Becoming a homeowner is a dream that many fail to achieve. Whether it’s due to affordability issues or the lack of desire to become a homeowner, plenty of people choose to rent and forgo all the benefits that come with homeownership.
However, if you’re one of the many new homeowners in 2024, there are some skills you should know before settling into your new community. Keep reading to find out our list of the top skills you should know in 2024 to have the best experience as a new homeowner.
Budgeting and Financial Management
Owning a home comes with lots of expenses beyond just your monthly mortgage payment. Additional expenses include property taxes, insurance, maintenance, utilities, and more, which means you’ll need to have a budget to manage these expenses effectively.
Debt management is another key component of being a responsible homeowner. Financing your purchase with a mortgage is a significant long-term debt that requires proactive financial management to avoid defaulting on the mortgage payment and losing your home.
Homeowners should also start to contribute to an emergency fund for unexpected expenses. Emergency funds are also a safety net for homeowners to continue making their mortgage payments in the event of job loss or large expenses like unexpected medical bills.
Landscaping and Yard Maintenance
Learning proper landscaping and yard maintenance is important for new homeowners for several reasons, such as:
- Increasing Curb Appeal: New homeowners often want their homes to have strong curb appeal to look attractive to neighbors and by passers. Knowing basic landscaping and yard maintenance skills can make the property visually appealing and maintain its value over time.
- Enjoying Outdoor Spaces: Your guests and family members will be able to enjoy the home’s outdoor spaces with a well-kept yard and proper landscaping. It can be a place for relaxation, recreation, and social gatherings.
- Meeting Community Requirements: Many communities and homeowner’s associations (HOAs) have standards for landscaping and yard care, which means it’s important to abide by these rules to continue being a valued member of the community.
Basic Home Maintenance
Another skill that new homeowners should become familiar with is basic home maintenance. This includes fixing minor issues like leaky faucets, spackling damaged walls, and maintaining the home’s core systems.
Learning basic home maintenance skills improves your safety and also preserves the value of the home. Well-maintained homes with strong security systems are also more appealing to potential buyers if you decide to sell in the future.
The Bottom Line
New homeowners face plenty of challenges on the road to financial freedom through homeownership.
It’s important to keep in mind the importance of budgeting, home maintenance, and yard care when starting your journey to enhance your homeownership experience.
Are you looking for a real estate agent in Massapequa? The Kim Holland Homes team is the #1 real estate team on Long Island. Contact us or call Kim today at 516-236-6303 to start the process of finding your dream home.