Owning a Home Quiz You've done your research and are well on your way to becoming an informed homeowner. Now it's time to test your knowledge. You may even learn something new. 1 What is equity? The appraised value of your home The interest you've paid on your mortgage The difference between how much your home is worth and how much you owe on your mortgage The outstanding amount on your mortgage question 1/5 Next 2 As a homeowner, you need to be prepared to pay: Mortgage, property taxes, and homeowners insurance premiums Emergency repairs and ongoing maintenance Utilities All of the above question 2/5 Next 3 When it comes your home's upgrades, repairs and maintenance, which of the following is true: Take them as they come. There will be so much to do, it's best to just get started. Carefully prioritize what needs to be done, and plan for how you will pay for it. Upgrades have the best return on investment and you will get the most enjoyment from them. Home maintenance costs are typically between $1,000 and $2,000 per year. question 3/5 Next 4 Which of the following is the best indicator of what your property is worth? What you paid for it What you paid for it, plus your investment in upgrades What you owe on it What similar properties in your area have recently sold for question 4/5 Next 5 Which of the following are warning signs of financial problems that can lead to foreclosure on your home: Maxing out credit cards Paying only the minimum amount on credit cards Being unable to maintain your home All of the above question 5/5 View Results ★ You scored 0 out of 5. Fantastic! You clearly know a great deal about what it takes to own, care for, and keep a home. You’re doing well, but there’s a lot more to learn about homeownership within our Owning section. Keep reading and remember: Knowledge is power! Retake quiz
