3 New Responsibilities You’ll Have as a Homeowner

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Becoming a homeowner is a major milestone in your life. Owning your own piece of property is something many people dream of and offers a lot of new freedom. Unfortunately, there are also many responsibilities that come with owning a home. Some of these responsibilities involve the home itself, while others involve the bills and costs of the home. Before you try and use a home affordability calculator to see if you can afford a home, you must also consider the responsibilities that come after the sale is closed. So what are some of the new responsibilities that you’ll have as a homeowner? Here are three new responsibilities that come with owning a home.

1. Home Maintenance

When you become a homeowner, one thing that you’ll have to deal with is your home’s maintenance. Maintaining a home can be quite costly. First, you’ll have to pay bills like water, heat, and electricity. In addition to paying these bills, you also will likely have to renovate or make improvements to your home. Things will break in your home over time, and you will obviously be responsible for fixing these problems. These problems could range from fixing a leak in your home, repairing damage from a storm or natural disaster, or repainting walls after natural wear and tear. This may sound like a lot of money, but these expenses only pop up on certain occasions and are variable costs. One way to deal with them is to ensure your monthly fixed bills are paid on time. You should also establish an emergency fund to deal with everything else. This ensures that you stay on top of things and are ready for any costs you may have to deal with.

2. Property Tax

Another expense that people may not realize that they have to pay is property taxes. Property taxes are levied based on the value of your property. The more valuable your real estate is, the more you have to pay in property taxes. Property taxes are extremely important to local governments, as they are used to fund a variety of local amenities. Property taxes can be used to fund local schools, sewage treatment, law enforcement, and fire services. Like any tax, failure to pay is not recommended, as it can land you in serious legal trouble.

3. Mortgage Payments

One of the most important responsibilities you have as a homeowner is keeping up with your mortgage payments. When buying your home, the cost is usually divided into two parts, the down payment and the mortgage. The down payment is the large sum of money that you use to cover some of the house’s price. However, the down payment usually only covers around 10-20% of the house’s cost, while the rest is covered through a loan from the bank called a mortgage. You must then spend the next couple of decades or so making payments on your mortgage until it is fully paid off. Making your mortgage payments on time is extremely important, as falling behind on them can lead to many negative consequences. First, interest payments can accrue over time, meaning that your mortgage will only get more expensive over time. In addition, if you fall really behind on your interest payments your home could become foreclosed or even confiscated from you, something you will want to avoid at all costs.

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