Ready, Set, Home Owner!

So you bought the house, now what?

Smart Tips for Homeowners

So you’ve finally bought yourself a house and you’re ready to put up the white picket fence, rip down the walls and start building archways and marble counter tops. Woah! Slow down sparky. While it is true that your home should be a place of luxury and eventually your dream house, it is wise to take a few moments to consider what’s involved to get your home to dream house status.

New Homeowner Guide

If you’re like most homeowners, you’ve just spent most of your life savings on the down payment and you only have a little left to spare. Everyone wants to start personalizing their home right away, but that may not always be the wisest move. Take a look at Shearer Realty’s new homeowner guide below.

Keep the Homeowner Status

Most new homeowners go into a house and spend what’s left of their money on sprucing up the place. To avoid struggling with the cost of all the additional bills that come with being a new owner, it is recommended that all homeowners should give themselves time to live in their new home. Living in the home for a while will help homeowners adjust to the monthly expenses that await them, so they know how much they can spend on the improvements.
Budget What’s Left

Trash, water, sewer, title insurance, home insurance, electric, or gas are all bills that you may not have had to deal with in your previous homestead. Let’s not forget the cost of the mortgage alone. Use the money that you have left for the needs, not the wants. Save a little of what is left every month for your dream house projects.
Repairs and Maintenance

Adding restored wood floors and tiled bathroom walls will come. But it may not be worth prettying up the inside when there could be other problems in your new home. Some homes have foundation, structural, plumbing problems and more. It is wise to invest a little money into a property inspection to tell you all the important things that need to be done to your home. Budget your money for the repairs that are needed first, then work on the dream home goal. Maintenance and repairs are important so your home and appliances last longer, which saves you money in the long run. Some examples of things around your home that may need maintenance are air conditioners, water heaters and pipes, which if left unchecked could result in heavy expenses down the road.

Make Sure You’re Covered

Some mortgage companies will ask that you get home insurance for your new home. It is important that you get everything you need to cover you, your family, and the house.

Homeowners Insurance Coverage

Homeowners Insurance is required by mortgage companies. Why? Because they want to protect their investment as much as you want to protect it. If something happens to your house, for example a fire or serious foundation issues, that could make the house unlivable. Insurance is needed in order to get the home up and running again.

Insurance is important to have because it will assist you when big repair costs hit you unexpectedly. Keep your home maintained and property value up.

Hazard Insurance Coverage

If you live in an area with extreme weather conditions, like hurricanes, tornados, earthquakes or floods, it is important to pay those extra couple of dollars for hazard insurance. Mother nature happens and it doesn’t care. Do not wait until the bad weather comes and it is too late to restore your home. Be prepared and protect your investment while you can.

Life Insurance Coverage

Life is mysterious and unknowing. You never know what will happen tomorrow or in an hour. That is why it is important to have life insurance, especially if you have a family. Life insurance policy ensure that your family will be financially less burdened in the event of your death. Many home insurance companies can bundle auto and life insurance together. Doing so can save you money on your overall home insurance costs.

Be the Homeowner

Now that you know how to budget your money, spend it wisely, make improvements with a budget, and protect it where necessary, you’re ready to own that homeowner status with a little more confidence.