation projects make mistakes — some of them serious.
Unless you can afford an expert, you may want to rethink purchasing a home that requires a lot of renovation.
The 50/30/20 Rule
For help planning your budget as a homeowner, you can use the 50/30/20 rule, which breaks your budget into three categories:
• 50% goes to to needs
• 30% goes to wants
• 20% goes to to savings
That means you’ll be budgeting 50% of your income to go toward necessities such as housing costs, grocery bills, and car payments. Then 30% will go toward things you want, such as entertainment (movies, concerts), vacations, new clothes, and dining out. The remaining 20% goes towards saving for the future or financial goals such as home improvement projects.
Using a 50/30/20 budget rule is simple and easy. It allows you to see where your money is going and helps you save.
Recommended: How to Track Home Improvement Costs
Lifestyle Tradeoffs in Order to Budget
With so many things to budget for after buying a home, you may need to cut back on spending. Start by looking at your discretionary spending and think about where you can trim back. For example, instead of eating out regularly, you can cook more meals at home. Or perhaps you can put your gym membership on hold and do at-home workouts for a while to stay in shape physically and financially.
Recommended: How to Budget in 5 Steps
The Takeaway
After you buy a house, there are many expenses you may not have accounted for, such as the cost of hiring movers; buying furniture; and getting your new place painted, cleaned, and ready to move into. Making a budget is vital to keep you on track financially, so you can enjoy your new home.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
How much money should you have leftover after buying a house?
After buying a home, the amount you have left will vary depending on your financial situation. However, it’s a good idea to have at least three to six months of living expenses in reserve. That way, in case of an emergency, you can stay afloat financially.
Is it worth putting more than 20% down?
Putting more than 20% down on your home can help lower your monthly mortgage payment and interest because you’ll be borrowing less money. It also gives you more equity in your home from the beginning. But make sure you can afford to pay more than 20% in order not to stretch beyond your budget.
What’s the 50-30-20 budget rule?
The 50/30/20 rule means that you budget 50% of your expenses for needs (housing, groceries, loan payments), 30% for wants (entertainment, eating out, shopping), and 20% toward savings goals (retirement, renovations, new furniture).
Photo credit: iStock/ArtMarie
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Want to know what the best businesses that run themselves are? Have you ever dreamed of having a business that runs by itself? Whether you want extra income or a full-time job, these businesses make money without needing you all the time. Having a business that runs itself means more time for you to do…
Want to know what the best businesses that run themselves are?
Have you ever dreamed of having a business that runs by itself? Whether you want extra income or a full-time job, these businesses make money without needing you all the time.
Having a business that runs itself means more time for you to do what you love. This could be more family time, traveling, pursuing passions, or starting another venture. These kinds of businesses are perfect for making your dreams a reality.
Now, that doesn’t mean that all of the businesses below will require zero hours of work from you – they will need varying amounts of time dedicated to them. Maybe some time in the beginning to get it started, some time to maintain it, or even hiring an employee to keep it going or check in occasionally.
Recommended reading: 18 Passive Income Ideas To Earn $1,000+ Each Month
Businesses That Run Themselves
Below are the best businesses that run themselves.
1. Self-service laundromat
A laundromat business can be a great business idea if you want something that mostly runs itself.
With the right setup, you might only need to check in occasionally. Laundromats can give you a steady source of income because people always need clean clothes.
The day-to-day operations of a laundromat include opening the business up in the morning, maintaining machines (the washers and dryers) and keeping the business clean, stocking detergents, and having someone handle the finances. The average self-service laundromat has 2 employees or less, so this is a business where you can outsource that job even.
Running a laundromat can be rewarding and mostly hands-off, making it a popular choice among business owners. If you’re looking for a steady income with minimal daily effort, this could be the option for you.
Recommended reading: Are Laundromats Profitable? How Much Do Laundromats Make?
2. Sell printables
Digital products, such as printables, can be a great way to have a business that runs itself.
Making printables on Etsy can be a great idea because you just need to create one digital file per product, which you can then sell an unlimited number of times. This is what makes it a great passive income opportunity, plus, you can make printables without anything other than just your laptop/computer and internet connection.
Printables are digital products that customers can download and print themselves at home. Examples of printables include:
Grocery shopping checklists
Gift tags
Candy bar wrappers
Printable quotes for wall art
Patterns
Planners
Coloring sheets
Stickers
These items are designed to be easily printed from a computer or other devices, being convenient for buyers who want to customize and use them right away.
Recommended reading: How I Make Money Selling Printables On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Blogging
Blogging can be a business that runs itself mostly, but it’s not passive, especially at the beginning. It requires a lot of hard work and can take up most of your time when you’re starting out. Over the years, I’ve automated much of my blog so that it runs with about 10 hours of maintenance from me each week.
Starting a successful blog is challenging – it’s not something everyone can easily do!
That said, learning how to start a blog has been one of the best decisions I’ve made. It’s a great way to earn semi-passive income and extra money.
I think it’s one of the best businesses that run themselves, and it’s something that I have been doing for years. I can take weeks off at a time and still earn a great income during that time.
Blogging can generate passive income because you can create a blog post (high-quality content is key) and continue to earn money from it for years. This income can come from affiliate marketing or display advertising. Unlike traditional jobs where you have to work daily to earn money, a blog allows you to make money around the clock – even while you sleep – thanks to the work you’ve already done in the past.
I have a free training that you can take – How To Start A Blog FREE Course. Want to see how I built a $5,000,000 blog? In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
4. Affiliate marketing
Affiliate marketing is a great way to make money with a business that mostly runs itself and can make money in your sleep.
Among these businesses that practically run themselves, this one is my favorite. I’ve earned more than $2,000,000 through affiliate marketing over the years, and much of it is semi-passive. I can earn money while I’m on vacation, without internet, while I’m sleeping, and more.
Affiliate marketing is when you earn money by placing a special link on your website or social media. When people buy something through your link, you get a commission. For example, if you link to a book on Amazon (after joining the Amazon affiliate program) from your website and someone buys it through your link, you earn a commission. Companies like Amazon value good affiliates because they help promote their products and services.
You earn a commission by promoting other companies’ products or services. When someone buys through your link, you get paid.
Now, this doesn’t mean that affiliate marketing completely runs itself. You will need to write the content that draws readers in and find ways to get page views. But, once you get things started, you can earn money without always actively working for it.
Recommended reading: Affiliate Marketing Tips For Beginners – Free eBook
5. Rental real estate and rental properties
Being a property owner and managing properties can be a great way to run a business that makes money on its own.
One way to earn extra money is by listing your property on Airbnb or another short-term rental platform. You can rent out your entire house, apartment, or just a room to travelers looking for short stays.
