If you have just become a homeowner for the first time, congratulations! While you are excited to start your life in your new home, you should also have realistic expectations of what homeownership entails. Review these things new homeowners should expect so that you are prepared for this responsibility.
New Homeowners Should Expect Their Property Taxes to Fluctuate
One reason you have decided to buy a home is with hopes that the value will appreciate over time. As the value of the house appreciates, the property taxes go up. Property taxes are usually wrapped together with your monthly mortgage payments, so it is likely that over time your payments will change. If they increase, it is actually a good sign that your home is gaining value.
Appliances Don’t Last Forever
New homeowners should expect to replace their appliances at some point. Most household appliances have a lifespan of around a decade, give or take a few years. If you purchase a home with a 5-year-old refrigerator, you should save up money to buy a new one in another 5 years. In fact, it’s simply a good idea to set aside money every month for home maintenance costs like replacing appliances.
Have a Set of Tools for DIY Fixes
Every homeowner needs a set of basic tools. Wear and tear causes small issues in homes like loose doorknobs and dripping faucets. Have tools like a hammer, screwdriver, wrench, pliers, tape measure, and level in your toolbox. You’ll also need to buy cleaning equipment like a mop, vacuum, broom, and dustpan.
New Homeowners Should Expect That Their Mortgage May Be Sold
It’s common for a lender to sell a mortgage to another financial institution. This won’t change your interest rate or terms, but you will pay a different organization than where you originally got the loan. If this happens, you will receive a letter with instructions on how to make future payments.
You’ll Never Stop Spending Time and Money on Your Home
The main thing that new homeowners should expect is to never stop spending time and money on your home. This includes making repairs, performing maintenance, and improving the house. You’ll have lawn care duties, seasonal upkeep, and professional services that need to be scheduled.
You’ll decide there are things that you want to improve, both to add value to the home and to enjoy it more. Homeownership adds a new layer of responsibility to your life, but one that is well worth it.