If you’ve been renting a home or an apartment for a while and are interested in homeownership, there are a lot of changes that will happen. Here are some of the changes you can expect when you change from a renter to a homeowner:
Tax Breaks.
When you own a home, you get a variety of different tax breaks. You can deduct the interest you pay on your mortgage annually. If you’ve paid discount or origination points, you can deduct those from your income as well.
Maintenance.
When you were renting, your landlord likely took care of any major maintenance issues that impacted your way of living. When you own your own home, you are in charge of all of your maintenance and repairs. Many first time homeowners don’t anticipate this, and they feel scared or uninformed when an issue arises. An easy way to combat this is to be on top of your scheduled maintenance and to do research on who to call before it gets to a point where you need to call in distress.
Extra Fees.
Many first time homeowners don’t expect the extra fees that come along with homeownership, such as closing costs, HOA dues (if applicable), and property insurance. When you purchase a home, make sure to budget for all of these extra expenses to avoid any unwelcome surprises when you buy the home.
Security and Pride.
One of the best things about owning a home is that you will feel a certain sense of security and pride. Not only will you be building equity in your home, but you will feel great knowing that you own something that you have worked hard to purchase.
