Owning your first home will have many benefits, but you also need to be prepared for some of the set-backs you may experience.
1- Property Taxes get updated to the value you purchase and can increase significantly over time. Depending on the County and the City, your taxes will get updated to your purchase price but can also move past it with other comparable sales. Talk to your loan officer so you get payment calculations based on updated valuations.
2- HOA’s can be costly over time. They’re great for hands-off ownership but large repairs can result in special assessments and monthly pay increases. A well-funded HOA is important as well as staying informed in the HOA finances and plans.
3- Big repairs are inevitable - even in turn-key homes, homes are living things that depend on use, weather, age and many times have unknown errors. Big ticket items can pop-up when you least expect it, it’s all about being mentally prepared and taking the time to find the best cost-effective solution.
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