New Homeowner Tips
New Homeowner Tips You did it! You purchased a home and you’re ready to begin this momentous new step in your life. It is a very exciting time but it can often be overwhelming for some new homeowners as it is all new and it’s hard to know what to expect. Check out some new homeowner tips that we’ve put together to help will you as you embark on your new adventure.
Don't Spend Too Much on Furniture and Remodeling You just spenta substantial portion of your savings for a down payment on thisnew home. Afterclosing costs and moving expenses there are other bills you still have to think about, including trash and water, insurance and any additional expenses that are inevitable once you own a property. When all of this adds up money can be tight for a majority of first time homeowners.
Whether you’ve been living with your parents or in an apartment with a roommate, it’s very easy to get carried away once you’re ready to move into your own home. You begin dreaming up ways to renovate and how new and expensive furniture will look in your dream home. At this point itis important to manage your money and not risk your new homeowner status and to also not put any additional financial stress on yourself. Take the time to rebuild your savings and make the improvements when you can afford them comfortably. It’s also a good idea to live in the house for a few months so you can get a feel for it and establish a routine – this will help you figure out what pieces of furniture will work best.
Don't Ignore Important Maintenance You know how your car starts breaking down as soon as the warranty expires? It’s no different with a home - repairs are a given when you own your own home. You no longer have a landlord you can call to handle any problems that come up, and while there is never a pleasant or right time for a problem to arise itdoesn’t mean you canavoid it when it does happen. It’s extremely inconvenient when a major or minor maintenance issue comes up, but you should always act fast and fix it as soon as you can. The more you hesitate the worse it’ll be and the more expensive it will be to fix it.
Hire the Right Contractors Hiring a bad contractor or repairman is almost the same as never fixing an issue. When looking to hire a plumber, gardener, roof specialist, etc… make sure you are looking for someone who is professional, qualified and has strong reviews and referrals. Don’t try to DIY - making improvements and repairs that you are not qualified to fix can turn a minor issue into a major one. Make sure you do your research by reading reviews online or asking friends and neighbors about their own experiences. If you find a contractor online be sure they are licensed before they begin work.
Get the Proper Insurance One of the requirements you must fulfill before your lender approves your mortgage loan is to purchase and secure homeowner’s insurance. Depending on your policy, this insurance may be enough to replace the property in case of a total loss. Make sure your policy covers things like floods, fires, earthquakes and any other natural disasters that your area may be susceptible to. It is wise to also think about the people you share your home with and how you can prepare to avoid losing the house if something unexpected occurs. Disability-income insurance is common among homeowners to ensure you have income in case you are unable to work for an extended period of time. Once you are a homeowner, you have more to lose in any unexpected event. It is important to plan and be prepared with insurance to ensure theinvestment in your home is safe.
New Homeowner Tips: The Bottom Line There is a great deal of freedom and pride that comes with owning ahome as well as great responsibilities. Be sure to manage your finances so you can make necessary repairs and improvements on your property to keep it in good shape. If a maintenance issue does come up, make sure to hire the right professionals who will be able to take care of any repairs. Keep your insurance policy up to date and make sure your assets are properly insured in case of an emergency. Last but not least, enjoy your new home – if you follow these few easy tips then you are sure to have a wonderful experience as a first-time homeowner.
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