A house is one investment and financial asset most if not all home owners are proud of. However, owning a home is no laughing matter. There are specific duties and responsibilities home owners must make sure to meet. It is only when a person realizes what responsible home ownership entails that he or she will be ready to invest in a house. Only then can he or she enjoy the benefits of owning a house. Home ownership should never be considered a burden or a hassle on the part of the home owner. Thus, before buying a house, there are certain aspects of home ownership one must be prepared for to make home ownership a more positive and fulfilling experience. This short article will list them down for you.
1. Take note of monthly charges
Most home purchases are done with some mortgage assistance. This goes to say that before you proceed in buying a house, you must first assess if you can afford to pay the monthly charges and second, you must also assess if you can do so without stressing out. Mortgage expenses usually comprise principal and interest payments, insurance, taxes, and other escrow items. Aside from them, you also have to be paying your regular expenditures like your utility bills namely power, oil, gas, heat, cable television, telephone, Internet connection, etc.
2. Secure reserves for minor repairs
You cannot always expect your house to be in good condition at all times when you also always use its facilities. There will always come times where something needs to be repaired or replaced. These regular maintenance expenses should be well planned for and be prepared for. As a responsible home owner, you should make regular deposits to your reserve fund accounts in case you will be addressing these issues in the future.
3. Secure reserves for major repairs
In addition to minor repairs and maintenance costs, there will also be cases where major repairs that are costly are needed for your house. Some of the most common major household issues include damage on structural and cemented parts of your home. Again, you have to plan and prepare for these scenarios and again, create a separate reserve fund account that you can regularly contribute to for emergencies and contingencies.
4. Have renovation funds
After living for quite some time in your home be it new or old, you will always think of ways to have certain areas of your home renovated or upgraded for aesthetic and functional purposes. Though not all renovation ideas that come across your mind are a priority, in time, there will be renovations or upgrades that are needed. Keeping this in mind, you have to have renovation funds secured yet again so that when the perfect time to renovate comes up, you will not have to worry about having the necessary funds for it.
5. Have funds for recurring replacement issues
There are some items or appliances in your home that have limited lifespans. For instance, your hot water heaters might need replacing after every 10 years. On the other hand, your roof might only have between 20 and 40 years of life. Your heating and cooling systems even need some replacing as well as your hardwood floors and carpets. You again have to be prepared for all of these things in case their lives have come to an end.