Las Vegas Market Watch
Do You Know the Responsibilities of Owning Your Own Home?
If you are accustomed to renting, you need to be reminded that there will be no one to call for repairs except the person that you hire to fix things in your new home. Be prepared by having a cushion in your bank account if things break down. You can save on repair bills if you have a home warranty that will warrant the major components to the home.
Such as:
- Furnace
- Hot water tank
- Roof repairs or replacement
- Major appliances – like:
- Refrigerator
- Washer
- Dryer
- Dishwasher
- Pool
- Water softener
When you purchase a home warranty for a single-family home it will cost you around $500 for the year with a deductible that varies from $50.00 through $100.00 depending on what is being covered. Even if you have the higher deductible it’s still worth it if you need to have one of the above items replaced.
Also, you may have new utility bills to pay. Some tenants are accustomed to paying water and sewer bills but if you are not – this is something you need to consider before buying your new home. The monthly cost determines your personal usage of water consumption, electricity and gas you use per month. If you run your air conditioner all summer long at a lower temperature like 68 degrees then it will be higher than mine where I keep it at 80 degrees Fahrenheit because I don’t like to feel cold, and I may close off rooms that I don’t need to be cooled off if I am not using them.
There is a trash (disposal) bill that is incurred for weekly trash removal.
Other responsibilities are keeping the outside of your property clean and free of debris, and don’t forget the landscaping:
- keeping up the lawn or gravel
- trimming trees and bushes
- keeping shutters in good condition
- outside paint refreshed as needed
- roof repairs
- pool maintenance
- and any other ongoing outside maintenance I may not be thinking of
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