Homeownership can be fantastic. Landlords are usually alright, but being the lord of your own manor sure is a lot better. When you go from renting to owning your own home, a lot more changes than just gaining equity. Here are three things that will be different after you’ve purchased a home…
If it’s broke, you gotta fix it: If you live in an apartment, there’s probably not a whole lot of handy-man work to do on the weekends. When something breaks, you just let the super or the landlord handle it. But when you’re the homeowner, that’s no longer an option. So, when you find out that the crew who installed your shower doesn’t know how to properly use caulk, it’s your turn to do it right.
There’s a lot more to pay for: Depending on where you live and the size of your home, your mortgage payment can actually be lower than your rent previously was. But even if that’s true, that’s not where the costs stop. If you live in a house, it’s probably a lot bigger than your apartment, so there’s more to maintain. And when your hot water or HVAC goes out, you have to pay the bill. And let’s not talk about lawn maintenance or pest control.
You have to be a lot more responsible: If you’re in your twenties and are living in a crappy apartment, you may not care that there’s a hole in your wall. Even if you lose your security deposit, that’s just about the worst case scenario. When you’re a homeowner, you have to take a lot better care of your domicile. When it comes time to start a family and upgrade (or when the kids are finally gone and you can finally downsize to something smaller with less square footage to heat and cool) you’ll want your house to be in tip top shape when it’s time to sell.