Another way to earn money is through long-term rentals. Long-term rentals involve renting out a property for an extended period, typically six months to a year or more. For example, you might rent out an apartment or house to a family who will live there full-time.
One advantage of long-term rentals is the stable and consistent income they provide. By leasing your property to tenants for a longer duration, you establish a steady stream of rental payments. This reliability can be particularly appealing for those seeking a reliable source of passive income. Plus, managing a long-term rental is usually less demanding than a short-term rental since you don’t need to clean the property frequently or find new renters regularly.
Whether you rent out your property short-term or long-term, you can lessen your involvement by hiring a property manager to do any of the day-to-day work that may be needed. This can make your rental property business more of a hands-off business model.
Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money
6. Online courses
Creating and selling online courses can be a great way to earn passive income. Once you develop the content and put it on a platform like Teachable, it mostly takes care of itself.
With an online course, you share what you know with others. Maybe you’re good at math, photography, or playing guitar. You can turn those skills into a course.
Creating online courses is a smart way to take what you know and turn it into a business that runs almost by itself. It can be fun too, and you can help a lot of people at once.
I created Making Sense of Affiliate Marketing, my first online course, several years ago and have earned over $2,000,000 from it.
Creating a course is not the easiest way to start a business that runs itself, but it can be a great way to earn an income around the clock. Most of the work is done in the very beginning, and then there is some maintenance along the way to keep the course updated, help students, and so on.
Recommended reading: How I’ve Made Over $1,000,000 From My First Course Without a Big Launch.
7. Storage facility
Running a storage facility is a great way to have a business that can largely manage itself. Plus, this can be a steady income stream, and many storage facilities have long waiting lists and are in high demand.
Self-storage facilities are places where people store their belongings, like boxes of their keepsakes, vehicles, RVs, and more, in storage units or in a big lot.
Owning a self-storage business can be a way to earn money with low expenses. These businesses usually only need a couple of employees.
Often, when I visit a self-storage lot, it’s just the owner or one employee working, and there are very few customers around. Sometimes, no one is working and I just use a code to go in and out.
Another idea similar to this is to rent out your storage space on Neighbor.
Neighbor.com is a platform where you can rent out your space to people who need storage for their belongings such as boxes, furniture, and even cars. You can list spaces like your driveway, garage, closet, and more on Neighbor.com. It’s similar to Airbnb but for storage – no one stays overnight, just their belongings! Depending on demand in your area and the type of storage space you have, you can earn between $100 to $400 or more each month.
Recommended reading: How To Invest In Self-Storage For Beginners
8. Stock photography
Stock photography is a great way to start a business that will eventually run itself. With this type of business, you take photos and upload them to stock photo websites. When someone buys your photo, you get paid.
Once your photos are online, they can sell again and again too.
Stock photos have many different purposes for websites, companies, blogs, and more. Businesses use stock photos because they may not have the resources to photograph everything they need. Instead, they can use stock photos to improve the visual appeal of their content, website, or business.
I personally use stock photos in my blog posts, as do many others. All the photos in this article are stock photos, actually.
There are several well-known stock photo websites such as Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
To sell photos on these sites, you’ll need to create a contributor account and upload your images following the site’s rules. Each time someone downloads your photos, you earn a commission.
On stock photo websites, having high-quality photos is very important, but having a larger portfolio also matters. The more pictures you have in your stock photo collection, the more potential income you can generate.
Recommended reading: 18 Ways To Get Paid To Take Pictures
9. Car washes
Running a car wash business can be a great way to earn money with minimal effort. Automatic and self-serve car washes are especially popular because they require less work to manage day-to-day.
A self-service car wash is a place where customers pay to use equipment to wash their own cars.
An automatic car wash is a place where customers drive through a tunnel where machines do all the cleaning.
Starting a car wash can be cost-effective over time. The equipment can handle many customers with little human help. You just need to check the machines and refill supplies.
10. Write ebooks
Creating ebooks can be a great way to generate passive income streams. Once you write and publish an ebook, it can keep earning you money with very little effort.
Writing a book can provide passive income because you only need to write it once, yet you can continue to earn money from it for years. While you may need to do some promotion to keep readers engaged, the writing itself is a one-time effort. This makes it possible for the income to be passive over time.
Plus, you can start by self-publishing an ebook and selling it directly on Amazon or on your own website.
11. Dropshipping
Dropshipping is a popular business model that lets you sell products without keeping any inventory. You simply partner with a supplier who ships the items directly to your customers.
Dropshipping can be a great choice because there are low start-up costs as you don’t need to buy stock or rent a warehouse. This keeps costs down at the beginning.
Plus, there’s a lot of flexibility. You can run your dropshipping business from anywhere with an internet connection. This makes it perfect for those who like to travel or work from home.
There are many different things you can sell in a dropshipping business, such as T-shirts (you could even have a print-on-demand business), home decor, mugs, kitchen tools, pet supplies, and baby items.
12. Run a membership website
Membership websites are a great way to run a business that can almost take care of itself. These are websites where people pay regularly to access exclusive content or services.
Now, these will require work and some maintenance. But, you can earn recurring income 24/7, without actively needing to work.
Plus, as more people join, your income grows without adding lots more work.
Some examples of membership sites can include running a Patreon for your YouTube channel, a stock photo membership site, a paid forum, and an online school.
13. ATM business
If you want a low-maintenance business idea that almost runs itself, you may want to look into ATMs.
ATMs can be great because they don’t need much daily work. Once set up, you just need to check them regularly and refill cash.
To start, you’ll need one or more ATM machines (these typically cost around $2,000 to $10,000), you’ll need to find locations (such as convenience stores, malls, gas stations, etc.), set up the ATM (connect it to a network), and monitor and maintain it.
You would earn money through the ATM transaction fees that people are charged when they withdraw money.
Using ATMs can be a good way to make extra money without a lot of effort. They need some work at first but can become a reliable source of income.
14. Parking lots
Parking lots can be great businesses that mostly run themselves.
People always need places to park, such as in cities, near popular venues, at airports, and at shopping centers. If you can find a good location, your parking lot can bring in steady income without much daily work from you.
To get started, all you need is a plot of land. You can set up pay stations to handle money collection. Some lots even use apps for payments, making the process easier for everyone.
And, with the right setup, you can keep things running smoothly with just occasional cleaning and repairs.
15. App development
If you have technical skills, developing and selling an app can be a way to start a business that operates autonomously.
Creating your own app, whether it’s a useful tool, a fun game, or something else, can be profitable.
Although it requires initial effort and investment, once your app is available in app stores, it can generate revenue around the clock through in-app purchases or with the initial download.
You can create mobile apps like a budget tracker, meal planner, fitness tracker, meditation guide, travel planner, and others that cater to specific needs or interests.
