3 Important Tips for New Homeowners
Buying a new home is an exciting experience, especially when it’s your very first home purchase. In the midst of the excitement and celebration, there are some steps you shouldn’t ignore. Now is the time to get your ducks in a row to ensure that your first year of homeownership goes as smoothly as possible.
Embrace Your Inner Handyman
Learning as much about home maintenance and DIY projects as you can will serve you well when beginning your journey into homeownership. Find a local hardware store and see what classes they offer. Many hardware stores offer workshops on everything from painting walls to installing a kitchen backsplash. Make it a priority to hone your general handiness around the home so that when you are presented with an urgent required repair, you’ll know what to do.
Hold Off on Big Personalization Projects
Owning your first home can be such an exciting experience, and if you were previously renting, it can be very tempting to jump headfirst into a big personalization project. However, since you just invested a large chunk of change to cover a down payment, closing costs and moving expenses, it can be more prudent to save your remaining funds to cover any emergencies and replenish your savings. In the meantime, you can make further plans for your dream renovations.
Update Your Insurance Policies
Your mortgage lender will require that you get homeowners insurance. However, homeowners insurance isn’t the only thing that you need to be concerned about when it comes to updating your policies. Having a home and a mortgage means that you—and your partner, if you purchase a home jointly—are responsible for a very large sum, regardless of health. If you share your home with anyone who relies on your income to pay the mortgage, you’ll need life insurance that names that person as the beneficiary so that they will be able to afford the home if you die suddenly. Similarly, you’ll want to have disability-income insurance to replace your income in the event of a disabling event.
Becoming a homeowner is an exciting transition, but it does come with its share of obstacles and tasks. Ensure that you start out your homeownership on good footing by following these tips.