Section 05
Section 05
Texas homeowners should understand property taxes, because they can significantly affect the cost of owning a home. Taxes vary based on the property’s taxable value and the local taxing entities that apply to it.
If the home becomes your principal residence, you may be eligible for a residence homestead exemption. A homestead exemption can reduce the taxable value used to calculate certain property taxes, and may provide other protections or limitations depending on eligibility.
Homeowners insurance and a home warranty are not the same thing.
May provide coverage for certain losses involving your home, belongings, liability and other covered events according to your policy. Lenders generally require borrowers to maintain appropriate property insurance. Coverage, deductibles, exclusions and premiums depend on the policy you choose, so always speak with a licensed insurance professional about your specific coverage.
Generally an optional service contract that may cover certain home systems and appliances when they experience covered failures. Plans differ in service fees, exclusions, coverage limits and requirements. Coverage may include HVAC, plumbing, electrical, certain kitchen appliances and the washer and dryer. A home warranty does not replace homeowners insurance.
Some homes sit within a homeowners association. An HOA may establish community rules and collect dues. Before buying in one, understand the dues, the rules and restrictions, maintenance responsibilities, community amenities and the applicable HOA documents.
Do not look only at the purchase price. HOA dues should be part of deciding whether a property fits your overall budget.
You bought the house. Now what? Owning a home comes with responsibilities, but you do not have to learn everything on day one. A few things to consider after closing: