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

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.

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.

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.

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.