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For Americans, owning a home is almost a right of passage and is definitely a big piece of the American dream. However, the responsibilities of homeownership can be a bit daunting. There are ways to make owning your own home a much more pleasant experience.
Building Equity - By making an extra payment to your principal every month or every year, you can reduce your balance quicker and pay less in interest. Even a small amount like $50 to $100 per month can make a drastic difference in your balance, which increases your equity. Just make sure you send a separate check from your regular monthly payment and indicate that it is to be applied to principal only in the memo section of the check.
Take Care of Your Home - Experts recommend saving 1-3% of your home's value every year for regular maintenance and repairs. While it may seem like a lot, having the 3% in your account would be better than not having it when a major repair comes up.
Insurance - Make sure your insurance covers the replacement value of both your home and any possessions inside. It is smart to update your policy every few years to make sure you aren't under or over insured.
Upgrading - Keep up with recent trends in the real estate market to make sure your home is ready to sell when you are.
Impressions Count - Keeping up appearances on the exterior of your home (your "curb appeal") not only makes your neighbors happy, but it also keeps your home values up.
Safety Always - Smoke detectors and carbon monoxide detectors are important safety items to have in your home. If your home doesn't have them, get them installed. Change out the batteries every six months to make sure they are working properly. The best way to remember this is to change the batteries every time you have to change your clocks for the beginning and ending of Daylight Savings Time. If you live in Arizona, you may want to remember to change it at Easter and Halloween.
Painting - Determining a shade to paint your walls depends on whether you want to sell your home soon or plan on staying in it for a while. If you plan on selling your home within a year, choose neutral colors so that they appeal to a larger group of buyers.
Know Your Place - If your home or neighborhood no longer fits your lifestyle, it's definitely time to consider moving. Contacting a Realtor will help you with selling your current home and making sure you find your perfect home to buy later.®
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