Buying a house is exciting, but it also comes with a lot of added responsibility. I’m sharing a New Homeowners Guide to help you know what to expect.
Once you find your dream home and start to settle in, you have to prioritize taking care of your new home. Some new homeowners make a lot of mistakes when it comes to where to put their focus. Some of these issues happen periodically or randomly, while others are seasonal issues.
One thing most homeowners want to do is personalize their new space. That makes sense because if you have been renting, you have been limited to how you can change your living space. It would help if you were careful about spending too much money on this before settling into your new financial situation. Buying a house means spending a lot of savings for down payments, closing costs, and moving expenses. Money for furnishing the home and buying appliances may also have been necessary. On top of all the big purchases, monthly expenses are probably higher as well to accommodate for more utility bills and insurance and upkeep. Taking time to get an accurate feel for where your finances are is essential before spending any significant amount of money on adding more personality to your home.
Another added cost of homeownership is the upkeep. If something happens that needs repaired, that cost now falls on you instead of on a landlord. You should always take care of problems when they come off instead of putting them off. Neglecting to take care of maintenance problems will often make the problem harder to fix later on. Some issues you can fix on your own like appliances or minor updates to fixtures inside the house. You can even order parts to fix a washing machine or other appliances online to make it even easier. For other major repairs like a leaking roof or structural problems, you should hire a professional to make sure the job is done right.
When it comes to hiring other people to work on your house, you should take care to hire qualified individuals or companies. Minor improvements like painting and adding trim are easy to do yourself, but if you are not qualified for the larger projects, then you should not try to do them on your own. You should always hire a contractor that has experience doing the project you are hiring them to do, and they should have a lot of positive reviews online. You should also make sure they have insurance and all the proper licenses to perform the work. Some contractors will get the necessary permits to start the project, but some will require that you secure the permits. Make sure you know what you are responsible for before hiring anyone.
Buying a home can complicate your taxes, so it may be worth it to hire an accountant to help you get the most back on your refund as possible. There are extra deductions that you can take that you don’t want to miss out on claiming. Even hiring an accountant the first year can give you an overview of how to do it yourself in years to come.