Buying your first home is an exciting time. Your house is a long-term investment and also likely your biggest asset. With homeownership comes many responsibilities. Read on to learn what to expect as a new homeowner.
5 Things to Expect as a New Homeowner
You’re Responsible for Everything
If you rented before buying your first home, then your landlord likely took care of the maintenance, landscaping, and other issues that came up. But when you own your home, all of these responsibilities fall on you. If something needs to be repaired, then you’ll have to either do it yourself or hire a professional. You can prevent surprises by scheduling a home inspection before you close on the home. The inspection report will detail any issues and help you better budget for future maintenance.
Appliances Don’t Last Forever
Dishwashers, furnaces, air conditioners, and other appliances have a limited lifespan. If you plan to stay in your home long-term, expect to replace these appliances at some point and plan to do so as needed. Your home inspector can tell you how much longer your appliances should last before needing replacement.
Appliances like furnaces and air conditioners need annual maintenance and inspections to keep them in good working order. If these systems are still under the manufacturer’s warranty, then this annual upkeep may be required to keep the warranty valid.
Expect the Unexpected
A few months after moving into your new home something may break down, leak, or stop working. Inconveniences should be expected as a new homeowner. It’s a good idea to set some money aside for repair needs and emergencies.
Understand your needs versus wants for your home. You need a furnace to survive the cold winter. You want new hardwood floors in your living room. Set priorities for your spending.
What to Expect as a New Homeowner About Homeowners Insurance
You’ll need to get homeowners insurance so that you’re covered for any damage to your property or belongings. For example, if your house sustains damage during a storm, homeowners insurance will usually cover the cost for repairs.
One thing that homeowners insurance doesn’t always cover is water damage. You may need a separate policy for damage caused by a broken pipe. Also, if you live in an area prone to flooding, you will need flood insurance. Flood damage is not covered by your standard homeowners insurance policy.
Owning a Home is Rewarding
The above are just a few things you should expect as a homeowner. Remember that no one is fully prepared for homeownership and there is a learning curve, however, the benefits of owning your own home are well worth the challenges.