16. Billboards
A billboard business is a great way to make passive income. Once set up, it needs little maintenance. You can rent the advertising space to companies for their ads.
Now, building new billboards isn’t allowed everywhere, but in many places, you can still add them onto your own land or buy one that already exists. You’ll want to check local laws to know more before you begin.
Billboards require minimal upkeep, which makes it a great business that runs itself. Regular checks and occasional repairs are needed. Digital billboards need more maintenance, but they can display multiple ads and increase income.
17. Sell on Amazon
Amazon FBA (Fulfillment by Amazon) allows sellers to store their products in Amazon’s warehouses. Amazon takes care of shipping to customers, handling returns, and managing customer service for the seller. This setup frees sellers from storing inventory or dealing with shipping logistics.
While you still need to find products to sell, Amazon FBA makes it possible for anyone, even without experience, to earn money selling items like household goods, toys, books, electronics, and more through their platform.
Recommended reading: How To Work From Home Selling On Amazon FBA
18. Vending machine business
A vending machine business can be a great way to earn passive income. With some initial investment and a bit of planning, you can start making money with minimal effort. Vending machines typically need minimal upkeep and the hours are low.
You can start with as little as $1,500 to $3,000, and even buy used or refurbished vending machines to save money.
Vending machines can be placed in high-traffic areas (with permission and an agreement, of course), such as schools, offices, gyms, hospitals, and more. You may need to pay 5% to 25% of your earnings to use their space.
Vending machines run on their own for the most part. You will have to refill the machines regularly and make any needed repairs.
A vending machine business can be a smart way to generate passive income while requiring little hands-on work. With the right location and products, you can see steady profits.
Recommended reading: How To Start A Vending Machine Business – How I Make $7,000 Monthly
Frequently Asked Questions
If you are thinking about having a self-running business, here are some common questions and helpful answers that might guide you in the right direction.
How can I start a business that doesn’t need me to be there all the time?
To start a business that doesn’t need you to be there all the time, I recommend finding a business model that can be easily automated. Examples include online stores using dropshipping or print-on-demand services. These models let you automate order processing and inventory management, reducing your need to be involved in daily operations. Other businesses include running a laundromat, selling printables on Etsy, blogging, rental real estate, and stock photography.
What are some top businesses known for making money while the owner sleeps?
The best businesses known for making money while the owner sleeps include rental real estate, blogging, stock photography, dropshipping, ATMs, developing an app, and selling an online course. These businesses have systems in place that handle most tasks automatically, allowing you to earn money with minimal hands-on management.
How to have a business that runs itself?
To have a business that runs itself, you need to try something like vending machines, ATMs, blogging, stock photography, dropshipping, and more. Then, you can either automate as much as you can, or outsource the hours where something needs to be done (such as refilling the vending machine).
What is the easiest business to start and run?
Among the easiest businesses to start are online stores using dropshipping, vending machines, and digital products like printables. These business ventures require low upfront investment and minimal ongoing management, making them accessible for beginners.
How do you find a self running business for sale?
To find a self-running business for sale, you can look for listings on business-for-sale websites or contact business brokers. Many websites list businesses for sale, such as BizBuySell and LoopNet. Always research and vet any business thoroughly before buying.
Businesses That Run Themselves – Summary
I hope you enjoyed this article on the best businesses that run themselves.
Self-sustaining business examples include online businesses like blogging and affiliate marketing, where you create content or promote products and enjoy passive income.
Even offline options like laundromats and car washes can be mostly self-sustaining, needing only occasional maintenance. Another good example is a vending machine business. You just put your machines in good spots and let them do the work.
Managing a rental business can be another way to have a business plan that doesn’t require a lot of active hours from you.
For me, I have a business that I work a low amount of hours and can run itself for the most part. I have automated a lot to make this possible, as well as have worked a lot of hours in the beginning. I love having a business that can run itself, as it means that I have more time for other things in life.
What do you think are the best businesses that run themselves?
The bathroom is often overlooked when it comes to a characterful and comfort-forward design scheme. A utility-first room with seemingly limited decor options, it’s not unusual for the washroom to be left until last. Much more likely to be fitted with a simple, sterile style that does the job (but not much else), many of our bathrooms have much more design potential than we’re giving them credit for.
Luckily, interior designers and homeowners alike are making more of the bathroom, and giving these tucked-away rooms stunning revamps worthy of the spotlight. With special attention to calm, cozy and comforting design features, they’re proving once and for all that the bathroom doesn’t have to feel different than the rest of the home. To get their top tips on how to design a bathroom that’s dressed to impress, we spoke to designers who love making these rooms into worlds of their own – here’s how to get the look at home.
7 expert-approved tips for designing anything-but-boring bathrooms
BC Designs. Instead, it’s part of a larger return to comfort in interior design, a reaction to years of pared-back, minimalist interiors that didn’t deliver on coziness or character.
‘I’ve seen it in bathroom design for close to six years but it has been accelerated in a post-pandemic world when we’ve craved our homes to comfort us, which has resulted in clinical bathrooms being out, and inviting, relaxing spaces being in,’ says Barrie.
Here, Barrie and other designers share their tried-and-true tips for designing a bathroom that doesn’t look like a typical bathroom, but rather blends into the rest of your carefully curated and perfected home.
1. Light the space with intention
(Image credit: Pooky)
Treat your bathroom like every other room across your home, and light it with intention. Create a calming, layered bathroom lighting scheme by using several types of light fixtures and considering the placements that will prove both functional and stylish over time.
Jo Plant, head of design at Pooky, says that though ‘gentle and warm’ ambient light should define an elevated bathroom space, you’ll want to place more intense lighting strategically throughout the room. By placing pendants or ‘a couple of small chandeliers’ throughout, you’ll achieve the first bit while leaving room for function-forward lighting, too.
‘For the most effective light, whilst remaining flattering, you want to use a wall light either side of a mirror. This ensures you can see what you are putting on your face, whilst also giving you the most effective levels of light you need if used alongside a flush pendant or spots,’ says Jo.
Helen Pett, Arteriors design ambassador, agrees. She says that ‘a pair of wall lights or sconces’ placed on either side of the main mirror ‘will eliminate shadowing’ and create a soothing, homey atmosphere all at once. Beyond that, she adds that creative lighting can make your small space feel larger, and make the ceilings feel higher, a luxurious touch that’s sure to upgrade the bathroom’s look and feel.
‘If you have high ceilings, low drop chandeliers are a wonderful option to add an element of luxury and decadence to the bathroom. Alternatively, a great tip if you are decorating a bathroom with lower ceiling height, opt for a smaller pendant on a shorter chain which will give the impression of beautiful soaring ceilings,’ says Helen.
