Becoming a homeowner is taking a huge step financially and in the way of responsibility. You are now in charge of an entire property and all that goes with it: the maintenance, the taxes, the payments, to name a few.
There are many steps to buy a house, and things can often be overlooked when considering the process. Here are some responsibilities homeowners take on that are often overlooked.
Maintenance
Yes, you probably know that you should be prepared to maintain your home. But, do you realize just how much maintenance comes along with owning a home?
There are your typical duties like maintaining the lawn and upkeep of any major appliances, or things that break.
Given the amount of space and things you need to take care of, there are tinier maintenance tasks you may forget about. Doing them can save you a lot of time, money, and potential headaches.
Some tasks to keep track of include cleaning your fridge’s condenser coils, cleaning your bathroom’s exhaust fans, cleaning your dryer vent, and cleaning your washer to keep it mildew-free.
Don’t ignore your gutters, pay attention to tree limbs in the area that may need trimming, and flush your water heater to ensure longevity.
Monitoring Your Functional Systems
This goes hand-in-hand with maintenance. Keep an eye on your electrical, plumbing, and heating systems, and have a plan in place to check up on them throughout the year to try to get ahead of any issues.
Be familiar with the location of your main power panel, which contains your circuit breakers or fuses. You should also know the locations of smaller panels that distribute electricity to separate sections of the house. If there’s a tripped circuit breaker or blown fuse you’ll know right where to go to remedy it.
It’s important to know where your water cut-off valves are located in the event of a burst pipe or crack. The ability to quickly shut off your water supply can save your home and possessions from major damage.
Schedule monthly checks for your heating and cooling systems. This includes looking at the thermostat, gas or oil burner or electric heating elements, steam heat boiler, and ducts, pipes or radiators.
Keep an eye on the home’s ventilation system, too, which includes attic fans and exhaust fans in bathrooms or the kitchen.
Hidden Costs
When budgeting for your new house, you will most likely focus on the down payment and monthly mortgage, as that takes the largest chunk of your money.
Don’t forget to factor in things like property taxes, which vary by location. You will also want to remember homeowners insurance and mortgage insurance if you’re financing through a lender.
At the outset of purchasing your home, you will also need money for an appraisal. Lenders require this so they can justify the loan they are willing to extend to you.
Much along the same lines, though not required, you’ll want to schedule an inspection of the house prior to buying. This could identify any major problems and save you time and money down the line.