Life as a New Homeowner

As a new homeowner, you will have more responsibility than you did as a renter. This responsibility is partly financial, but it also relates to protecting the financial investment you make in your home through upkeep. Making necessary changes in your lifestyle to afford not just your mortgage but the total cost of ownership of your home is essential.

Making Mortgage Payments

The primary responsibility you have as a homeowner is to make your mortgage payment each month. This obligation must be meant before a single dollar is allocated to other expenses. Failing to make a payment on time can result in late fees, credit problems and, in severe circumstances, loss of your asset. To assure you meet this obligation, you will need to adjust your spending habits not only to make the payment this month but also to have an emergency fund prepared. Your fund should be enough to cover at least three months of your mortgage in case you lose your job or suffer another emergency that results in inability to earn a salary. Ideally, you will have this amount saved before you even move into the home. If not, forgo any luxury expenses until the savings is enough.

Paying Taxes and Insurance

Once your mortgage is paid, you will have other expenses associated with your property that must be met monthly. These includes taxes, insurance, utilities and any homeowners' association fee. Many renters live without the cost of property taxes or rental insurance. Depending on the price of your home, these expenses can amount to several hundred dollars a month. Though you may be accustomed to paying utilities such as cable or phone bills, you will need to pick up new bills such as water, trash and city services once you own a property. Many homeowners find themselves more aware of the use of their utilities, conserving water and electricity, once they incur these expenses.

Monitoring the Upkeep of Your Home

As a renter, you can generally ignore signs of problems in your home. It is not your responsibility to ensure the roof is in good repair or water damage is taken care of. Renters can choose to report problems to a landlord or simply live with the issues. When you are a homeowner, any problem with the property is a threat to your investment. If you notice a potential leak in your roof, it is your job to immediately contact the necessary parties to repair the problem. You may find yourself spending weekends pulling weeds in the yard or repairing a cracked tile in the bathroom instead of relaxing.

Taking Pride in Your Property

It is not necessary to take pride in your property. However, homes in good repair from the major issues to the minor details tend to receive greater profits at the time of sale. To truly care for your investment, you should aim to reflect your pride of ownership through the attention paid to your home. Making regular appointments with carpet cleaners and window washers, cleaning out your gutters, dusting and vacuuming--all become necessary jobs of a homeowner.