by Mac Stevenson

Created on: June 09, 2009   Last Updated: May 05, 2011

Owning a home subjects you to many potential pitfalls and problems; if you're aware of the danger, you can avoid expensive mistakes.

Don't sign any contracts without consulting a lawyer. This sounds like simple advice, but many people are lured into signing documents that they don't fully understand, often with disastrous consequences. This advice is sound whether you're buying a new home or refinancing your existing house. And be sure to consult a lawyer before you sign a standard contract with a builder to improve your home.

Hiring a lawyer will seem expensive at the time, but it will be the best money you can spend if you avoid fraud or an unlicensed contractor before the damage is done.

Today, with all the economic upheaval in the real estate sector, be sure and consult a banker you know and trust or your lawyer (or both) about your existing home loan. You might be able to make some changes that could save you a lot of money over time, but you'll need expert advice before you make any moves.

If you're in a new home, check and see if there is a homeowners' association in your neighborhood. If there is, you should join.

Be extra careful about making any improvements or adding a room or rooms to your home. You will need a city building permit for many improvements; your city government will be able to supply all needed advice and guidance free of charge.

Not all ownership problems, or potential problems, are complicated enough to require a lawyer. Did you know that a wattage limit is posted next to your light bulb sockets? If the wattage limit is 60-watts, don't screw in a 100-watt bulb. The 100-watt bulb will fit just fine and work perfectly; it will even put out a brighter light. But it will also overheat because the socket isn't engineered to handle the extra electrical load of the 100-watt bulb and that can cause a fire. Be sure and use the suggested wattage for light bulbs in your home.

Another potential problem is improper fuse replacement. When a fuse blows or the breaker keeps tripping after you replace a fuse, don't try and solve the problem by putting in a larger-sized fuse. The fuses and breakers are engineered to protect the wiring capacity and the appliances they are connected to. If the breaker keeps tripping, you have a problem and you'll need to consult a friend who knows what he's doing or hire an electrician.

All cities have ordinances covering all types of improvements and upkeep of homes. Before you buy a home, or even if you already own one, you should make an appointment with the building inspector in your city. Most government regulators will be more than willing to sit down with you and discuss potential problems that can be avoided.

Being a homeowner is great, but it comes with a need for common sense and reliable advice from experts.

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