While the dream of homeownership may have come to fruition, which is something to be proud of, but it definitely adds plenty of responsibility that you may not have been used to in the past. Sure, making your mortgage payment on-time will continue to build up your credit, but there is more to homeownership then by just paying monthly mortgage and utility bills, although that is a large financial burden. By staying on top of other aspects of homeownership, you can ensure you get the most out of your investment.
* Start an Emergency Fund For Homeownership:
By the time you make your significant down payment, pay closing costs, not to mention even living on take-out during the moving process, you will probably notice your bank account is drastically lower than you’re used to seeing. Moving costs add up, and unfortunately, you never know when an appliance needs repair, not to mention handing a sudden-job-loss now that you have a mortgage under your name, so it’s a good idea to give yourself a cushion. By starting an emergency fund with the hopes of building at least a few months’ worths of reserves on hand, you can give yourself a little financial comfort for the unexpected.
* Don’t Take on Too Many Projects at Once:
Getting into a home can be overwhelming, especially if you are having a hard time living in the moment and reflecting on even getting into your dream home, but thinking ahead to all of the projects that you want to work on. While it may seem like common sense, taking on one project at a time is the only way to keep your sanity in check, while still improving and updating your new home. Especially in the beginning when money is tight from the purchase, painting is probably a good way to start, while leaving renovating the kitchen or bathroom best saved for when your savings has replenished a bit.
* Maintenance is Important:
While it may not be on the forefront of thoughts when purchasing your home, but think about cutting the grass, shoveling the snow, not to mention keeping up the landscape. While certainly buying a condo would be the better decision if you would rather the homeowners association cover the maintenance, it will cost you, sometimes hundreds of dollars a month, but maybe that is worth not having to deal with the manual labor.
* Make Sure You’re Covered:
Purchasing a home is a huge investment, so it’s important to make sure you’re adequately covered. While your lender may have approved the loan simply based on having an insurance policy, that doesn’t mean there is a one policy fits all, so it’s a good idea to make sure you review the coverage options, not to mention exclusions, to ensure that you are covered in the event your jewelry is stolen, there is an accident on your property, or even if there is damage from a flood or tornado. The worst thing to happen is not to have adequate coverage needed to protect your home.
