With homeownership comes responsibilities a renter never has. The most time consuming and costly responsibilities as a homeowner would have to be upkeeping the property, such as painting, paving the sidewalk, cleaning the gutter, roofing, leave raking in spring and fall, removing snow in the winter, etc.

The one big advantage is a home appreciates with value over time making it a good long term investment. You also will be able to deduct the interest paid on the mortgage and property taxes from your federal income tax.

Along with home-ownership come the responsibilities of repairing, maintaining, and proper upkeep of the home. You must take care of items that break or are in need of repair such as a furnace, plumbing leaks, central air unit, etc... There is also regular maintenance and upkeep of the inside and outside of the home that should be done. Some examples are maintaining the yard and landscaping on the outside of your home, painting, replacing or keeping the siding or exterior of your home nice, replacing the filter on your furnace, etc... So while homeownership can be a very rewarding achievement, their are also a few responsibilities to go along with it.

Make sure you have adequate insurance coverage. Discuss your policy in detail with your insurance agent. One specific coverage, which is very inexpensive, everyone should have is for water from a below-grade source. This covers damage in case of a sewer back-up which is usually NOT covered in the main policy.

It's a good idea to make friends with your neighbors and watch out for each other. If go on a vacation ask some of them to keep an eye on your home.

What you need to know to buy your first home - Many people have a bit of fear when attempting something for the first time. A good example of this is the purchase of a home. The average consumer knows very little regarding the home purchase process. Between finding the right home, getting it inspected and finding the best financing, it is no wonder that some people are afraid to purchase a home.

To alleviate the stress of buying a home, consider the long term ramifications such as the tax benefits and equity you'll gain through appreciation.

Your first step is to find a mortgage professional that you can trust. That person will be able to preapprove you. The preapproval letter will contain the maximum purchase price, interest rate, contact information of the mortgage professional, and the date of the letter. Most preapprovals are good for 30 days. The preapproval letter is what you will need to show a realtor, before they will show you any houses.

Many first time home buyers are often confused about just what all goes into their monthly payment. Many lenders require escrow accounts to cover annual property taxes and homeowner's insurance. These costs will add to your montly payment and should be considered prior purchasing a home.

When looking to buy your first home you need to know what you want in a home. Do you need a 3 bedroom home because you have a wife and 2 children? Do you need a home that is wheel chair accessible? Do you need 2+ bathrooms because of teenage daughters? You should decide upon what you need out of your house and what functions are absolutely necessary to you and your family when looking for a home. It can be quite costly if you buy a home and then have to add an addition, remodel numerous rooms, add a bathroom, make the home wheel chair accessible, etc... after purchasing because you did not plan properly and buy a home that fit your needs.

Homeowner's insurance and Property taxes should not be overlooked when measuring your goals for homeownership. It will be important to understand these two other important aspects that will affect your monthly payments and overall cost.