3 Things I Hate About Being a Homeowner

There are some definite downsides to owning your own place.

Most of the time, I love owning my house. I get to decorate it the way I want, and I'm building equity -- and therefore building wealth -- with each mortgage payment.

But while there are significant upsides to owning, there are also definite downsides. There are three things in particular I really don't like about homeownership that are simply unavoidable.

1. Property taxes

Property taxes can be very expensive in many parts of the country, including where I live. My property taxes are almost as much as my monthly mortgage payments. I can pay off my mortgage over time, but I'll be stuck paying property taxes forever, and I can't control if or when they go up.

Most people pay property taxes as part of their monthly mortgage payments. Lenders collect the money and keep it in an escrow account they draw from to pay the property tax bill. I chose to waive escrow because I prefer to pay these taxes directly. To minimize the pain of coming up with so much money, I save towards property taxes each month in a high-yield savings account. That way, I don't have to come up with a lot of money at one time, and I earn a little interest on that money until the bill comes due.

2. Ongoing maintenance costs

To maintain my property's value, I try to keep up with home maintenance. This means I fix minor issues such as faucet leaks or chips in the paint right away. I also clean out the gutters, change the HVAC filters, have my air conditioning units cleaned and serviced, and do a host of other routine tasks at least annually.

All of these tasks come at a cost in time and money. And I'll be stuck with these expenses the whole time I'm a homeowner. I aim to be prepared to cover these expenses so I never have to borrow money, or even tap into my emergency fund. I do this by maintaining a high-yield savings account for home repairs and depositing 1% of my home's value into it each year.

3. Dealing with repairs

Another big downside to being a homeowner is that I have to manage repairs if something goes wrong. Instead of calling a landlord, I have to find a plumber or electrician, set up a time to get quotes, and cover the bills once I've decided which repair person to use. I also have to research the companies to make sure they are reliable.

Asking my neighbors for referrals and maintaining a list of service providers has helped me minimize this downside, as has my home repair/maintenance fund. But it's still one of my least favorite parts of property ownership.

Despite these downsides, I think owning a house is the best move for me -- and it can be a great way to grow your net worth, as long as you're financially ready to become a homeowner. But before you buy, consider the disadvantages and be prepared for the negative aspects of homeownership while you look forward to the positive ones.