Be Prepared For These Common Home Ownership Surprises
There are many true joys of home ownership, especially if you’ve found yourself in your first-ever home. However, first-time buyers often find themselves surprised by the responsibilities – financial and otherwise – that come with buying a home. The following are the top four surprises new homeowners wish they had realized before taking the plunge.
You will face a maintenance concern right away. Murphy’s Law reminds us that whenever something can go wrong, it will! Many a new homeowner is besieged by a clogged pipe, malfunctioning refrigerator or leaky roof upon moving in, even if everything checked out during the home inspection. Be sure to set aside some savings for these unintended repairs, as they’re bound to pop up.
Upkeep may take more time than you think. According to the U.S. Census Bureau, the average American spends nearly two hours per week tending to the lawn and garden. This number can jump astronomically if you own a large lot. Additionally, you’ll likely need to set aside about $400 per year for home maintenance that requires professional assistance.
Your to-do list will be never-ending. You’re not alone if you feel completely overwhelmed by the number of projects you need or want to complete in your new home. The longer you live there, the longer the list is likely to get! Rest assured, this is normal and you will eventually accomplish everything you need to in order to live comfortably in your new digs.
Property taxes are likely to rise every year. Although personal finance experts always encourage buyers to consider the cost of property taxes along with their monthly mortgage expenses, few people project those costs into the future. Property taxes usually rise from year to year, so buyers should be mindful of leaving some breathing room in the budget.
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