If you have finally reached the decision to stop renting an apartment and start moving into your own home, then there are quite a lot of things that you need adjusting to. Here are the 3 things you need to know when you switch from apartment living to home ownership:
1. The Responsibility is All Yours
Once you own a home, the responsibility of maintaining it and everything in and on it are all yours. You no longer have a landlord to call whenever the roof is leaking nor do you have one to call when the pipes are clogged.
This is one of the primary reasons that most people still prefer renting an apartment over owning a house. As previously reported on Realty Today, a lot of millennials are opting to rent because it had fewer responsibilities and renting was more suitable for their lifestyle.
2. Higher Utility Bills
Realtor.com noted that most homeowners fail to realize that they would be getting higher utility bills as compared to their bills when they were still renting. One might think that their consumption is the same as when they were renting, but they do not take into account the size of the house they're now living in.
The publication noted that owning a larger house would mean higher utility bills. However, homeowners can ask about "levelized" payments or budget billing if they want to keep their utility bills within a certain amount each month.
3. Your Credit Score is Affected
The aforementioned publication also reported that owning a house would also affect your credit score. Whether it affects your credit score in a good or bad way greatly depends on your payments.
If you pay your mortgage right on time, then you can expect your credit score to improve. However, if you fail to provide a positive payment history, then your credit score will definitely take a hit.