2. Mix lush materials and textures
(Image credit: Carpetright)
‘When designing your bathroom think about the aesthetics as well as the practicality – this is a space in which we all spend a lot of time relaxing in and functionality and style need to be considered,’ says Helen.
To get the luxury look down, and create a space that doesn’t scream ‘bathroom,’ Helen suggests ‘incorporating high-end materials such as marble, brass or crystal accents.’ Just because the bathroom is a high-use space that you won’t intentionally relax in often doesn’t mean it deserves bland, boring design details.
Give your bathroom the attention it deserves by investing in long-lasting, beautiful materials that’ll bring a smile to your face each time you enter. A similar effect can be achieved when you introduce lush textures into the space, whether through furniture, a washable rug or natural wood details.
‘I want to create bathrooms that seamlessly integrate with the rest of the home, as opposed to jumping onto a specific trend. So it’s really bringing that lived-in, yet elevated aesthetic into each space, creating something approachable and timeless all at once. One way I like to do this is by adding textures, such as vintage rugs, wallpaper, curtains or natural wood,’ says Amber Lewis, principal designer and founder of California-based Amber Interior Design.
‘Another key design element is the introduction of wallpaper, which we often associate with other rooms but can work easily as well in a bathroom,’ says Barrie. In fact, a small bathroom (whether a guest bathroom, powder room, or hidden-away en suite) is the perfect place to bring bold, patterned wallpaper that wouldn’t fit in with the rest of your home’s design scheme.
Add character to your bathroom by going bold, with color, pattern or both. By defining the small space with vibrant, exciting wallpaper, you’ll make your bathroom’s design scheme stand out all on its own – without needing help from the rest of the home.
4. Try out a moody color palette
(Image credit: Future / Mary Wadsworth)
If wallpaper isn’t your thing, or you’re a bit worried about upkeep, there’s no need to scale back your design scheme. Instead, opt for a dark, moody look using paint and architectural details that carry through the rest of your home.
Eugenia Triandos, principal designer of Montreal-based Hibou Design & Co., says that the bathroom’s placement within the home affords you plenty of unique design opportunities you might otherwise overlook. Opt for characterful crown molding or millwork atop a dark or sultry shade, and consider a coat of limewash or plaster for good measure.
‘People are increasingly viewing bathrooms as opportunities to incorporate fun design features. With the freedom of closed spaces, they can experiment with darker walls and wainscoting, making the bathroom feel less conventional,’ says Eugenia.
5. Include comfortable furniture
(Image credit: Donna Mondi Interior Design)
Furniture isn’t necessarily the first design feature that comes to mind when assembling your bathroom, but it shouldn’t be left out of the mix: ‘Part of the reason we are designing our bathrooms to look less like bathrooms is our desire to create unique and personal spaces. It is a trend that works best in larger bathrooms, as this provides the space to allow you to be creative, adding in items such as armchairs, vintage pieces of furniture, rugs and artwork,’ says Barrie.
Don’t count out a classy armchair or ottoman when designing your ideal bathroom look – though the bathroom probably isn’t your first-choice lounge space, you’d be surprised how many times a thoughtfully placed piece of furniture comes in handy. Whether you make use of a footstool while perfecting your makeup, or place clothing atop a pouf to make your post-shower ritual more relaxing, bathroom furniture can prove quite underrated.
‘When it comes to designing this style of bathroom, your main bathroom products – baths, toilets, showers, basins – don’t have a huge effect on the overall look. However, you may wish to choose an upcycled piece of furniture for a vanity unit in warm woods as this helps to bring to life the non-bathroom-bathroom trend,’ adds Barrie.
Amber adds that the addition of furniture to a bathroom space doesn’t have to go over the top: ‘While I’ve incorporated some gorgeous chairs and bench seating when space and architecture allow, it could be as simple as a small wooden stool or ottoman,’ she says.
6. Invest in custom vanities and built-ins
(Image credit: Industville)
‘Custom vanities start to resemble furniture pieces, adding a touch of luxury while also serving to conceal bathroom aspects,’ says Eugenia, sharing that built-ins and bespoke bathroom fittings go a long way to elevate even the smallest of spaces.
‘Concealed water closets contribute to this trend, allowing for a more seamless integration of the toilet within the space. The concept of incorporating shower and toilet walls further aids in hiding typical bathroom elements, giving the space a more cohesive and sophisticated look,’ she adds.
Think out of the box when designing your ideal bathroom, and don’t leave any layouts or arrangements out of the picture. With so many bespoke solutions available, you won’t need to limit your grand ideas for the bathroom – and the final look can easily put style equally alongside function.
‘Ultimately, the goal is to make bathrooms feel like a natural extension of the home, complete with their own unique design features. People are beginning to think creatively about the space, not letting traditional “bathroom elements” hinder the overall aesthetic of the design,’ Eugenia adds.
7. Don’t forget the finishing touches
(Image credit: BC Designs)
‘I am a big proponent of putting as much design effort into your bathroom as any other other space in your home. Invest in items like wall art, window treatments, wall mirrors and lighting to achieve a really elevated and serene look so that your bathroom will feel like a true sanctuary!’ says Kathy Kuo, interior designer and founder of homeware brand Kathy Kuo Home.
Final touches make the entire design scheme, and the bathroom is no exception. While Kathy opts for wall art and window treatments, Amber suggests ‘fresh florals in beautiful vessels, a catchall or tray, and some artwork.’ The options here are endless, and all you’ll need to consider is how to make the space feel like you. Traditional bathroom finishes in gorgeous colors and textures also contribute to a detailed, thought-out final product, adds Helen.
‘You can create a contemporary and luxurious scheme by pairing classic matte finishes with hints of metallic detailing. Introduce soft traces of gold with decorative additions such as an oversized mirror to make a big impact. This will reflect the light and give the illusion of a larger space whilst the ornate gold finish adds a layer of luxury to the overall look,’ she says.
Madison Avenue Steel Armed Sconce
Cabott 36” Single Bathroom Vanity with Marble Top
4 – Piece Bathroom Hardware Set
Renovating, redoing, or refreshing your home shouldn’t exclude this crucial room – your relaxing, spa-like escape awaits! Make your bathroom stand out as a space of its own with these trusted tips. From ambient lighting to living room-worthy seating, you’ll never see the bathroom the same way.
Textiles are at the heart of home furnishings, serving a dual purpose of functionality and fashion as the choice of fabric significantly influences a space, elevating aesthetics and functionality. From robust upholstery fabrics designed for durability to opulent drapery that exudes luxury, textiles can change how a house looks and feels.
