The benefits of owning a home don’t come without challenges and obligations.
Homeownership is a goal everyone aims to tick off. Once you’ve signed that contract and moved into your very own home, the euphoria will probably stay with you for a long time. But if you’re careless and don’t take homeownership as a privilege and obligation, that euphoria might turn into something else. Planning your life ahead as a new homeowner can help you navigate this new season in your life.
Maintaining Your Home
Unlike in rentals, having your own house means you’re in charge of all the maintenance to keep your house in tip-top shape. We’re not just talking about dirty work. From manpower to expenses, you are the sole keeper of your house. You should know your property inside out so you know how to maintain it well. You can also prepare a periodic home maintenance schedule to keep track of.
Updating Your Dues and Taxes
Neglecting your dues and taxes can harm not only your finances but also your peace of mind. In the first few months or years, we recommend that you do the payment and filings of your dues yourself so you will know exactly how the process goes. A clear understanding of your financial obligations will go a long way in keeping your finances in check.
Keeping Your Liquidity
Some people think that having a house is their golden ticket to a lifetime of comfort and that if an emergency arises, they can simply sell their house. Although there is nothing wrong with drawing confidence in your home purchase, it’s way smarter to be practical and realistic. Houses, no matter what their values are, don’t sell as quickly as other investments or assets so make sure your cash reserve is always intact.
Loving Your Stability
Buying, reselling, and moving frequently is not easy. Owning a home means you’re ready to stay and live in one place for several years. If you moved and purchased a home in an unfamiliar city or a new neighborhood, make a personal commitment to grow and thrive in it.
Saving an Emergency Fund
In unexpected times, your house may be subject to major repairs and replacements. If you don’t want to take on additional debt, then having an emergency fund reserved for your house is the best thing to prepare.
If you want a more sustainable home in the long-term, prioritizing energy and water efficiency improvement can be done by making small changes and adjustments. These features in a home will give you the most savings over time.
If you’re overwhelmed with these homeowner commitments, buying might not be good for you —at least not yet. Plan on being a responsible homeowner and you’ll reap the rewards for a lifetime.
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