What is often considered, to be, the single – biggest, individual, financial asset, for most of us, is the value, of our house! Although, this is not, generally, the major reason, for purchasing a home, far too home buyers, take the time, or fully consider, the financial/ economic realities, nor commit, to a step – by – step, process, for protecting and preserving, and, hopefully, maintaining and enhancing, its value. It’s great to seek this major component of the American Dream, but, if one ignores, the financial considerations, dreams may become nightmares. With that in mind, this article will attempt to briefly, consider, review, examine, and discuss, what this means and represents, and why it’s so, essential and important.

1. Before you buy a specific house: Begin with a professionally prepared, Competitive Housing Analysis, which evaluates, and compares, similar properties, in your area and neighborhood, in order to be certain, you are paying the right price, etc. Become aware, in an objective, introspective way, of your personal comfort zone, because, unless you will feel comfortable (rather than over – stressed), by the financial responsibilities, and necessities of home ownership, you will, potentially, become overwhelmed! Ask yourself, can you afford this house, and all associated costs, will you be happy in this neighborhood, and does it meet your needs! Is the location, one, which will remain desirable, based on a combination of the schools, in the area, safety, attractions, location, etc? The more you know, before you buy, the happier, and less stressed, you will be!

2. Maintenance schedule: Only, if, and when, a homeowner develops, a well – formulated, maintenance schedule, will he, proceed, in a responsible way, which protects, and, hopefully, enhances, his investment. One should commit to, a discipline, which develops reserve funds, for maintenance, repairs, potential renovations, and appliance updates and upgrades, so, his house remains, at the very least, extremely competitive, with the specific area. How this is done, and performed, is essential to maintaining and enhancing the value of your house!

3. Regular review: This schedule must be ongoing, and realistic. Before you perform any optional maintenance, etc, evaluate whether it will enhance, deter, or make very little difference, in the overall value. Be careful to be realistic, and objective, and consider, items such as curb appeal, first impressions, and Keeping Up with the Jones’.

Congratulations on purchasing a home, of your own. Become an educated, wiser, more responsible, and realistic homeowner, and protect its value, every day!