Homeowner Guide

The home-buying process generally includes the following steps:

1. Determine Your Budget: Assess your financial situation to determine how much you can afford,
   considering factors like down payment, monthly mortgage payments, and closing costs.
2. Get Pre-Approved for a Mortgage: Obtain a pre-approval letter from a lender to understand
   your borrowing capacity and show sellers that you’re a serious buyer.
3. Find a Real Estate Agent: Work with a professional who can help you find properties that meet
   your criteria and guide you through the buying process.
4. Start House Hunting: Search for homes in your desired location and within your budget.
   Consider factors such as neighborhood, size, and amenities.
5. Make an Offer: Once you find a home you like, make an offer through your real estate agent.
   Negotiate terms and conditions as needed.
6. Schedule a Home Inspection: Have the property inspected to identify potential issues affecting
   your decision or requiring repairs.
7. Secure Your Mortgage: Finalize your mortgage application and work with your lender to
   complete the necessary paperwork.
8. Close the Deal: Review and sign the closing documents, pay closing costs, and transfer property
   ownership.
9. Move-In: After closing, you’ll receive the keys to your new home and can begin the moving
   process.

A good rule of thumb is to budget 1% to 2% of your home’s yearly purchase price for maintenance and repairs. This budget covers routine upkeep, unexpected repairs, and seasonal maintenance tasks. For example, if your home costs $300,000, you should plan to set aside $3,000 to $6,000 annually for maintenance.

Regular home maintenance tasks include:

• Checking and Replacing Air Filters: Regularly replace HVAC filters to ensure efficient operation
  and improve indoor air quality.
• Cleaning Gutters: Remove debris from gutters to prevent water damage and maintain proper
  drainage.
• Inspecting Roof and Siding: Check for signs of damage or wear that could lead to leaks or
  structural issues.
• Maintaining Plumbing: Monitor for leaks and regularly check pipes, faucets, and drains to
  prevent water damage.
• Servicing HVAC Systems: Schedule annual inspections and servicing for heating and cooling
  systems to ensure they function efficiently.

To boost your home’s value, consider the following improvements:

• Upgrade Kitchens and Bathrooms: Modernize these critical areas with updated fixtures,
  countertops, and cabinetry.
• Improve Curb Appeal: Enhance your home’s exterior with landscaping, fresh paint, and a well-
  maintained lawn.
• Add Energy-Efficient Features: Install energy-efficient windows, doors, and appliances to reduce
  utility costs and appeal to eco-conscious buyers.
• Finish Basements or Attics: Convert unused spaces into functional areas like additional
  bedrooms or living spaces.
• Update Flooring and Paint: Refresh interiors with new flooring and a fresh coat of paint to
  create a modern and inviting atmosphere.

Property taxes are levies imposed by local governments based on the value of your property. They fund essential services such as schools, roads, and public safety. Property taxes are typically calculated by multiplying your property’s assessed value by the local tax rate. Assessments are usually conducted annually or biennially; rates can vary based on location and municipal budget requirements.

Homeowners insurance covers your property and personal belongings against risks like fire, theft, and natural disasters. It also offers liability protection in case someone is injured on your property. To ensure adequate protection:

• Choose Comprehensive Coverage: Opt for a policy that covers various risks, including fire, storm
  damage, and theft.
• Consider Flood and Earthquake Insurance: Standard homeowners insurance may not cover
  these risks, so purchase additional policies if necessary.
• Review and Update Coverage Regularly: Adjust your coverage as needed to reflect changes in
  your home’s value or circumstances.