Thanks to a strong economy and record low unemployment rates, home ownership is way up in the United States with over 5.5 million existing homes being sold in 2018 alone!
Whether you’re a new homeowner or someone who is just considering purchasing their first home, the feeling of accomplishment you have or will get once you’re living in a place that you own is indescribable.
Still, home ownership isn’t all candy canes and rainbows. There are a lot of aspects of owning a home that most realtors, friends, family and online guides don’t tell you.
To help better prepare you for when you buy a home or to address some of the questions you may have now if you already have one, our team has put together this article.
In it, we go over 10 of the most common things owning a home brings with it that people tend not to consider.
1. Buyer’s Remorse is Inevitable
After living in your home for a few months, you’ll notice a quirk here and an issue there. Those realizations coupled with the amount of debt you now have can be very troubling.
All of that leads to what is called “buyer’s remorse”.
It’s important to know that with any big purchase, homes especially, buyers remorse is common. Over time, as you move out of debt and as your investment appreciates, you’ll find that your remorse will melt away.
2. Future Development Means Something
If you buy a home in an area where a big business is moving in within a couple of years, your house’s value will skyrocket. If you purchase in an area where oil rigs are moving in, your property’s value will plummet.
To better protect the value of your investments, always look to your city council to know what future developments are in store.
3. Schools Are Important Even if You Don’t Have Kids
If you have kids, chances are you’re letting schools weigh into your owning a home decision already. What a lot of people don’t know though is that they should be looking closely at schools even if they don’t have kids.
If you move into an area with good schools, your property’s value will go up faster. Also, if you have kids in the future, you’ll be covered.
4. Some HOA’s are Just Plain Bad
HOA fees are annoying but sometimes are worth the services they provide. Some HOA’s, however, do very little work for large monthly premiums.
Be sure to do research on your HOA before you purchase a home within their jurisdiction. That way you can make sure you don’t get stuck with a bad organization.
5. Cleaning Gutters Isn’t As Crazy a Task as It Seems
“Clean the gutters!”
That phrase is one many movies and television shows have made popular as a negative, cumbersome household task. Fortunately though, cleaning the gutters isn’t actually all that bad.
Clogged gutters traditionally get cleaned out twice a year, once in the winter and once in the early spring. Allocating a few hours to the job should be more than adequate.
6. Buy Something You Can Grow Into
Many people anxious to become homeowners buy something that’s too small too fast. This creates conditions where the second that your household or ambitions grow you’ll need to consider selling.
To avoid needing to short-sell your home, always buy slightly bigger than you think you need so you can scale into your space.
7. Many a Weekends Will be Spent on Maintenance
When you’re a renter, you have very little to worry about in the way of maintenance. A quick call to your leasing office and within 24 hours, most issues are promptly dealt with.
The same isn’t true when you’re a homeowner.
Most homeowners will spend 1% of their home’s purchase price on maintenance each year. Even with spending all of that money, a fair amount of DIY work will still be involved meaning you’ll spend a lot of weekends tweaking plumbing, repairing window seals, and more.
Be prepared to reschedule a brunch date every now and again.
8. Furniture Expenses Can Be Shocking
When you buy a bigger house you’ll have more space and more rooms. Even if you don’t have a use for that extra space just yet, you’ll need to fill it with something.
That means purchasing an additional bed, a desk, and a number of other things.
When owning a home, get prepared to pay to stage all of your additional space.
9. Small Imperfections Can Be Infuriating
If you’re a first time home buyer, you may have gotten used to dinging walls or dirtying carpets in your rental property while not caring too much. When owning a house, those kinds of small imperfections will probably infuriate you.
Because you have skin in the game now! Every small imperfection you see is something a buyer will see one day which means lower offers and less cash in your pocket.
10. Sometimes You’ll Need A Loan to Seize the Perfect Opportunity
If you’re an existing homeowner who is thinking about buying a new home but aren’t quite ready financially, you may be letting incredible deals pass you up. Missing out on those deals could cost you a tremendous amount in money and in comfort in the long run.
In order to take advantage of opportunities when they present themselves mortgage bridge loans can help. These loans let you borrow money against your current property to fund the purchase of a new one.
When you sell your current property, you can use the funds to clear the loan.
Wrapping Up Things Nobody Tells you About Owning a Home
Owning a home is incredibly rewarding but can also be an incredible headache. To make sure you’re prepared for all of the ups and downs of owning a home, we recommend committing the above list to memory or at least keeping it handy.
Understanding everything that can go wrong with a home purchase can help you get set financially and mentally to weather the storm!