Owning home can be a big accomplishment for some people. But there are others for whom owning a home is a dread and a burden. How do you know which one you are? How do you know if you are ready to own a home? Today, Deborah Elliot-Shultz discusses some important points that help you determine if you’re a good candidate for owning a home.
The first point to consider is the existence of a household savings account. Are you able to save 5-10% of your take home pay to put into this account? Every home, new or older, will need maintenance. Things like the roof, water heater, furnace, refrigerator, and many other items that make up a home will at some point need to be replaced or repaired. Having funds available to maintain your home will help keep it habitable and cozy.
The next point to consider is your time. Do you have the time to maintain your home? Often, things in the home will happen when you least expect them and at the most inconvenient times. Furnaces have about a 15 year life expectancy. Garbage disposals, depending on if you have kids and your disposal habits, last about 12 years. Colorado, Wyoming and Nebraska recive the largest amounts of hail, making it important to get your roof inspected routinely.
If you choose to buy an older home in Colorado Springs, another thing to consider is your pipes. Many older homes have clay or terracotta pipes. These types of pipes are susceptible to root damage and deterioration. When you get a home inspection, also consider having a plumber come out to do a video view of the pipes to determine if they are close to collapse. This can cause a sewage backup and is quite costly to replace. If you decide to purchase you’ll want to have a plumber inspect clay pipes on a routine basis so pipe collapse is less likely to catch you by surprise.
Maintaining your home not only helps you protect your investment, but it also helps hold the property values of the neighborhood. As a homeowner, nothing is more frustrating than a neighbor who neglects their home causing property values to fall well below market value.
Still not sure if you’re ready to be a homeowner? Remember this little helpful hint: if you have a hart time keeping up with the maintenance of your vehicle, it will be more expensive and time-consuming to maintain a home.
If you’re ready to buy a home, contact Deborah at (719) 641-1357 about the steps necessary to buying a home that suits you!