Becoming a homeowner is a big responsibility, and it can be more than some people expect. More than a financial burden, there are many other parts to homeownership you may not think of. From ongoing maintenance of the home to professional surveying, here are some examples.
The Mortgage isn’t the Only Cost
It’s easy to get too focused on the mortgage because it is the biggest expense you have as a homeowner, and it is a massive responsibility. Of course, you can consider other options, such as shared ownership staircasing, but even then, there are other costs. The purchase price is only the beginning, and you may need to pay extra fees when buying a home. Some ongoing costs can also include property taxes, various types of insurance and even service charges.
A Home Needs a Lot of Maintenance
When you buy a property, you are solely responsible for it, and that means everything! Unlike renting a home, you can’t call anyone else, such as the landlord, to deal with the problems. From leaks to holes in the roof, everything comes down to you. To prevent some of the worst things from happening, ongoing maintenance is a necessity. Inspecting your home every week is recommended, and you will also need to set aside around 1% of the value for annual repairs.
Check the “Bones” when Becoming a Homeowner
It’s so easy to buy a home on a whim just by going on looks. In fact, 40% of UK home buyers do this, but it can end up ruining your experience. Something like maintaining healthy indoor floors will add to the appearance of a house, and flooring is important. But the things you can’t see are just as vital, if not more. The “bones” of the house include the structural frame, plumbing, wiring and the roofing. So always inspect and enquire about these when viewing a property.
A Professional Survey is a Must-Have
Before you even sign on the dotted line, you have to consider a professional survey. As a potential buyer, you have the right to request a survey, at your own expense, to get a good valuation of the home and to check for signs of wear and tear or hidden damage. A survey by a professional can help identify serious problems that might cost you a lot of money down the line. This includes foundational issues, roof damage and potentially invisible structural degradation.
Don’t Remodel Immediately
After moving into a house, it is possible that you are low on funds after paying the downpayment, mortgage and fees. Because of this, it can help to just live in it for a few months. While getting a feel for the home, you can also begin to spot the real issues that need to be taken care of. This will allow you to allocate funds more appropriately and responsibly before renovating for aesthetics, as essential home repairs should always come before vanity projects.
Summary
The mortgage isn’t the only expense you will face when becoming a homeowner. To avoid high-cost issues, it also helps to check the bones of the house for signs of repairs, and if nothing is immediately noticeable, it will help to live in the property before committing to decor projects.
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*This is a contributed post. As ever, all opinions are my own.
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