What You Should Expect as a New Homeowner
Perhaps one of the most important decisions in your life is buying a house. If you are planning to make that investment, don’t be caught unprepared. Learn about things a homeowner should expect to set yourself up for success. Here are a few things to consider.
Things a Homeowner Should Expect in the First Year
To be a successful homeowner, there are some basic responsibilities that you will have to plan for. Create an emergency fund of at least a few thousand dollars to be prepared for unexpected expenses. As a new homeowner, get into the habit of testing your smoke detectors, cleaning the refrigerator coils, and changing the HVAC filters monthly. Mark on a calendar to remember the tasks you should perform regularly.
Your Lender Could Sell Your Mortgage
Mortgages are bought and sold all the time; this is a common practice. It is highly unlikely that this will affect you financially. Additionally, there is also the possibility that your loan will be sold, but your servicer will remain the same. If that is the case, you will continue to make payments to the same lender. However, if the purchaser of your loan is also your new servicer, you will generally have a 60-day grace period to prepare to send payments to the new lender.
Fluctuating Property Taxes are Things a Homeowner Should Expect
One of the things to expect as a new homeowner is property tax. However, be aware that the property tax won’t always be the same from year to year. Factors like the housing market, your neighborhood, renovations you make, and the local economy play a role in when and if your property taxes increase or decrease.