Textiles in home decor and interior design: Tips to elevate home furnishings with fashion and functionality (Photo by Behance)
In an interview with HT Lifestyle, Saba Kapoor, Co-Founder of Nivasa, advised, “Go for special braids and weaves, showcasing artisanal craftsmanship to elevate interiors. Apart from their practical functions, textiles act as a medium for personal expression, mirroring the homeowner’s individuality and setting the overall ambiance of the space. They have the unique ability to celebrate cultural heritage by incorporating traditional patterns or showcasing expert craftsmanship.”
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She further recommended, “Opt for upholstery fabrics that boast dust-proof and spill-resistant properties, ensuring furniture stays pristine with minimal upkeep. This practicality enhances the longevity of furnishings while maintaining aesthetic appeal. Be it elegant throws, rugs or curtains, textiles play a multifaceted role in transforming a house into a home thereby enhancing the functionality and style. More often than not, textiles also also resonate with the individuality and cultural identity of its inhabitants, making the living space truly personal and inviting.”
Bringing his expertise to the same, Sachin Chauhan, Director at Dialogues by Nirmals, said, “Textiles are a way of transforming functionality to become a prominent element in home furnishing fashion. The exploration of this evolution bridges functionality and aesthetics seamlessly. The intrinsic role textiles play in elevating home décor is adding a statement look to any space. As textiles evolve, homeowners and stylists are seeking to incorporate innovative textures, patterns, and materials, turning everyday items into expressions of personal style.”
He concluded, “Textile pieces not only contribute to the overall aesthetic of living space but transform it into a curated and fashionable haven. From luxurious drapes to intricately designed cushions, the broad category of textiles is stealing the spotlight by becoming the ultimate functional source of adding interesting decor and fashion.”
With its cobblestone streets, historic architecture, and vibrant arts scene, Providence, RI offers a unique blend of old-world charm and contemporary allure. From strolling along the scenic Waterplace Park to indulging in the city’s renowned culinary delights, there’s something for everyone. Considered one of the most livable cities in the United States, the city provides a welcoming and diverse community for residents to call home. So whether you’re searching for the perfect apartment in Providence or eyeing a charming rental home in one of the city’s historic neighborhoods, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Providence. Let’s get started and see what awaits in this dynamic city.
Pros of living in Providence, RI
1. Rich cultural heritage
Providence has a rich cultural heritage that is evident in its diverse neighborhoods and thriving arts scene. From the historic architecture of Benefit Street to the eclectic galleries of the West Side, residents can immerse themselves in the city’s artistic and cultural offerings. The renowned Rhode Island School of Design (RISD) and the Providence Performing Arts Center further contribute to the city’s creative atmosphere, making it a haven for artists and art enthusiasts alike.
2. Culinary delights
Providence is a food lover’s paradise, with an outstanding culinary scene that offers a diverse range of dining experiences. From award-winning restaurants like Al Forno and Oberlin to the bustling food markets at Federal Hill, residents can indulge in a variety of cuisines and flavors. Annual food festivals, such as the Charlestown Seafood Festival just outside of Providence in Charlestown, RI further showcase its culinary prowess, making it a haven for foodies.
3. Access to higher education
Providence is home to several prestigious institutions, including Brown University and Johnson & Wales University, providing residents with access to top-tier education and research opportunities. The city’s intellectual atmosphere and proximity to renowned libraries and museums make it an ideal location for lifelong learners and academics.
4. Scenic waterfront
Providence’s picturesque waterfront offers residents a serene escape from the urban hustle and bustle. The Waterplace Park and Riverwalk provide stunning views of the city skyline and host events like the WaterFire art installation, creating a scenic environment for relaxation, entertainment, and recreation.
5. Strong sense of community
Providence prides itself on its strong sense of community, with numerous neighborhood associations and community initiatives that foster a spirit of togetherness and belonging. Residents can participate in local events, volunteer opportunities, and grassroots movements, creating a close-knit and supportive environment.
6. Proximity to nature
Despite being a bustling city, Providence offers easy access to nature, with nearby parks, nature reserves, and hiking trails. Residents can escape to places like Roger Williams Park or the Blackstone River Bikeway to enjoy outdoor activities and connect with the natural beauty of the region.
7. Cost of living
Providence offers a relatively affordable cost of living compared to other major cities in New England, making it an attractive option for those seeking to live on the East Coast. The average rent for a 2 bedroom apartment in Providence is $2,225, much less than rents in nearby Boston ($5,288) or New Haven ($3,200).
Cons of living in Providence, RI
1. Harsh winters
With an average of over 30 inches of snow a year, Providence experiences harsh winters with heavy snowfall and cold temperatures. The winter months can bring about travel disruptions and outdoor inconveniences, which can be challenging for residents who are not accustomed to such weather conditions.
2. Limited job market
Providence’s job market may be limited in certain industries, which can pose challenges for professionals seeking specific career opportunities. While the city offers diverse employment sectors, some residents may find it necessary to explore job prospects in neighboring cities or regions to fulfill their career aspirations.
3. Aging infrastructure
Providence’s aging infrastructure may present maintenance and upkeep challenges, leading to occasional inconveniences and disruptions for residents. The city’s historic buildings and infrastructure require ongoing attention and investment to ensure their longevity and functionality, which can impact the overall quality of life for residents.
4. Humid summers
Providence experiences humid summers, with high temperatures and humidity levels that can be uncomfortable for some residents. The summer months may require individuals to adapt to the heat and humidity, seeking ways to stay cool and comfortable during the warmer seasons.
As a single woman in my early 40s, I’m drawn to tiny homes for several reasons. Sure, I yearn for the “soft life” free of stress and hustle, but the biggest selling point is affordability.
Since I’m starting to think about retirement, the looming question is whether I’ll ever be a homeowner. I currently live in Los Angeles, where the median price for a home is over 1 million. With home prices so expensive and mortgage interest rates so high, conventional homeownership feels out of reach.
A tiny home fits a tiny budget. Aside from being better for my finances, a tiny house would be more in step with my minimalist lifestyle and would allow me to potentially uproot and relocate as needed.
As my interest in tiny homes grows, it turns out I’m in good company. A recent survey revealed that 73% of Americans would be open to living in a tiny home, in large part because the current housing market is so unaffordable.
I wanted to find out how perceptions of tiny homes are changing, why they’re becoming more popular, and if it’s a good fit for someone like me. Here’s what I discovered.
Tiny homes are for a lot of different folks
The tiny house movement began in the late 1990s as somewhat fringe, but by the early 2000s it started to capture the mainstream as it spread to social media platforms, reality TV shows and documentary films.
