There's nothing like owning your own home. Homeownership comes with a sense of freedom, security, and stability, but it's also a major responsibility. There are a number of advantages in a new home build with less maintenance and a shorter to-do list standing out as a couple of the best perks. That being said, it's still a good idea to get in the habit of taking care of your home wherever possible to prevent future issues from arising.
Here are five habits of responsible homeownership that will make homeownership easy and worry-free.
1. Be Respectful of Neighbours
While you can do anything you like to your home, it's still important to consider those around you. Make an effort to be a good neighbour and do what you can to contribute to an amicable environment for everyone. This includes bringing in your trash cans every week, avoiding loud noises or music at night, and keeping your lawn in good shape to contribute to the entire neighbourhood's curb appeal and property values.
2. Stay on Top of Maintenance
New homes don't require as much maintenance as existing homes, but you will need to stay on top of seasonal chores to keep your home beautiful and avoid costly repairs down the road.
During the spring, be sure to clean out your gutters, check the exterior of your home for any damage to the roof and windows, start your lawn care routine, and have your air conditioner serviced.
Your end of summer maintenance checklist should include getting your furnace or heating systems serviced and cleaning your fireplace. Make sure the doors and windows have good seals and set up a plan for snow and ice removal if it isn't offered in your community.
Throughout the year, check and change your air filters and test your fire and carbon monoxide alarms.
Regular service calls to maintain your HVAC system, water heater, air ducts, and lawn represent one of many hidden costs of homeownership that owners may overlook. While this may seem like a big responsibility, it's the best way to ensure your home maintains its value while preventing unnecessary repair bills later. According to studies, regular maintenance can even increase the value of your home by nearly 1% every year.
3. Start a Reserve Fund
Emergencies and disaster can strike at any time, not to mention the many unexpected expenses that come with homeownership. One of the first steps you should take as a homeowner is considering your goals and updating your spending and savings plans. Consider the new costs of ownership you will face and begin saving money in a reserve fund: This could be used for a variety of items like:
- increased property taxes
- unforeseen repairs
- home improvement projects
- lawn care supplies
- pest control
- unexpected job loss
4. Check Restrictions Before Making Changes
At some point, you may want to make changes to your home, such as adding a new patio or landscaping. Make sure you check for easements before you get started! A right-of-way or easement is an agreement that gives another entity the right to use your land in a certain way that may restrict your use of your land. For example, if a utility company has a main line running under your land, they probably have an easement that ensures they can access the line by restricting any use that hampers access like building a structure over the line.
You will also need to get a permit before performing any work on a home in Alberta. Getting a permit before contractors begin work on your home ensures the work is done according to safety codes.
5. Understand Your Coverage
It's a good idea to know exactly what your insurance policy and home warranty covers long before you need to make a claim. Take the time to read through your homeowner's insurance policy to understand the fine print. Be sure you know what is and is not covered.
While you're at it, go through your warranties and store them together in a safe place. This includes information about your new home warranty as well as manufacturers' warranties for appliances and systems in your home. Good record-keeping will help you down the road if you ever need to make an insurance or warranty claim. Get in the habit of keeping records of maintenance performed on your home to ensure your claims are approved if a defect arises or a system unexpectedly breaks down.
Don't make the mistake of putting off maintenance and savings for another day just because your home is new. If you want to keep your home in great shape, avoid headaches, and an empty wallet down the road, take these steps now to develop responsible homeowner habits that will serve you well in the years to come.
