Buying your first home is a monumental task that can be both exciting and overwhelming. The work doesn’t stop once the papers are signed. Unexpected things will likely happen after you buy a home that you should know about. To make sure you’re prepared, here are three things to expect as a new homeowner.
Your property taxes will fluctuate.
Your property taxes may fluctuate from year to year depending on the condition of the home, the current housing market, and other factors. An appraiser will check the exterior of your home and assess it at least once every few years to see if the property taxes need to be adjusted. As your home’s value rises, your taxes will cost more, but this just means that your investment is healthy and worth more.
Your insurance needs may change.
As a new homeowner, mortgage companies require you to have homeowners insurance, but the policy you initially get when buying your home may need to be adjusted over time. You may decide that you are paying for coverage that you don’t need, or that the coverage you signed up for is no longer sufficient.
If you remodel your home, it’s good to revisit your homeowners insurance policy to make sure your investment is fully covered after making any improvements to the property. Review your policy each year to confirm it’s still relevant and meeting your needs, and make adjustments if needed.
Regular home maintenance is one of the top things to expect as a new homeowner.
Now that you’ve purchased and moved into your home, the hard work begins. Being a homeowner is a rewarding experience that requires you to take care of your new home. Regular maintenance and updates are necessary to keep a house in good condition.
Things like furnace cleanings, resealing the driveway, painting the home’s exterior, regular lawn upkeep, replacing light fixtures, upgrading appliances, and more are all things you should expect as a new homeowner.
It’s best to always be prepared for the unexpected and have money set aside to handle things that will come up throughout the year. Planning ahead and performing regular, preventative home maintenance tasks will help you be a more conscientious homeowner.