Tiny homes are known for attracting people who want to live a simple life and reduce their environmental footprint. But they’re also gaining popularity among unpartnered dwellers in search of temporary housing or those undergoing some sort of transition. According to Abby Shank, a Tiny Home Industry Association board member, the most common tiny home buyer is a 55-year-old single woman.
Shank is the CEO of Tiny Estates, which runs tiny home communities in Pennsylvania and Florida. She says tiny homes are catching on with an array of people of all ages: younger college graduates who are just starting to be independent; retirees who want to downsize or be closer to family; traveling military personnel or nurses; and caregivers who live in the backyard of the person they’re taking care of.
Nonetheless, tiny home living isn’t ideal for families. “A couple can handle a tiny home without too much challenge, but it requires the right mindset,” said Zack Giffin, co-host of the Tiny House Tales podcast. “When you add families to the picture, it becomes more challenging.”
Tiny homes advantages: Affordability and lifestyle
Tiny homes are defined as properties under a maximum of 500 square feet. Technically speaking, that means I’ve been a “tiny home dweller” for the last few years. When I was forced to relocate from my little bungalow in West LA a few years back, I opted to rent a small 300-square-foot cabin nestled in the San Gabriel Mountains.
The price tag for purchasing a tiny home depends on its size, materials, layout, design, features and amenities, but the average cost generally ranges from $30,000 to $70,000. What you’ll pay also depends on location, whether it’s a prefab or manufactured home or built from scratch, and how much customization you require.
Because tiny homes can either be set up on foundations or on wheels, they give homeowners flexibility. A tiny house on a trailer gives you the option of experiencing new places or moving whenever you want, though you might be legally limited to parking in certain tiny home communities, RV parks or campgrounds. A tiny house secured to the ground offers more safety and a higher chance of building equity, though you’ll need to buy the lot of land, or set it up as an accessory dwelling unit (ADU) or backyard cottage.
Another advantage of tiny home dwellings is that they can usually be set up in areas that already have police services, fire services, roads, water and sewage services.
“With a tiny home, you get to enjoy the pride of having a house,” said Shank. “You get to customize and make your dream home.”
Overall, you’ll be spending way less money to own a tiny home, not just on the purchase price but also on maintenance and utilities. Less upkeep means more time to pursue other things.
“Many tiny home dwellers may have originally got into it because it’s more affordable or to downsize,” said Dan Fitzpatrick, president of the Tiny Home Industry Association. “But they’re also so happy to have more time to spend skiing, surfing, spending time on their hobbies or with their families.”
Is a tiny house for you?
Depending on where you want to live, you’ll have to review specific regulations, permits and zoning laws that allow for the building and placement of tiny homes. Tiny homes are often legally categorized into two main camps: tiny houses on foundations and tiny houses on wheels. You’ll want to be familiar with permanent structure rules, temporary structure rules and transitional structure rules.
Consider financing
If you already own a home and want a tiny home on your property as an ADU, you can take out a home equity loan or a home equity line of credit (HELOC) to pay for your new living space. With this kind of financing, you’ll be borrowing against your home equity, so you must offer your home as collateral.
If you want to purchase a mobile tiny home that can be pulled on a trailer, you might be able to get a chattel mortgage, which is a mortgage for movable personal property like an RV.
You’ll need to determine if you’re going with a HUD Code manufactured home or one that’s going to be on wheels. “That’s really going to determine what type of loan you’re going to be looking for,” he said. Make sure to be specific with your lender if you’ll need a chattel mortgage or a regular mortgage to pay for your tiny home.
Look into zoning, land use and building codes
It’s easy to get excited about the features of your kitchenette and how to optimize storage in your new home, but think about zoning, building codes and permitting in the area before you move forward, said Shank. For example, tiny houses on wheels have to follow strict regulations if they’re parked for extended periods of time. Review local zoning and land use regulations to determine if a tiny house is lawful on your lot.
Depending on the size of your tiny house and your jurisdiction, you might have to pay a hefty fee if you break the law. “There’s a local municipality in my hometown that’s a $5,000 a month fine if you have a tiny home, and they will back-fine you,” said Shank.
Work with an experienced builder
If you decide to build your tiny house, you’ll want to work with a seasoned builder with at least four to six years of experience. Tiny home elements like stairways and shelves often have dual use, and there are other nuances when it comes to constructing facilities and cabinetry.
“Every inch means something,” said Fitzpatrick.
There are also practical issues that need to be handled delicately, such as humidity levels. “Make sure you have the air handling systems and proper wall coverings,” Fitzpatrick said.
You might also want to find someone who specializes in homes where you plan to live. A veteran tiny home builder can provide guidance on special considerations and environmental concerns.
A tiny home is perfect for my tiny budget
After halting my efforts to buy a home in pricey Southern California several years ago, I recently started my “house savings fund” again. My aim is to reach semi-retirement in my 50s and to save enough to pay for a tiny home in full by then. After all, it’ll be 20 times cheaper than the average house.
While I still have to research zoning, building codes, rules and regulations, I’m leaning toward tiny home living. Local laws differ, but tiny dwellings are allowed in several Californian cities. Los Angeles, for example, currently allows movable tiny houses as secondary residences in backyards, provided they meet certain requirements.
I’ll always weigh the pros and cons before I make the final decision. But right now, tiny home living is looking like the best and most affordable scenario for me.
Fewer things are more comforting than a crackling fire on a chilly day, but what happens when your chimney needs a little TLC? Repairs generally cost between $160 to $750, with an average repair running around $455, according to HomeAdvisor. But the amount you end up paying will depend on several factors such as the type of repair needed, your chimney’s materials, and labor costs.
Even if you only light your fireplace for part of the year, you’ll want to fix any chimney problems as soon as you can. A damaged chimney could increase the risk of a fire or prevent toxic gasses from passing safely into the air outside.
Here’s a closer look at common chimney repair costs so you can plan accordingly.
Factors That Impact Chimney Repair Cost
If a chimney is well maintained, you can expect it to last for 50 to 100 years. Still, it’s a good idea to carve out space in your household budget for occasional maintenance and repairs. When you’re planning how to pay for the fixes, keep in mind that several different factors can impact your chimney repair costs.
Type of Repair
The type of repair can impact the overall cost of a project. For example, capping repair usually involves replacing the very top cap on your chimney. This type of project typically costs between $150 to $300, according to HomeAdvisor.
Another common repair is fixing the mortar and bricks in a chimney. The job might entail tuckpointing, which incorporates two different mortar colors to make the chimney look newer. Masonry chimney repair costs usually cost between $300 and $1,500, while prefab chimneys cost less because they have fewer components. The job typically costs between $250 and $1,200.
Lining repair involves fixing the chimney liner, which, when cracked, can pose a fire risk. Chimney liners cost between $625 to $7,000, with a national average of $2,500.
