You have recently become a homeowner and you’re simply loving it. You have your own home and now there’s no landlord having a key to access your home. It’s your own backyard, your own hammock, and your own dining room which you’ve decided to paint bright red!
Sure, all these feelings are wonderful. But don’t make the mistakes commonly made by first time homeowners. These can jeopardize many things that you’ve worked so very hard to earn.
I suggest you spend a little while in pondering over practical concerns. They will help you ensure that your home always remains the center of financial freedom and luxury that you had always looked forward to.
Don’t Overspend
A major portion of your savings has been used up in making the down payment and paying for closing costs, not to forget moving expenses. Probably your money position is a little tight. Also home ownership brings with itself some new expenses like trash and water bills, along with extra insurance.
Surely, everyone likes a personalized new home but make sure you don’t go all out and spend excessively on furniture and remodeling. It’s not necessary that all improvements are done at once. Solid maple cabinets for your kitchen are great but not worth jeopardizing your new homeowner status for.
Allow yourself some time to get adjusted to the new load of expenses. When you’ve rebuilt some savings, you’ll comfortably afford your cabinets and will probably enjoy them better.
Consider Maintenance Issues
Repairs are an essential expense that accompanies home ownership. Whether there’s a leaky roof or a clogged toilet, there’s no landlord to complain to and you have to brace yourself for handling everything single-handedly.
While exercising restraint with regards to purchase of nonessentials, make sure you don’t neglect a problem that’s potentially dangerous or is likely to get worse with time. Don’t let relatively small problems turn into larger and more expensive ones.
Use Qualified Contractors
Expert jobs need experts and you shouldn’t be penny wise and pound foolish. Don’t attempt to make repairs and improvements yourself for which you are not qualified. Since your home is both an investment and a residence, it deserves the attention and care befitting all things valuable.
Yes, you could consider painting walls by yourself, but if there’s wiring required in your garage, don’t try something dangerous. Professionals who know their jobs will accomplish the task in the least messy way and your home stays in top condition. Additionally, you avoid getting yourself injured or even killed.
Get Help with Taxes
Even though you’re accustomed to filing your own returns and hate to pay an accountant, it’ll stand you in good stead to hire one. He’ll help you correctly complete the procedure and give advice regarding maximizing your refund.
Home ownership can significantly change your tax situation and eligible deduction position. If you hire a professional once, you’ll get a template for future use. Then you can handle your tax related matters yourself in the future if you wish.
Preserve Home Improvement Receipts
Receipts related to home improvement expenses can be used to increase the basis of your home when you put it up for sale. This can help you maximize tax-free earnings on the transaction. Savings can really be huge in some cases.
As a new homeowner, onsider the advantages of knowing the true value of the property. Be sure to obtain a free home valuation report from Neighborhood IQ to find out how much a home is worth before you ultimately buy or sell!
Also, Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm as well as match you with potential lenders who have products that may help you and provide you with a sense of stability.
