For decades, the American Dream has been a concept about pursuing happiness in the United States. The idea is that anyone can achieve their desired lifestyle with enough work ethic and ambition, though we all know that reality can be a little different.
Either way, part of that dream often includes homeownership for millions of Americans, whether they are individuals or families.
The problem is that buying a house is a huge investment. It could take years to save up enough money for a down payment, and even then it can be scary to calculate all the extra costs. Plus, living in a rental is far less permanent, so you have a little more freedom to switch up your lifestyle and terminate your lease.
However, the benefits of homeownership outweigh the costs for millions of owners. The freedom to renovate, the equity that can be turned into profits, and the ability to lay down roots are very appealing.
As you think about becoming a homeowner, it is important to understand all that entails. Here are five discoveries that all new homeowners experience once they move in.
There Are a LOT of Utilities
When you rent an apartment or other type of living space, you probably think of the primary utilities like electricity, water, heat, and maybe Wi-fi. Often, landlords include utilities in the rental cost, so you may not even realize these services would cost extra for a homeowner.
Within the first few months of moving into your new home, you will quickly learn about all the utilities that send bills to your email or mailbox regularly throughout the year. There is, of course, the electric bill, which can include heating and cooling.
A water and sewer bill is common as well. Other utilities to pay for include Wi-fi, cable, gas, trash pickup, phone service, and even security. Depending on your lifestyle, you may be surprised by all these bills.
You Need More Tools
Renters usually make maintenance requests to the landlord if there is a problem. The landlord will either show up themselves to make the fix or get in touch with their contractor. As a homeowner, there is no one to call who will manage the issue.
You have two choices; you can either solve the problem yourself or call in a professional. In the interest of saving money, it is usually better to handle small repairs and maintenance tasks yourself, but you can only do so if you have the right tools.
Investing in DIY tools is valuable as a homeowner, as it allows you to reliably address any repairs quickly.
Water Damage Can Be a Big Problem
Anyone who has been a homeowner for years has probably dealt with water damage to some extent. Water damage can be caused by clogged drains, burst pipes, broken water appliances, and heavy rainstorms.
Where there is moisture, mold can thrive as well, affecting the air quality in your home. Learning about the signs of water damage should be a priority so you can respond quickly and protect the home from more severe damage.
For example, if you are facing an overflowing sink or tub, the sooner you call a firm like PacWest Restoration, the sooner the problem can be fixed.
Curb Appeal Must Be Maintained
The aesthetics of a property from the outside is known as its curb appeal. When you own a home, you should want a property that looks good from the street and the sidewalk.
There are a few reasons for this. First, it can impact the value of the property and help with selling. Second, neighborhood value is also a factor, and your neighbors will not be thrilled if your home appears unkempt. Third, a better-looking home can support your mental health and give you a property to be proud of.
Maintaining curb appeal takes work and is something that renters usually don’t have to worry about. It may involve mowing, weeding, shoveling, washing, raking, and other outdoor chores.
Fixed-Rate Does not Mean Monthly Payments Never Change
Another common misconception for homeowners is how mortgage payments work, particularly those that are for fixed-rate loans. When you hear fixed-rate, you might think that your monthly payments will always be the same because the interest does not change. But that is not the only variable that can shift.
Your monthly payments might also shift based on the assessed property value. If the market is growing and homes are deemed more valuable, then your payments could increase because of the increased property taxes.
Other variables that could change include home insurance and private mortgage insurance. Although interest will stay the same, these variables could cause monthly payments to fluctuate.
Are You Comfortable with These Concerns?
Usually, deciding to buy a home comes down to affordability. If you have enough money saved and a steady income, then it may be the natural step for you and your family to take. However, these other considerations should play a role in whether it is the right time to buy a house. Always do your research to ensure there are no major surprises once you close on a home.