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Type of Chimney
Chimney types vary by material, and this can impact how much a repair costs. Four common types of chimneys include brick, stucco, metal, and prefabricated.
Depending on how much damage there is, brick chimneys cost $175 to $1,000 on average to repair, though you can expect to pay more for more significant work. If you’re fixing a metal and prefabricated chimney, plan on paying in the neighborhood of $200 to $1,200, depending on how extensive the damage is.
Have a stucco chimney? You’ll likely need to pay more to have it repaired. Projects typically run between $570 to $1,920, though bigger jobs can run as high as $4,200.
Labor
Professional chimney repairs usually cost between $50 and $200 per hour. That said, the more damage there is, the harder the damaged area is to reach, and the more time a project requires, the more you may end up paying in labor costs. 💡 Quick Tip: With home renovations, surprises are inevitable. Not so with SoFi home improvement loans. There are no fees required, and no surprises.
Additional Costs
A repair may not be the only cost you encounter. Chances are, you might also pay for routine chimney inspections, chimney cleaning, ongoing maintenance, and permits.
Chimney Inspection
Whether you’re buying a fixer upper or renovating your current home, you should plan on having your chimney inspected by a professional once a year. The condition a chimney is in determines the type of inspection it needs. There are three levels of inspection:
• Level one inspection: A level one inspection is an annual routine inspection and typically costs between $100 and $950.
• Level two inspection: A level two inspection goes a step further to include a more extensive investigation into potential structural issues caused by recent damage. It costs between $200 and $1,000.
• Level three inspection: A level three inspection looks at every part of a chimney, inside and outside, which may require taking out walls or portions of the chimney. It costs between $500 and $5,000.
Chimney Cleaning
Cleaning a chimney typically runs between $120 and $390, or an average of $250. If your chimney has not been maintained well, there may be heavy creosote buildup or other damage. This could lead to a higher clean-up bill of up to $5,000.
Ongoing Chimney Maintenance
All chimneys need regular maintenance. Depending on the type of upkeep required, you may pay for a simple cleaning (an average cost of $250). But if a chimney repair contractor finds that your chimney restoration needs more attention, you could pay more.
Permits and Related Fees
Once you find a contractor and finalize your plans, work can begin. Keep in mind that before constructing or changing the outside dimensions of a structure, your contractor will need to secure a building permit. A building permit generally costs $50 to $300 for small jobs.
Types of Chimney Repairs
From the crown to the flashing, we’ll look at the various parts of the chimney and what it might cost to fix each one.
Stack Repair
The chimney stack is the part of the chimney that appears above the roof. Chunks of missing masonry, crumbling brickwork, and visible cracks can signal that your chimney stack needs to be repaired.
Mortar Repair
Mortar acts as a buffer between the bricks in a chimney. But that buffer can crack and deteriorate from movement and pressure, so pay attention to how your mortar looks from year to year.
Repair could involve repointing and/or tuckpointing. Repointing means removing and replacing damaged mortar joints, while tuckpointing uses two different colors of mortar to make the mortar joints look different.
Crown Repair
The crown is the top part of the chimney and prevents rainwater from getting into your chimney. Typically made of concrete, the crown should be checked for visible cracks, deterioration, wall damage, and pooling water.
Cap Repair
Chimney caps, usually made of steel or copper mesh, sit on the crown at the very top of the chimney. The cap covers the flue, or the duct that allows smoke to leave the chimney. Caps also keep rainwater, animals, and debris from entering the chimney. Missing tops, rusted screens, creosote accumulation, and screen holes can all indicate that your chimney cap needs attention.
Foundation Repair
Chimneys often have their own foundations, but they sometimes settle. This could allow moisture, critters, and other items to enter your home. Look for a crumbling foundation, which might also present fire hazards and falling bricks and mortar.
Liner Repair
A chimney liner, or flue liner, is the vertical passage located inside your chimney that carries fumes to the outdoors. Similar to an exhaust pipe, the flue keeps wasteful gasses from spreading into your chimney cavity.
There are some signs that yours may need a replacement, including finding broken shards and flakes of parts of your chimney and smoke in your home. It’s a good idea to consider replacing your chimney liner if it’s older. Less-expensive models should last up to five years, while a well-constructed liner can usually be counted on for up to 20 years.
Wood Rot Repair
Wood rot can compromise your home’s structural integrity and affect any part of the chimney that has wood in it: the crown, cap, or flue liner. Indications of wood rot might include discoloration or staining, a musty smell, cracks in the wood, and evidence of pests.
Smoke Chamber Repair
The smoke chamber refers to the part of the chimney located just above the damper and connects the firebox to the flue. It guides smoke from a fire up into the flue and out of your home. Since many smoke chambers contain steps, gaps, and holes, they can contain flammable creosote and soot buildup.
Flashing Repair
The flashing of a chimney joins the roof to the chimney and is made of aluminum, steel, copper, vinyl, or PVC. The flashing should last 30 years. But if there’s damage, you could end up with leaks in the roof due to rusting and corrosion, animals, loose caulk and gaps, and wear and tear.
Flue Repair
A flue is any open, vertical part of the chimney that lets smoke escape. (Don’t confuse this with the chimney liner, which lines the flue.) Signs the flue needs attention may include broken shards and flaking and smoke in your home.
Cricket Repair
A chimney cricket, also called a roof cricket, sits behind your chimney and looks like a tiny peaked roof. It juts off the main roof and sits directly against the backside of the chimney to divert water from the masonry. Water stains on the ceilings or walls, rafters near a chimney or damaged mortar and bricks or rotten wood can identify whether the chimney cricket is working or not — or if you need a chimney cricket and don’t have one. (Tip: Chimneys that are 30 inches or larger need a cricket.)
Brick Replacement
Brick replacement may involve replacing just a few bricks — or redoing the entire chimney. Note that if the bricks are in areas that are hard to reach, a professional may charge more for the job.
Siding Repair
If you have a chimney made of siding, it can be at risk for rotting, swelling, and deterioration. Even if it looks good from the ground, a “diseased” chimney could be rotten and cause water to enter your home through the roof or ceiling.
Repairing vs Replacing a Chimney
The extent of your chimney’s damage determines whether you should have it replaced or simply repaired. However, there are some clear signs that indicate you may need to completely replace your chimney:
• Large cracks in the bricks
• White streaks on the bricks
• Spalling bricks (bricks falling down)
• Tilting
Even if some of those indications are present, it’s a good idea to consult with a professional to know exactly what to do next about your fireplace chimney repair.
Signs You Need a Chimney Repair
Indications you need a chimney repair include cracks that appear, smoke blowback, leaks, leaning, or spalling bricks. Let’s walk through what these might mean.
