So, I’m 5 months into homeownership and my “To Do” list has somehow expanded as quickly as waistlines in the winter. I’ve had to learn to be realistic and learn to “trim the fat,” so to speak. Having been spoiled for years as a renter, I’m now realizing that changing the air filter, seasonal pest control, winterizing the doors and windows, putting those cover jobbies on the crawlspace vents, etc are responsibilities that now rest squarely on my shoulders. Not that I wasn’t aware of those responsibilities, I just didn’t realize how time-consuming it can become when the list begins to expand. I’ve had to learn to prioritize and make time for those pressing matters and schedule far in advance the seasonal things before they creep up on me. As for responsibilities, general maintenance seems lightweight in comparison to being a landlord.

The thought of my roommate no longer being just my roommate, but my renter can sometimes be a taxing proposition. Not that our relationship as friends has suddenly become more formal, but I’m now realizing that as my tenant her reasonable enjoyment and standard of living are my responsibility, as far as the roof over her head goes. If my water-heater goes out, I might be able to live for some time with cold water until I can get it fixed or work out some other solution. However, with a renter, I’m not the only one to consider. With her living under my roof, as my tenant, I’m now saddled with the responsibility of fulfilling contractual obligation to my tenant. As our agreement states

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I was driving down the road the other day with a friend of mine when I had one of my sudden, spastic “Oh crap, I forgot to…” moments.  It’s usually a quasi-voluntary reaction that often comes without explanation to those around.  This generally contributes to the hypothesis that I’m crazy.  Anyway, enough about my eccentricities, that’s a blog entry for another day.

My friend asked me what my little knee jerk was all about.  When I explained that I had forgotten to go to the Nichols Hills Town Hall on the 4th to file my homestead exemption he seemed confused.  My friend has owned his home for a few years and had never heard of the homestead exemption.  If he didn’t know what it means, I wonder how many others don’t know.  So, here’s an explanation in my own words:

A homestead exemption is basically a coupon for $1,000 off the assessed value of your home.  This can save you around $100 off your annual tax bill depending on the valuation of your home.  A hundred bucks may not seem like much, but hey, it’s dinner for you and 3 friends.  If you own more than one property, homestead can only be filed on your primary residence.  You only have to file once, unless you change your deed, or change your primary residence.  So, if you purchased a house in 2009 you have until March 15th to file for a discount on this year’s tax bill.  If it’s received after that date, it will kick in next year.  Either way, it’s not a bad return for 10 minutes of filling out a form.  There are other discounts available for those with low incomes as well.  Check with the Assessor’s Page for more information.

Happy Homeowning!

Fallon Brooks is the keeper of one mortgage and two cats… an avid tweeter, who bought her first home October 2009 and enjoys sharing what she learns with other soon-to-be home owners.

So as a first time homeowner, I have been learning how much things really cost. When I bought my home just a couple of months ago, I had this grandiose plan to gut the kitchen and put in granite countertops and all new appliances. I also planned to eventually put in new windows throughout the house. I had a lot of great plans, until I started to really put pen to paper and realize the real cost of my plans. When buying your first home it’s important to understand what the real, long term cost of your project is. For me, living in the house for a period of time, I’ve really begun to understand the nature of my neighborhood. Most of the homes in my neighborhood are not owner occupied, so to sink thousands into my kitchen would be a moot point. It’s always possible to overdo it with the renovations. Realistically, I should stick to mostly minor cosmetic changes in order to make the maximum profit when I sell later on.

So now my plans have changed to simply refacing the kitchen cabinets and installing new countertops and tile. It’s about 25% of the price of installing completely new cabinets: a price that’s appropriate for my neighborhood, and my house. So, in keeping with my newly laid out plan I’ve stuck to minor changes. For example,

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As you’re reading this I’ve been in my new house somewhere in the neighborhood of six weeks, and well, the honeymoon is over.  I’ve made quite a few changes, including: peeling enough layers of wallpaper to cover the White House, re-texturing the walls, painting every room, replacing nearly every single light fixture, installing a new front entry door, and replacing doorknobs one by one.

I’ve learned that a little corner of wallpaper sticking up can lead to another to do on the list.

It’s turning out beautifully.  While home ownership is by far the most rewarding thing I’ve put my heart (and wallet) to, the lessons learned have been manifold.

A few of my favorites:

• The day I shut off power to the entire house when I removed an old switch panel.  I was informed the switches had been bypassed when the new electrical panel had been added.  Wrong.  Luckily, I’m pretty calm under pressure and I’m not afraid to learn the hard way.  I rewired it in and voila! The lights came back on (it only took me four hours in the dark to figure it out).
• Just last week, my stove decided to breathe it’s last while I was preparing dinner for guests.
• About a week later, my refrigerator decided to take a vacation as well.

None of these compare to the sewer line incident. Somewhere in the middle of the third week in the new house, my sewer line backed up into my bathtub.  Stop. Soak that in. 

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Thanks to the first-time home buyer tax credit, first-timers everywhere are clamoring to get their closing date set before the November 30th deadline. As a first-time home buyer, the buying process was a big enough stressor for me, but actually filing for the credit can seem almost as confusing as understanding all those closing documents. Have no fear, It’s actually a pretty simple process and should only require about an hour of your time. You can choose to file for the tax credit on your 2009 taxes, or you can amend your 2008 taxes and get your refund a little faster, here’s how:

First, fill out form 5405.

Don’t let all the tax jargon and instructions fool you, read the instructions carefully. There’s not much clarity on what to send in with the 5405 Form, so I’ll break it down for you.

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