The main lesson I’ve learned from homeownership is that it can put a squeeze on your finances. The home may be new or many years old. Regardless of the home’s age, there is up-keep and certain necessities.
My experience has shown me that repairs can manifest themselves out of perfect situations. The shower had been operating as intended and all of the title on the wall around the bath tub were intact. Then out of nowhere one of the kids tell me three of the titles fell from the wall. These titles couldn’t be replaced; the whole wall had to be repaired.
This is controlled by the industry. There are guidelines that could dictate that your insurance will not be renewed even if you have paid your premiums on time and without any claims ever being filed. Sometimes if you are insurable depends on the state you live in and whether any storms have destroyed property in your region.
An investment in your own equipment or hire someone to take care of the yard’s grooming is essential. If your skills are good enough to cut your own yard, this will come in handy if you have no other choice. Most homeowner associations require the lawn to stay cut and edged at all times.
Do-it-yourself treatments will keep the bugs away. I usually use a product named Home Defense to treat the inside of my house and the outside. However, there are times when the professionals need to be called out to get rid of the insects. Especially when little black thin tiny ants make their way into your home looking for water, there is a certain type of bait that needs to be put down in their path for them to take back to their nest.
Itemize expenses at the end of the year
This is when it can pay to be a homeowner. There are deductions eligible to reduce your taxes. These deductions include repairs and PMI (Private Mortgage Insurance).
If you are deciding if you are going to take a step toward homeownership, whether you’re a medical professional or not, take the time to count the costs associated with it. The items listed above are tugs at your income. Nevertheless, the upkeep in ownership is beneficial and will help maintain the value of your property for years to come.