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10 Rules for Owning a Home Owning a home is a tremendous joy — and a big responsibility. Here are the 10 rules home owners should live by: Take care of your home. Experts recommend budgeting 1 to 3% of your home’s value for maintenance and repairs each year. Build equity. Making an extra principal payment when possible can decrease the interest you pay over the life of the loan. If you do refinance, do not refinance for more than the amount of your original mortgage. Make a good first impression. Keep your front entrance clear and welcoming. Curb appeal improves the neighborhood and enhances your home’s value. Be properly insured. In most cases you only need insurance for the replacement value of your home and personal property, not the land. Love the neighborhood—not just the house. In one survey 92% said, “Location is everything when purchasing a home.” Make improvements. Statistics show updated kitchens and baths often make a difference in a sale. Safety first. Install smoke and carbon monoxide detectors to ensure the security of your family. Beat your bills. Improvements in the insulation of windows, doors, and storm doors can save energy costs and increase your home’s resale value. Go neutral. If you’re thinking of moving in a year or so, choose light, neutral paint colors so there’s less work when you sell. Know when it’s time to move. Over time people often outgrow a house or neighborhood. If you’re thinking of adding an addition, an additional garage, or expensive features, consider the impact on your neighbor’s property and beware of pricing your home out of the neighborhood.