It’s very likely that your home will be the biggest investment, both financially and toward your future that you will ever make. You should plan for the responsibilities of home ownership before you move. Below are a few handy tips for new homeowners who haven’t yet got this whole “homeowner-thing” down.
Make your mortgage payments on time Late or missed payments can impact your credit rating and add extra charges that you will have to pay.
Understand the costs of owning a home Repair and maintenance costs, snow removal and alarm monitoring are just a few of the many costs that are often associated with home ownership.
Live within your means
Every few months, check to see if you’re spending more than you earn. If that is the case, you should find new ways to save more or spend less money.
Save up for emergency situations
Put aside five percent of your income as an emergency fund so that if unexpected expenses come up, you’ll be prepared.
Protect your home
Create an emergency evacuation plan and check fire extinguishers, smoke alarms and carbon monoxide detectors regularly.
Finance home improvements
Your lender or broker can help you if your new home needs repairs or renovations. Financing options could be available to you through your mortgage loan.
Additionally, if you implement energy-saving home improvements, you could qualify for a partial refund of your mortgage loan insurance.