Becoming a homeowner is a major responsibility. It’s up to you to take care of your home and protect what is likely your biggest investment. Here are a few things to keep in mind:
Make your mortgage payments on time.
You can make our mortgage payments weekly, every two weeks or once a month. Whichever schedule you choose, always make your payments on time. Late or missed payments may result in charges or penalties, and they can negatively affect your credit rating. If you’re having trouble making payments, talk to your lender as soon as possible.
Plan for the costs of operating a home.
You will have several ongoing costs besides your mortgage, property taxes and insurance. Maintenance and repair costs are at the top of the list, along with expenses for security monitoring, snow removal and gardening. If you own a condominium, some of these costs may be included in your monthly fees.
Live within your budget.
Prepare a monthly budget and stick to it. Take a few minutes every month to check your spending and see if you’re meeting your financial goals. If you spend more than you earn, find new ways to earn more or spend less.
Save for emergencies.
You home will need some major repairs as it ages. Set aside an emergency fund of about 5% of your income every year so you’ll be prepared to deal with unexpected expenses.
Protect your home and family
Prepare an emergency evacuation plan and check fire extinguishers, smoke alarms and carbon monoxide detectors regularly.
Home Maintenance Checklist for March and April
- Clean or replace your furnace filter
- Check your HRV and wash or replace the filter
- Clean your humidifier and turn it off
- Check the sump pump
- Check the gutters and downspouts and clean them if needed
- Inspect your air conditioner and service if needed
- Inspect your basement or crawlspace for signs of water damage
- Open the vents to the outdoor crawlspaces
- Make sure the ground in your yard slopes away from the foundation wall
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Source: CMHC