5 Responsibilities as a New Homeowner

Congratulations! Now that you’ve made it to this step and you are now a homeowner. From this day forward, you will be the one who is responsible for your home wellbeing.

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Minute Read

5 mins

Published

04.02.2021

Category

Lifestyle & Tips

Congratulations! Now that you’ve made it to this step and you are now a homeowner. From this day forward, you will be the one who is responsible for your home wellbeing. As we all know, our home is our biggest investment. If you are a new homeowner, there are several things that you need to learn and embrace. We have listed five things you need to know when it comes to responsibilities as a new homeowner.

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1. Get to know your household bills

From property mortgage, taxes, insurance, and other operational bills. Yes, buying a home comes all-in-one with a huge responsibility and commitment. Here are a few things to make sure you are financially ready when becoming a homeowner.

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Paying your mortgage

One of the biggest responsibilities when buying a home is mortgage payments. Do talk to your real estate agent about what suits your pocket or your mortgage lender if there is something that you need to adjust according to your affordability level. This way, you can reduce the number of your overall mortgage payments when buying a home.

However, this can be a different scenario if you are buying a home as an “over credit” from an existing mortgage. Buying a property through “over credit” implies a buyer basically takes over the seller’s remaining mortgage payment balance, with or without making it official with the lender.

Property taxes

Property taxes can vary depending on the city you live in, make sure to have done proper research before buying your home. A deeper understanding of property taxes can help you save money when buying or selling the property. So, pay a lot of attention to it.

Homeowner insurance

Is having homeowner insurance important? Our home is our most valuable asset. With homeowner insurance, it will protect your home against any kind of damage. Unconsciously, homeowner insurance will not only protect the physical structure of your home but also your personal belongings in the event of serious damage. Talk to your insurance company about your homeowner insurance coverage.

Operational bills

Lastly is operation bills — such as electricity, or even water bills. For instance, electricity bills can go skyrocket when you pay the least attention to your consumption. Look closely at your electricity usage and the electronic appliances you buy. Keep track of due dates, don’t miss your payments.

2. Regular maintenance for your home

Along with the fun that comes as a new homeowner, you are also responsible to take care of your home maintenance. That being said, any kind of home repairs would be one of your priorities. Keeping your home maintenance as scheduled will keep your home safe and comfortable, and having a walkthrough of inspection reports before maintenance will get you ideas on the overall condition of your home and it can work as your guide on a list that needs to be maintained at some point.

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Some home repairs and maintenance require outside help. So make sure to find the right person to do all the repair work for your home, and that is to look up companies that are well insured and have a good customer review. Hiring a professional to do your home maintenance is a smart move if you are not that experienced with home maintenance or have no idea what to do. Besides, you do not have to worry about anything since they all have the right and perfect tool for each work they need to do even to the smallest details, also the professional will deal with your home maintenance a lot faster.

Remember, your home has become your responsibility to set up a schedule for regular maintenance around your home.

3. Know your builder’s warranty

What actually is a builder’s warranty? Builder’s warranty is a must if you are buying a newly constructed home. Builder’s warranty is usually provided by a third-party provider and will last between months until years. But some builder’s warranty can cover up to 10 years for major structural defects.

What makes it different from home insurance? While builder’s warranty vs home insurance might look alike, it is actually two different products. But the truth is that both are as important as the others. The primary difference with the builder’s warranty is that it covers a limited coverage on supplies used or workmanship.

Remember, a builder’s warranty does not cover any kind of household appliances, damages that are caused by insects, or even weather-related issues. Talk to your builder about what the warranty covers and what it does not cover.

4. Check the home condition

If you are buying a tenant-occupied home, make sure to ask them as many questions as possible. This way you know what you will need to repair and replace, the previous owner might give you a bit of advice on redoing the house If it’s possible, partner with a real estate agent who is experienced and knowledgeable when it comes to buying a pre-owned home. You have to ensure that everything at your new home is working in good order.

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If you are buying a new construction home, make sure to have a closer look at the construction building, examine the property closely, the material they are using to build the house. Not less important, as a new homeowner, you also might want to change the locks for safety reasons. No matter if you are buying a newly-built home or a pre-owned home.

Check out this article to learn more about the legal documents you need when buying your first home.

5. Make a list of trusted contractors

In case the smoke alarm went off, or any kind of water damage, or even the overflowing toilet that won’t shut off, you need to know who to call. Make a list of trusted contractors such as plumbers, electricians, or even a construction tradesperson, not only do they focus on building work on home development but also home maintenance and repair. Gather some recommendations from neighbours, friends, or family can help you find a trusted person for someone to fix your home.