Owning a home as a single man can come with a number of challenges. Maintenance on a home when working full-time can feel like another job. Saving this for the weekends can make it feel like you have zero days off per week. Owning a home can be a huge responsibility which is why some single individuals opt for a townhouse or condo.
The maintenance is far less and some are covered by the HOA like lawn maintenance and exterior painting. The drawback of living in an HOA is that some boards can be hungry for power which makes living under their rules a nightmare. Below are details to think about and what a single man should know about owning their first home.
A Home Warranty Can Quell Your Worries
Investing in a home warranty can be so important for a single homeowner. Emergency funds might not be adequate to cover certain areas like replacing an entire HVAC system. Creating a custom home warranty might be the best option for you. Working with a home warranty company with years of experience and an untarnished reputation is imperative.
You want to ensure your home is protected and thus you are protected throughout the duration of owning the home. Cinch Home Services, which offers customers a home warranty for their work in Santa Fe NM notes,” Like home insurance, a home warranty helps homeowners protect themselves against hidden financial risk. A warranty plan covers the repair or replacement of your home's critical systems and appliances when they break down from normal daily use. A warranty plan can be added to a home at any time, no matter the home’s age.
Bringing In Professionals For Repairs
Home maintenance can take hours weekly to keep the home in running order. This can include lawn care although this can be sourced out to a lawn maintenance company. Repairs for complicated systems like that of your HVAC system should only be handled by licensed professionals. Trying to repair the units on your own can result in damage that can cost thousands to replace.
Plumbing is another area that needs to be handled by professionals. Even attempting a repair can cause damage in a number of ways. A leak that is not cleaned appropriately leads to water damage, rot, and the potential for black mold.
Building a support system of trustworthy home service professionals is a process you will not regret. Referrals from neighbors, family, and friends can be invaluable if you are new to the area. Online reviews can also help you make a decision to opt for a specific home service provider.
Roommates Can Reduce Financial Stress
Roommates can be an option for those that want to cut down on their financial stress caused by living alone. Finding reliable roommates that mesh with your lifestyle is going to present a bit of a challenge. Ironclad leases are an option but having a property management company handle renters is better. You can live with roommates without their knowledge that you actually own the home. Eviction is a very stressful situation that could result in tenants damaging the property. Renting rooms to family members can be a complex situation if the person falls into financial peril.
Home Office Tax Deductions Are Available
Running your own business out of your home can be a huge advantage come tax season. Saving on taxes can be so important for someone with a side hustle that has relatively small profit margins. Taxes can wipe profits out so home office tax deductions need to be taken. Allocating a space or room solely for work will help immensely along with keeping tabs on all expenses related to your business.
What Will You Do For Security?
Security can always be a huge concern when you live alone. There are areas that have high crime rates that you will want to avoid when living alone. Roommates can also be a source of security concerns so a deadbolt to your bedroom door is always recommended. Even if your roommate is honest, they might have guests that help themselves to your possessions.
Cameras are more affordable and discreet than in the past. You can monitor what goes on in the home when you are away. A number of homeowners use these to interact with pets while they are at work. The peace of mind that cameras can bring a homeowner is nearly unmatched in terms of security.
Getting a dog can also be another option that will offer companionship and security. Certain breeds are quite intimidating or at the very least have intimidating barks. A burglar wants an easy target but a home with a large dog is anything but easy to steal from.
Owning a home as a single man can be tough as you do not have the support/help of another party. Take the time to ensure you are maintaining your investment in your home so you can maximize your ROI when you sell the home.