When you buy your first home there is a lot that is thrown at you. One of the biggest parts of homeownership that can be challenging is home maintenance. When you are the owner, you are responsible for all of the repairs and replacements that may be needed. With that being said, you want to avoid some of the biggest mistakes homeowners make. Read below so that you can do your best to be a responsible;e homeowner.
Biggest Mistakes Homeowners (and homebuyers) Make
Repairs & Replacements
You always have to plan and consider future repairs and replacements. Homeowners that don’t prepare for this are doing a big disservice to themselves financially. Even if you can afford your mortgage payment, you need to consider all of the other bills that come along with homeownership. Pay attention to the lifespan of your home’s key systems and when you are getting close to the time a replacement is needed. Roof replacement and HVAC replacement can be costly, so you don’t want them to sneak up on you.
Buying Beyond Budget
This goes along with what we mentioned above. Being able to afford the mortgage isn’t enough. You may want to buy a home at the max limit of what you were pre-approved for, but that isn’t necessarily a wise decision. If you aren’t considering your other utilities and emergency savings, then you could be buying a home beyond your budget which will be a huge mistake in the long run.
If you noticed, many of the biggest homeowner mistakes have to do with poor financial planning. Part of your monthly budget should be for emergency savings. If you fail to do this and find yourself in a situation where you are unable to pay your mortgage, you could come up against foreclosure.
If you fail to pay attention to repairs needed on your home then you will end up with a much bigger issue in the long run. Oftentimes home repairs start small and may seem insignificant, but as a responsible homeowner, you should get these repairs remedied right away. A small leak will always lead to a much bigger leak. Ignoring them will only create a bigger problem.
Hiring a Contractor
If there is a home repair needed, you need to hire a professional. DIY home renovations are a big mistake when you lack knowledge. The other issue is hiring a contractor blindly without proper vetting and references. This could leave you with an incomplete job and costly [airs to correct the unprofessional work.
Eliminating Bedrooms and Bathrooms
Even if you are not using all of the bedrooms or bathrooms, you will decrease the value of your home by eliminating one or the other. This is a big mistake. Your home is one of your greatest assets and you want to protect t and help it grow as much value as possible.
As a homeowner, you should always research all of your costs before purchasing a home. Once you feel ready, double-check the mistakes mentioned above so you can avoid them.
For more information on buying, selling, or investing in Mesa, AZ real estate, contact me!