Buying a home can be a wonderful moment. Many people dream of owning a place to call their own where they can raise their family, be a part of their community, and enjoy their lives. During your home purchase journey, several professionals look out for your interests. Your realtor helps guide you to a neighborhood with the amenities, schools, and vibes that are right for your family. Your inspector finds physical problems with the home’s condition. Attorneys, like myself, draft and review the legal documents, the contract, and other matters to protect you and your financial investment. After closing, however, our role is complete. Once the home is yours, no one is around to tell you that you’ve forgotten to do something until you have a crisis on your hands. That’s where new homeowners can make mistakes that are, unfortunately, too common.
I always tell my clients that the best time to solve a problem is before it begins. Whether you’re looking to buy a home or are long since settled in, I recommend you keep these things in mind:
- Stay on top of payments. Make a list of your regular expenses – utility bills, mortgage payments, HOA assessments – and set up autopay, if possible. Look up what your home’s past property taxes were on your property and set aside enough money each month so that you can pay 105%-110% of that value each year. That is only a rough estimate, of course, but better than being overwhelmed by your tax bill because you forgot to plan.
- Don’t ignore the problem. Let’s face it, we all ignore home repair tasks now and again. We don’t have the time, the money, or the energy to deal with the issue, and eventually we learn to live with it. Unfortunately, a small repair issue can grow and cause major issues, compounded by the financial strain they cause. Stay aware of your home’s condition and prioritize repairs that can prevent major headaches or even catastrophes.
- Keep your property legally protected. Don’t put someone’s name on the deed if they didn’t help pay for the house. That includes your children. If someone’s name is on the deed and they encounter financial problems, creditors could go after your home. There are better estate planning tools to utilize.
- Be aware of local ordinances. We are all subject to laws whether or not we are aware of them. Depending on where your home is, your municipality, such as the City of Chicago, may require permits for repairs or renovations. You may also need to maintain your home to certain standards of safety and appearance. Knowing your duties as a homeowner is an important task.
I hope this advice helps you and your family enjoy your home in our community!
Looking to buy or sell a home? Looking to get started on your Estate Planning? Call Strzalka Law Office at 773-631-9215 or send us an email at StrzalkaLaw@MASLawOffice.com.
Any content, resident submissions, guest columns, advertisements, and advertorials are not necessarily endorsed by or represent the views of Best Version Media LLC (BVM) or any municipality, homeowners associations, businesses, or organizations that this publication serves. BVM is not responsible for the reliability, suitability, or timeliness of any content submitted, inclusive of materials generated or composed through artificial intelligence (AI). All content submitted is done so at the sole discretion of the submitting party.
