Becoming a homeowner is often seen as a milestone in one’s life. It signifies financial stability and the ability to put down roots. However, along with the pride and joy of owning a home comes a long list of responsibilities that can be overwhelming for first-time homeowners. While most people know about common tasks like paying bills, maintaining the lawn, and fixing minor repairs, there are some lesser-known tasks that many homeowners are not aware of. In this article, we will discuss five tasks that no one tells you about owning your own home. Let’s get started!
Checking for Radon is Crucial When Owning Your Own Home
Radon is a colorless and odorless gas that can seep into homes through cracks in the foundation or walls. It is a known carcinogen and has been linked to lung cancer. According to the Environmental Protection Agency (EPA), radon is the second leading cause of lung cancer after smoking.
Unfortunately, many homeowners are not aware of this danger and do not have their homes tested for radon. It is recommended to test your home for radon every two years, especially if you live in an area with high levels of the gas. If elevated levels are found, there are solutions available to mitigate the issue and ensure your home is safe for you and your family.
Updating Home Owners Insurance Protects You
When purchasing a home, homeowners typically obtain homeowner’s insurance to protect their investment in case of damages or disasters. However, many people do not update their insurance coverage over time, even though it is essential to do so. As time goes on, the value of your home and belongings may increase, and your insurance policy should reflect that. It is crucial to review your homeowner’s insurance regularly and make any necessary updates to ensure you have adequate coverage in case of an emergency.
If you are unsure about how to update your homeowner’s insurance, it is best to speak with an insurance agent or broker who specializes in home insurance. They can help assess your current coverage and make recommendations for any necessary updates. It is also essential to keep an inventory of all your belongings and their value, as this information will be crucial in case of a claim.
Owning Your Own Home Means Maintaining Your Exterior
Maintaining the exterior of your home is just as important as maintaining the interior, but it often gets overlooked. Tasks like cleaning gutters, maintaining the deck and siding installation, and repairing any cracks or damage to the exterior of your home are essential in keeping it in good condition. Neglecting these tasks can lead to larger issues down the road, such as water damage, mold growth, and more. It is also important to regularly inspect your roof for any damage or wear and tear. Keeping up with these maintenance tasks can save you time and money in the long run.
Keeping Track of Home Improvements Saves You Money
Many homeowners take on home improvement projects throughout the years to upgrade their living space or add value to their property. However, not keeping track of these improvements can be a costly mistake when it comes time to sell your home. Any home improvements that increase the value of your property can potentially lower your capital gains tax when you sell. Therefore, it’s essential to keep track of all home improvements and their associated costs in case you need to provide evidence to the IRS.
Some home improvement ideas that can increase the value of your property include kitchen and bathroom renovations, adding a deck or patio, finishing a basement or attic space, and upgrading your HVAC system. These improvements not only make your home more aesthetically pleasing but also add functionality and convenience for potential buyers. Other projects like fixing structural issues, replacing outdated appliances, and upgrading to energy-efficient features can also increase the value of your home. It’s always a good idea to consult with a real estate agent or do some research on which improvements will have the most significant impact on your property’s value before starting any projects.
Understanding Property Taxes When Owning Your Own Home
Property taxes are often overlooked by homeowners until they receive their annual bill or notice an increase in their mortgage payment. However, understanding property taxes is crucial for homeowners to budget and plan accordingly. Property taxes are based on the assessed value of your home, which can change over time due to market fluctuations or improvements made to the property. It’s essential to review your property tax assessment each year and appeal if you believe it is inaccurate.
Understanding and managing your property taxes can be beneficial to homeowners. For example, if you made energy-efficient upgrades to your home, you may qualify for tax credits or deductions on your property taxes. Additionally, understanding the assessed value of your home can help you negotiate with insurance companies for lower premiums and provide evidence of the value of your home in case of a disaster or emergency.
Owning your own home comes with many responsibilities, and it is essential to be aware of all the tasks that come along with it. By staying informed and proactive, homeowners can ensure their homes remain safe, valuable, and well-maintained for years to come. Make sure to add these five tasks to your homeowning checklist and keep your home in tip-top shape! Happy homeownership!
