Rules That Make Homeownership Fabulous

For many, homeownership is a fabulous joy. However, it can also be a huge responsibility. Therefore, following certain rules will help make that responsibility a little less daunting.

* Build equity - If possible, make an extra payment to your principal. This will decrease the interest you will pay through the life of your mortgage loan. Even paying $10 to $50 extra can start you on the right track.

* Care for your home - According to the experts, you should try to save 1% to 3% of your home's value each year for maintenance and repairs. While 3% may seem a little high, you could end up coming out on top and have that extra money for a rainy day.

* Have the proper insurance - You should carry enough insurance to cover the replacement value of your home and personal possessions. In many cases, you won't need to insure the land.

* Make upgrades - Keeping up with real estate trends is of great benefit to any homeowner. Currently, kitchens and baths are still the number one updated rooms of the home.

* Make a good impression - Curb appeal can not only benefit your neighborhood, but it can also enhance your home's value. Therefore, keeping your front entrance clear and inviting can produce great curb appeal.

* Keep safety in mind - In most new homes, smoke detectors are hard-wired in the home. If your home doesn't have smoke and carbon monoxide detectors, you should buy them right away and maintain them regularly.

* Time to paint - When it comes time to paint, you should consider whether you will be living in the home another few years or if you will be selling the home within a year. If you will be selling your home within a year, you should choose light, neutral paint color schemes. Neutral colors appeal to a larger crowd of buyers.

* Know when to move - If you've begun to outgrow your home or neighborhood, then it's time to move. Get the help of a professional real estate agent to help you through the selling and