5 Essential Tips Every Homeowner Should Know
Following the coronavirus impact on housing, about 30 to 40 million Americans are at risk of eviction in the coming months. And while landlords enjoy unlimited amounts of freedom, they also incur unexpected costs along the line. Managing your home effectively is as vital as owning it. But if you don’t know the essential facts about homeownership, you may make serious mistakes. Here are some crucial tips every homeowner should know.
- Repairs and maintenance are a must
When you make up your mind to acquire your own house, understand that numerous expenses await you. Repairs and maintenance are part of the hassles homeowners usually face. Whether you want to remodel your kitchen or upgrade your living space, everything comes at a cost. It’s necessary for you to schedule routine maintenance and repair procedures when you own a house, but you may not have to do so every month. That said, you will need to distinguish must-fixes from the less relevant upgrades and act accordingly. A house is no longer a home if it deteriorates beyond repairs. Therefore, always renovate your building to improve its value.
- Search for the best mortgage offers
A mortgage is a loan that you can take to buy a property such as a house or a piece of land. Most mortgages run for a period of 25 years. However, there are mortgages with shorter or longer repayment terms. Mortgage rates vary depending on several factors such as the state of the local economy and your funding source. Since the mortgage market is quite large, it’s better to shop around for the best offers before choosing an expensive plan. A mortgage lender that offers affordable mortgage plans is probably all that you need to own a house. By working with mortgage brokers or independent financial advisors, you can find competitive offers to acquire your home. To avoid the risk of losing your property, repay according to your plan and don’t stretch yourself too much.
- Know where to find the main water shut-off valve
A lot of homes use separate shut-off valves for different systems like the kitchen sink, toilet, and shower. As a homeowner, it’s crucial for you to know where to find the kill switch or main water shut-off valve. Knowing the location of these valves will help you prepare for emergencies. If you use water from the municipal water supply, your main water valve and meter may be installed near the supply line to your home.
On the other hand, water supply systems usually have the main valve installed close to the storage tank. In case there’s a leak somewhere, you can use the main water valve to shut off the supply. Guarding your home against water damage is part of the core responsibilities of homeowners. It has been estimated that about 14,000 American homeowners experience water damage, and 98% of basements in the States will suffer water damage at a point in time. If you ever experience this tragedy, consider consulting disaster response experts for water damage cleanup.
- Ensure that your fire alarm is functional
Statistics suggest that residential fires represent a whopping 73% of all fire-related deaths in Canada. Therefore, property owners need to inspect their fire warning systems to ensure that they are functional. Not only does fire put people’s lives at risk, but it also destroys properties, and that’s enough reason to take it seriously. Don’t wait until your property is threatened by fire before you check the status of your fire alarms. Check the battery of your fire alarm or smoke detector at least once every month.
- Watch out for burglars
It’s quite unfortunate to learn that most homeowners think burglary is a nocturnal activity. Well, quite the contrary! Times have changed, and so have burglary crimes. These days, most burglary cases happen between 10 a.m. and 5 p.m. Burglars usually sneak through unlocked doors and windows to perpetrate their crimes. Therefore, to improve the safety and security of their tenants or household, homeowners must invest in theft-proof windows and doors.
The bottom line is that while homeownership is rewarding, it can be costly and stressful if you don’t know how to handle certain significant issues. Responsible homeowners know their properties inside-out. This way, they can solve problems amicably and improve the quality of life of their tenants. When you keep the above tips and tricks on homeownership at the back of your mind, you should enjoy managing your properties.
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