Owning a property is worthwhile, but no one would say that it’s easy. Indeed, even the process of getting your hands on the keys can be challenging. Unless you get your house bought for you (in which case, lucky you!), you’ll need to go through a lot of effort before you’re officially a homeowner.
And the work doesn’t stop there. Being a responsible homeowner is a multipronged process that ensures your home is livable and secure, and that its value moves in the right direction. In this post, we’ll run through some handy tips that’ll give you peace of mind that you’re doing right by your property.
Create an Emergency Fund
You never know what’s going to happen in life. Sometimes, you benefit from life’s unpredictability; at others, you’re on the other side of the coin. If you’re going to be a responsible homeowner, then it’s important to create an emergency fund. This will help you to take any unexpected expenses in your stride. Without this, you might find that a serious issue — say, you discover issues with your foundation — can have a devastating impact on your financial landscape. You might never need the money in the emergency fund, but you’ll feel better knowing that it’s there.
Keep an Eye on the Value
Your home is primarily your home. But it’s also an investment. Managed correctly, your property could be what allows you to live your best life when retirement rolls around. But the key part of that sense is ‘managed correctly’; homeowners who assume that their property will automatically be their nest egg are playing a dangerous game. It’s worthwhile periodically getting your home valued even if you have no intention of selling. If it’s not worth as much as it could be, then look at making improvements that boost the value.
Taking Care of Issues
It would be nice if your home would look after itself, and always be in tip-top condition. Alas, that’s not realistic. All properties, even new builds, have issues from time to time, as do the appliances that keep your home running smoothly. As a responsible homeowner, it’s in your interests to take care of them promptly — aside from anything else, it’ll help to make your property more livable. Plus, if you don’t fix them, then who will? Knowing how to troubleshoot a washer that won’t drain, clear gutters, and fix other routine problems will ensure that your house is always working as it should be. Taking a course that teaches you the basics of home DIY can also be worth its weight in gold since it’ll allow you to fix basic problems around your house.
Knowing When To Leave Things to the Pros
There are some tasks that you should always leave to the professionals, even if you class yourself as pretty handy with a toolbox. Not doing so won’t only put the quality of your home at risk, but could also be dangerous. For example, anything to do with your home’s electrical and plumbing systems. It’s also best to leave any roofing jobs to the professionals since it’s a bit risky to be up high unless you have sufficient training.
It’s sometimes tempting to attempt these types of jobs yourself, especially if the job seems minor. However, remember that it can be dangerous to do so, and even if you end up fine, it’s more likely that you’ll make the problem worse.
Thorough Insurance
Everyone knows that home insurance is essential. However, it’s worth remembering that simply having a home insurance policy doesn’t necessarily mean that everything will be fine in case something goes wrong. What you need is sufficient home insurance. If you currently have a policy, it’s worthwhile checking what it covers. If the coverage is limited, then you might find that you have to pay out of your pocket when disaster strikes.
Having an Exit Strategy
Even if you plan to live in your property for many years to come, it’s worth thinking about your eventual exit strategy. What this strategy is will depend on several factors, such as your age. If you’re a young homeowner, then it’s best to think about whether you’ll need to upgrade to a larger house should you have children. If you’re older and your children have fled the nest, then downgrading will be on your mind. Knowing when to sell will ensure you get maximum value in multiple senses — first from a financial perspective, and second from a lifestyle perspective.
