So you’ve finally settled down into your first home; the down payment was made, your moving company has delivered and unpacked all your belongings, and now it’s time to settle in.
Being a first time homeowner is exciting, but sometimes people get caught up in the moment and end up making costly financial mistakes. Here are three key tips to being a successful first time homeowner.
- Tone Down The Remodeling. You’ve just cashed in on a large portion of your life’s savings to buy your first home, so we recommend holding off on major remodeling projects until you’ve taken the time to get used to your new home. Wait 6 months to a year to determine what remodeling projects are necessary and important to improving the look and functionality if your living space.
- Seek Maintenance When Issues Arise. Have some shingles gone missing from your roof? Are your windows and doors drafty? Is your toilet or faucet leaking? It’s easy to put minor issues on the back burner, but trust us — they will come back to bite you in the long run. It’s important to address maintenance issues when they arise so that they don’t become expensive repairs. Always have your heating, plumbing and exterior inspected and maintained on a yearly basis to reduce repair needs in the future.
- Purchase Proper Insurance. You’re required to purchase homeowners insurance in the event of an emergency or disaster, but make sure you don’t just stop at simple homeowner’s insurance. Don’t forget that life insurance is a crucial part of ensuring that your spouse is taken care of if something should happen to you. Depending on your career, you should also look into disability insurance which will cover your income if you have a medical emergency.
Being a first time homeowner is an exciting and rewarding experience as long as you make wise spending choices and investments. If you’re ready to move into your first home, contact Mastodon Moving LLC today for a free moving estimate!