Waving goodbye to renting and saying hello to homeownership is one of the most exciting moments of your life. You’ve finally done it, and you’re eager to ensure that you’ll get the most out of this experience. Just be careful that you don’t jeopardize this new season of your life by falling victim to some common homeownership mistakes. It’s easy to make these blunders when you’re in cloud nine, which will result in all your hard work being put to waste.
Taking note of the many essential steps you can take now can significantly increase your chances of success in being a responsible and happy homeowner.
Pace Your Renovations
Getting your own house gives you the opportunity to finally design your ideal space. The only problem is that you might be financially depleted at the moment, given the many payments you had to make to buy the house and move in it. Moreover, your living expenses are likely so much higher now. A bigger space means higher utility bills, in addition to new costs that you have to shoulder monthly and annually. This makes it the least ideal time to push through with the kitchen refitting you’ve always wanted to do, or the bedroom remodeling you promised your kids.
Give yourself enough time to adjust to your new home and lifestyle so that you can plan your renovations better. Personalizing your house feels so much better when you’re not buried in debt and worrying about your utility bills.
Prioritize Maintenance & Repair
Another important reason to practice restraint is that you’ll likely be spending more on maintenance and repairs. While your new house could be brand new and in top shape, there’s no saying when you’ll have to look for professional air conditioning installation or repair services. You won’t want to be faced with these situations without sufficient funds to cover them. Depending on your circumstances, such repairs might not only be crucial to your convenience, but also to your health and wellbeing. This is particularly true when the problem is with your plumbing and electrical system.
Whatever spare funds you have, make sure to set them aside for maintenance and repair costs first. Renovations, whether big or small, can wait until you have enough money to cover emergencies around the house.
Partner with Reputable Contractors
Impulse hiring can often be a terrible practice. When you aren’t connected with reputable contractors in your area, you are at risk of investing poorly and suffering from many inconveniences. For this reason, it’s crucial that you canvas for options even before you encounter any problems or urgent needs. This applies for repairs and maintenance as well as for new builds, in case you are ready to pursue your renovations.
Take the time to research online and read genuine customer reviews. Once you’ve narrowed down your options, speak to their representatives so you have a better idea of which ones will give you the best value for your money. Having a reference to turn to in the future will spare you from regrets because you’re more confident of their workmanship, and you already know their rates.
Pay for the Right Insurance
Paying for the right insurance to protect you and your home is a move you’ll never regret. You’ll be offered many choices, but just because they look good doesn’t mean they are right for you.
When deciding on an insurance policy for your home, it’s best to consider some important factors first. This may include threats of natural disasters in your area, as well as threats like wildlife. There are essential ones like homeowner’s insurance that will probably be the first you’ll purchase, after which you’ll have to build on it to ensure that you have sufficient coverage. Being in possession of the right insurance policies will protect you in case of losses, whether in part or in whole.
Put Receipts in a Safe Place
You’ll be spending a lot on your home over the years. In case you decide to sell it in the future, your receipts will help you maximize your sale. In fact, it can mean the difference between your home’s basis and good or bad tax-free earnings. Of course, there are other factors that can affect your basis, but it’s best to never underestimate the impact all your saved-up receipts can make.
Being a responsible homeowner can be simple and cost-efficient if you take the right steps early on. Valuing restraint, practicality, and caution can drastically improve the joy of owning a home and running it.