When you become a homeowner, you achieve a significant milestone that can represent a certain amount of stability and accomplishment for yourself. After all, no longer are you paying someone else for their property, but you’re a real homeowner!
Make no mistake about it, there are many joys that come along with owning a home, from security, to pride. However, along with many joys come a considerable amount of unanticipated aspects. Here are some of the things you might not expect when you become a homeowner.
Maintenance and Repairs
One of the first unexpected surprises that comes along with home ownership are all of the repairs. When you’re renting, it’s as simple as calling your landlord and they’ll handle it. However, when you’re your own landlord, it’s up to you to call a plumber.
It’s up to you to repair any roof damage or cracks in the walls. In fact, the ongoing tasks can seem endless when the house is your own. Many people don’t realize just how much responsibility goes into keeping a property in good condition.
That’s why you should always make sure that you put a little bit of repair money aside. That way, you can budget for unexpected repairs, as failing to tackle these repairs right away can lead to unexpected expenses down the road.
Taxes
As if you didn’t think that mortgage payments were enough to worry about, you may not expect the additional taxes that come along with home ownership. Depending on where you are, the property taxes may vary, but it can add up to a significant amount of money at the end of the year. If you don’t budget for paying these taxes, then you can find yourself in for an unpleasant surprise.
Limitations of Home Improvement Projects
One of the most appealing aspects of buying a home is that you have total creative freedom to change it as you please. However, personalizing your home comes with certain limitations and challenges. You may find yourself facing local regulations or HOA rules that restrict you from carrying out the entire vision of what it is you hope to do. Sometimes making certain exterior modifications or renovations require extra permits, and you may even be told “no” altogether. That’s why, you should always get to know the local regulations and permits required before taking on any major renovations.
Emotional Attachment
When you become a first-time homeowner, you have a certain emotional attachment to your new purchase. Because it’s a huge achievement in your life, and you have something that’s yours as opposed to borrowed, there is a deep emotional attachment that comes with it. Many homeowners aren’t prepared for this sense of belonging and emotional attachment that accompanies home ownership. It can be incredibly satisfying, and also very difficult once you decide to leave.
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