Owning a home for the first time is very exciting indeed. But the game drastically changes once you move out of home rental and into home ownership. As a homeowner, you be fully responsible for everything about your home, which will include taxes, home repairs & maintenance, and other additional costs you were virtually free of when you were renting.
Thankfully, there are some smart tips available for new homeowners so you can amply prepare and address your home’s needs without situations getting overwhelming. Here are some of the most essential tips below that will save you time, money and effort:
Never Delay Repairs:
Some issues needing repair may seem minor at first, but the longer you delay the repair, the bigger the problem can become. For example, a small leak can turn into ruined flooring or walls later on. Keep up with basic maintenance as well, such as changing your air filters, to keep everything running smoothly on a regular basis. Regular maintenance will ensure you the least possible repair expenses in the long run.
Get Properly Insured:
It’s typical to get homeowners insurance that will cover damages to your home and property from theft, natural disasters and accidents, but you may want more than those minimum coverages to match your needs. You’ll feel more secure in doing so.
Don’t Overspend:
Remember that you’ve just given up a large portion of your savings to downpayments, closing costs and moving expenses. Monthly expenses will also be higher than when you were renting a home. So, although it’s exciting to personalise and upgrade your home, it’s not advisable to go on a spending spree to improve everything all at once. Give yourself time to adjust to your new home expenses and rebuild your savings.
Set Aside a Budget for Emergency Repairs:
Understandably, you may not have much budget left after purchasing a home, but it’s important to prepare for large repairs that inevitably happen. Set up a fund that you can regularly contribute to for these unexpected events.
Keep Your Receipts on Home Improvements:
You can maximise your tax-free earnings if or when you sell your home in the future if you keep your receipts on improvements you’ve made on the home. Take note that home repair and home improvement are two different things. Home improvement raises a home’s value and worth, while home repairs are simply basic home maintenance that come with buying a home. Examples of home improvements include replacing the roof or adding central air conditioning.
Change Your Locks:
This may sound basic, but many forget that people besides the previous homeowners may have had keys to the home, such as a babysitter, friend or neighbor.
We hope you take these tips into heart, for home ownership you will truly enjoy through time.
Thinking of buying or selling a home? Consult National Brokers Network for updated appraisal, professional advice and personalised real estate service. With over 60 years of experience, we’re definitely the team of home and residential property brokers that can best address your needs. We’re always ready to help. Get in touch with us through our contact page.