Cracks
Cracks in the chimney’s masonry can signal that it needs attention. Cracks can lead to gas seeping into your home, which can increase the risk of carbon monoxide poisoning. Excess moisture, earthquakes, or other weather events; hail; acidic decay; wind; and hot or cold temperatures usually cause cracks to appear.
Smoke Blowback
Smoke blowback creates a safety and health hazard. Not only could your house sustain a fire, but you could also face carbon monoxide, volatile organic compounds, polycyclic aromatic hydrocarbons, and other pollutants in your home. There are several causes for smoke blowback, including a blockage in the chimney or even a home that’s too well insulated.
Leaks
Chimney leaks are a common problem. When your chimney drips water or you see moisture in the fireplace or surrounding walls, you may also see attic and wall damage. The chimney itself may have a leak, or the roof may leak. For example, the chimney cap or crown may be damaged, bricks or mortar may have issues, the flashing may not be working properly, or condensation may have built up in the chimney.
Leaning
Exposure to all sorts of weather can cause the mortar joints in a chimney to decay. This causes bricks to loosen and the chimney to lean. Other reasons for leaning include a lack of footings and shifting soil. A leaning chimney doesn’t just look bad — it can also pose a safety risk and may even collapse.
Spalling Bricks
Spalling brick refers to bricks that flake, pit, or crumble and fall away from the masonry. Small cracks usually start and grow larger until the brick completely deteriorates. Improper mortar, weather, improper insulation, non-breathable masonry sealants, cleaning with a pressure washer, and impact to the bricks can all cause spall. Spalling poses a safety risk — there’s a possibility the structure collapses and damages the rest of the roof.
Shaling Tiles
Have you noticed pieces of flue tiles accumulating at the bottom of your chimney? This may be the result of shaling, which is a sign that your flue tiling is damaged. A professional can use special equipment to confirm whether there’s an issue, identify the problem spot,and offer potential solutions. 💡 Quick Tip: Loans typically offer lower interest rates than credit cards. Consider a SoFi home improvement loan to fund your next renovation.
Can I Repair My Chimney Myself?
Depending on the issue, fixing a chimney can take a big bite out of a homeowner’s budget, but there are several ways to finance the cost of chimney repair. For instance, you may decide to dip into emergency savings, use a credit card, take out a personal loan, or turn to your homeowners insurance.
Or, depending on your situation, it might make sense to explore a cash-out refinance, a home equity line of credit (HELOC), or consider emergency home repair financing options. As you make your decision, it’s a good idea to compare the interest rates and the pros and cons of each type of financing.
You may also be tempted to attempt to tackle the work yourself and save some money in the process. Though many home improvement projects may be appropriate for the DIY-er, chimney work is not one of them. You assume serious risks when completing a chimney repair yourself — the same kinds of risks you’d face repairing a roof. Even if you can overcome those risks, you’ll still have to know how to repair the chimney. And certain tasks, such as a complete chimney replacement, require advanced knowledge of the mechanics of a chimney.
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The Takeaway
A well-maintained chimney is designed to last for decades, but that doesn’t mean it won’t require the occasional repair or maintenance. Repairs typically cost between $160 to $750, though that price depends on a range of factors, including the type of chimney you have, the work being done, and labor costs. But chimney upkeep is an important line item to include in the budget because there are potential safety risks involved when repairs aren’t made.
When it comes to financing chimney repairs, homeowners have several options, including homeowners insurance, dipping into an emergency fund, and taking out a personal loan.
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FAQ
When should I replace my chimney?
You may never need to replace your chimney as long as you live in your home, since chimneys can “live” up to 100 years. However, if you live in an old home or can see issues with your chimney, consult a chimney repair contractor, who can determine whether it needs to be replaced.
How often should I clean my chimney?
The National Fire Protection Association (NFPA) suggests having your chimney cleaned and inspected once per year by a chimney sweep. You should also have your chimney swept at least once per year. A professional can ensure that everything is in working order.
What qualifications should I look for in a chimney repair contractor?
Hiring a professional with the right credentials is important, so look for certifications by the National Fireplace Institute (NFI), Chimney Safety Institute of America (CSIA), and Certified Chimney Professionals (CCP). Check a chimney repair contractor’s Better Business Bureau (BBB) rating. Ask for a portfolio and recommendations, and confirm that the company is insured.
How do I compare quotes from different chimney repair contractors?
Get several quotes from various contractors in your area and compare them apples to apples. The cheapest one may not be the best fit for the job. For example, one contractor may offer a more thorough repair than another for, say, brick chimney repair costs. Ask for a list of services and a detailed list of the costs involved before you decide on the contractor. It also doesn’t hurt to ask friends and neighbors for recommendations.
Are there any permits or inspections required for chimney repairs, and how much do they cost?
A building permit typically costs $50 to $300 for small jobs, though it may depend on where you live. Once you find a contractor, they should be able to answer your questions about the costs of a building permit.
Will my homeowner’s insurance cover the cost of chimney repairs?
If your home is damaged by a covered loss, your insurance will cover the cost of chimney repairs. For example, your insurance will likely provide coverage if lightning strikes your chimney and ruins the brick and mortar. However, if your chimney has been neglected and causes a fire in your living room, your homeowner’s insurance may not cover the damage. Ask your insurance carrier for more information about your specific situation.
How can I finance the cost of chimney repairs?
Consider a variety of different types of financing, from using your credit card to taking out a personal loan from a lender (such as your mortgage lender). Also consider emergency home repair financing options, a cash-out refinance or a home equity line of credit (HELOC). Compare the interest rates, pros and cons of each type of financing, to determine which type of financing works best for you. For example, if you know you will have a repointing chimney cost on your hands, consult with at least five contractors and get prices, then ask your bank or credit union for more information about financing options.
Are there any tax breaks available for chimney repairs?
Generally, home repairs, such as fixing a broken chimney, are not tax deductible. However, a home improvement, such as adding a chimney to your house, may be tax deductible. Check with an accountant for more information.
How can I ensure my chimney repair project stays within budget?
Put together a budget so you know exactly how much you can afford to spend on your chimney repair. Keep in mind that the chimney repairs cost could run you between $160 to $750, with an average repair cost of $450, to fix your chimney. Chimney rebuild costs will likely cost the most. Check with an experienced contractor in your area to learn about your project’s costs, and be sure to get a list of costs ahead of time.
What are the risks of not repairing my chimney?
Leaving chimney issues unchecked can result in a number of safety hazards, including fatal fires, carbon monoxide poisoning, and other toxic chemicals. To help you spot and address problems early on, consider getting an annual inspection recommended by the NFPA. A professional chimney inspection could uncover a chimney repair problem you can’t see from your living room or from the ground.
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