When you buy your first home it is the most exciting time of your life. I saw this article and thought to myself that these tips would really come in handy.
I think that we all should really use them even though many of us already own homes. Its good sound advice designed to help you make the most out of your home.
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Don't ignore important maintenance items
One of the new expenses of homeownership is making repairs. There is no landlord to call if your roof is leaking or your toilet is clogged (on the plus side, there is also no rent-increase notice taped to your door on a random Friday afternoon when you were looking forward to a nice weekend).
Hire qualified contractors
Don't try to save money by making improvements and repairs that you aren't qualified to make. Your home is both the place where you live and an investment, and it deserves the same level of care and attention you would give to anything you value highly.
Get help with your tax return
Even if you hate the thought of spending money on an accountant when you normally do your returns yourself, and even if you're already feeling broke from buying that house, hiring an accountant to make sure you complete your return correctly and maximize your refund is a good idea.
Don't confuse a repair with an improvement
Only improvements, such as replacing the roof or adding central air conditioning, will help decrease your future tax bill when you sell your home.
Get properly insured
Your mortgage lender requires you not only to purchase homeowners insurance, but also to purchase enough to fully replace the property in the event of a total loss. But that's not the only insurance coverage you need as a homeowner. If you share your home with anyone who relies on your income to help pay the mortgage, whether it's a girlfriend or a child, you'll need life insurance with that person named as a beneficiary so he or she won't lose the house if you die
Don't overspend on furniture and remodeling
You've just handed over a large portion of your life savings for a down payment, closing costs and moving expenses. Money is tight for most first-time homeowners. Not only are their savings depleted, but their monthly expenses are often higher as well, thanks to new expenses such as water and trash bills and extra insurance.
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I myself find it difficult to balance my budget at different points during the year. It always seems like when money is the tightest is when I need more to fix something. Busted water lines or a tree falling on the roof. You have to plan for these occasions and have good insurance really helps when mother nature throws a fit and targets your home.
12-12-2010, 11:36 PM
Six recommendations for new homeowners.
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