Buying a home is a big step for any family or individual. Not only is it difficult to save up a down payment, but it can also be hard to take care of a house for the first time. Proper maintenance and general upkeep is an important part of home ownership. It takes a lot of work, but it is essential to protect your investment.
Protecting your investment requires diligence through the decades of ownership, but it provides a lot of freedom. Freedom to do whatever you like to the property, where renting would restrict you. Financial freedom to not have to pay rent forever, and live mortgage free after you pay it off. While laying out the benefits of home ownership are not my intention, it is important to note why we all go through the pain of protecting our investment. In order to protect these benefits, there are several things you need to consider:
Perform Regular Maintenance
Some people have misconceptions about home ownership. In fact, there are a lot of major costs that come with home ownership, that are directly tied to maintenance. Every home will need to be re-painted, updated appliances, new roof, among many other things. The years between these items vary, but the necessity is still there. Make sure to take care of these things before the develop into larger problems.
If you have a mortgage, insurance will most likely be a necessity. Regardless of the requirements by your lender, you need to have insurance. It’s relatively inexpensive in comparison to the benefit that it provides. Don’t put yourself in a bad situation by trying to save a few bucks with getting rid of home owners insurance.
This may not be a necessity, but it is something that everyone should consider. Depending on your neighborhood, home security can be really important for protecting your loved ones. You never know when your house could be targeted and it is often better to be safe than sorry. The last thing you want to happen is to not feel safe in your own home.
When you buy a home, it is something that you need to take seriously. I see too many homes that fail to protect their investment and actually lose money because they did not take care of it. Remind yourself of the benefits of homeownership the next time you are faced with a decision that could affect the value of your home.