If you’re about to become a first-time homeowner, you might assume the experience of home ownership will be just like renting, except that your monthly payments will build equity. But the reality isn’t quite so simple.

From learning how to fix a leaky toilet to making financial adjustments for long-term annualized spending, home ownership is a totally new ball game.

Here are five tips to guide you through the transition:

1. Keep Your Long-Term Vision in Mind

When you’re tired of renting, it’s pretty easy to get out of a lease (or wait until the lease runs out). Selling a home, by contrast, is a lot harder. So think about the long-term before you purchase your home.

If you’re in the market for a condo, research more than just the Homeowner’s Association guidelines. Make sure you’re buying into a property that’s well-managed and financially sound. Is litigation pending against the property or property management company? Is the building insured? Are there cash reserves for emergency repairs, or do you risk being hit with property assessment fees in the future?

If you’re buying a house, get a thorough home inspection to identify any issues that currently exist or may develop down the road. Make sure you understand everything in the inspection report. Ask the inspector to explain to you exactly what would be involved in repairs.

Additionally, consider other long-term issues, such as school district information for the area you’re considering and zoning information, just in case you’d like to have children or install a pool down the line.

You’ll want to love your home for many years, and thinking “big picture” will help you do just that.

2. Budget for Your Total Expenses

A monthly mortgage payment isn’t the only thing you lock yourself into when you purchase a home. You’re also committing to years of property taxes, homeowners insurance, maintenance and repairs, and increasing utility bills.

Because you don’t want to wind up “house poor,” make sure to take all expenses into account when budgeting. One simple rule-of-thumb: Assume that you’ll spend 1% of your purchase price annually on maintenance. That’s $1,000 per year for every $100,000 worth of home.

Why so much? You won’t literally spend this amount each year, but you’ll most likely spend this over a long-term annualized average. After all, your carpets need to be replaced roughly every 10 years. If carpeting, padding, installation and disposal costs $3,000 and lasts 10 years, your carpeting costs equal $300 per year.

Now, extrapolate this to every fixture in your home: the windows (average lifespan: about 30 years if vinyl). The roof (lifespan: 20-25 years if asphalt shingle). The kitchen cabinets (lifespan: 20-30 years). Don’t forget the water heater, garage door, and air-conditioning unit. Your house has a lot of moving parts.

In addition to long-term maintenance, you’ll also be paying for ongoing maintenance, such as gutter cleaning, power-washing, yard care, pest control and more.

And on top of all of this, you’ll need to cover the bills for government fees and services such as trash, sewer lines, water usage, permits and inspections, and more. (Some municipalities include trash in their property taxes, but many charge separately. Your mortgage will only hold property taxes and homeowners’ insurance in escrow.)

Of course, the 1% rule-of-thumb is just an estimate. Your actual expenses will vary depending on utility rates, climate, energy efficiency, age and condition of the property, and more.

3. Get Ready to Play Handyman (or Pay for One)

One of the great things about renting is that when something breaks, you don’t have to worry about fixing it. You call your landlord or property manager and (theoretically) the problem is fixed in a reasonable amount of time. No need to ever get your hands dirty or open your wallet.

When you’re a homeowner, every single problem—from a leaky faucet to a caved-in roof—is your responsibility. You have to either learn how to make repairs yourself or pay for someone to do the dirty work for you. Even if you’ve bought a home in relatively good condition, be prepared to spend more time (and money) on maintenance than you originally expected. When you’re a homeowner, there’s always something that needs replacing or repairing, even if it’s just a burnt-out light bulb or a scratch on the floor.

4. Learn Landscaping

Unless the previous owner of your new home installed Astroturf (it’s been done!) all over your yard, your to-do list got a bit longer. Mowing the lawn, weeding the flowerbeds, trimming the hedges and raking leaves are just a few of your new chores.

As a new homeowner, you don’t have to become another Martha Stewart, but you do have to perform basic upkeep so that your yard doesn’t become an eyesore or even a danger to your family. Go to yard sales and pick up a used mower and hedge clippers, and consider paying for a consultation with a good arborist, who can tell you if the trees closest to your house pose a threat to your safety.

If you’d rather avoid this time commitment purchase a condo or townhouse instead of a home. Those types of dwellings are covered by homeowner associations, or HOA’s, which take care of exterior maintenance. The drawback is that your bank account will take a hit. HOA fees can total $200-$500+ per month (or more, depending on the area in which the property is located).

5. Be Friendly with the Neighbors

When you rent in a multi-unit building, your neighbors are also renters. Chances are, turnover is high, because renters tend to be transient. You can live for months or even years in a building without knowing anyone’s name. And if you have a neighbor who grates on your nerves, coping is easier, because you know that one of you will probably move at some point. But that’s not the case when you become a homeowner.

When you buy a home, you also buy into the neighborhood. There’s a good chance the people who live around you will stay there for many years. So do your best to be nice, even if you have a neighbor that’s irritating. You don’t have to be best friends with your neighbors, but you’ll want to establish friendly relationships so that you can turn to them (and they to you) should something go wrong. A dependable neighbor is priceless on days you lock yourself out of your house or when your lawnmower breaks on the morning of your barbecue and you need to borrow theirs.

Bottom Line

Home ownership means you’re committed to one spot for the long-haul, so make sure you can afford the bills, learn how to care for your house and property, and nurture the friendships you build along the way.