Responsibility = big word. According to BusinessDictionary.com, it is a duty or obligation to satisfactorily perform or complete a task (assigned by someone, or created by one’s own promise or circumstances) that one must fulfill, and which has a consequent penalty for failure.
Owning a home is something everyone should have if they want it. Being able to live where you want and enjoy the features of your environment can help you relax, entertain, play, and do more of the things you enjoy. You can own a pet, build a treehouse, paint the walls with your favorite color, and play music and videos as loud as you like without disturbing your neighbors.
For this American dream to come true, you have to do the groundwork. You will be far more independent and have some very real responsibilities to make homeownership work.
Check out these top responsibilities you’ll have as a homeowner.
Paying on time helps you build your credit. Don’t forget that you owe your lender timely payments because with great credit, you can take on more projects such as remodeling, or you’ll be able to buy more furniture, cars, or other things you want with lower interest on your payments. Remember that your debts should never be more than 40 percent of your income. Overextending may give you problems meeting the minimum payments. Limit the amount of credit you actively use and pay off balances every month. As much as you can, don’t add new charges until you’ve paid off your balances.
Save money whichever you can. You can pay extra on your principal every month, or you can buy bonds or invest in the stock market, but all according to your tolerance for risk. You can also put money in a safety deposit box or under the mattress as long as you are saving rather than overspending. Build six months of cash so you can continue to make your house payments even if you lose your job or maybe become ill. Save for emergencies and other large expenses.
Your household becomes part of the neighborhood when you buy a home. The way you treat your neighbors and your home can influence whether or not the neighborhood prospers or declines. You’ll be responsible of upholding or setting a higher standard for the neighborhood, this way, you can protect your investment and those of your neighbors. This is one of the reasons many neighborhoods have homeowner’s associations – to protect values by standardizing safely and maintenance for the community.
You have to pay your dues and obey the covenants to get the benefits the HOA provides – such as higher and consistent home values. You can volunteer to help or you’ll have to abide by the decisions others make for the neighborhood. To get rid of conflicts in the future, read the covenants so you’ll know what you’re getting into before you buy a home in a HOA-managed community.
Buying a new home is a great time to step up your lifestyle and enjoy what your new home and the community has to offer. You owe yourself and the other members of your household the best life you can possibly provide. It should help you be who you want to be. Choose a home that meets as many needs as you can within your means. Make sure the area you select offers amenities that your building doesn’t have. Like if you don’t have a yard for the kids and the dog, make sure there’s a park and playground nearby. You should also take in consideration how far and how long it will take you to get to shopping, work, and other friends and family. Time is essential and it will affect your family.
It’s all about making choices that make sense. If you and your spouse want the prestige of living in a certain area, but your house-payment is too high for you to burden, you’ll just introduce problems into the relationship you don’t need. Better buy a smaller home in a great neighborhood than arguing about it. Buy the best home you can that’s within your means and it will see you through years of happiness and comfort.
Source: RealtyTimes.com, BusinessDictionary.com
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