Becoming a homeowner is gratifying, but also challenging with a lot of new responsibilities. Here are 5 tips for new homeowners to help you make this transition.
Budget for Unexpected Repairs
When you purchase a new home, you may have used a good portion of your savings on the down payment, closing costs, and new furniture. It’s time to start building your savings back up in case you need unexpected repairs.
There will also be expenses for ongoing maintenance of your new home. Always maintain an emergency fund for your home so that you don’t get caught off-guard with a large bill that you can’t pay.
Tips for New Homeowners: Make a Maintenance Calendar
Many home maintenance tasks are simple things that you can do yourself and don’t cost a lot of money. Some are best left to the professionals, like HVAC servicing. To stay on schedule, make a yearly home maintenance calendar with reminders to do things like clean the gutters, change HVAC filters, and pressure-wash the siding. Your home will look and operate better when you keep up with home maintenance.
Tips for New Homeowners Include Buying a Set of Tools
As a new homeowner, you’ll need a set of basic tools to help you with simple improvements and repairs. Invest in a set that includes a hammer, screwdrivers, pliers, wrenches, a level, and a tape measure. You’ll also want to get a cordless drill and a ladder. You can add more tools to your toolbox later, but this list is a good place to start.
Keep a File of Important Documents
Make a dedicated place to store documents in an organized way. When you buy your home, you’ll get a lot of documents like your closing paperwork, the house deed, possibly a home warranty, and homeowners insurance information.
Keep all of this paperwork together in a safe place. When you have repairs or improvements made to the house, save your invoices in another section of the same file box or drawer. If you purchase new appliances, save the manuals and warranties for future reference.
Review Your Homeowners Insurance
You are required to obtain homeowners insurance when closing on a home, but the levels of coverage vary. One of the smartest tips for homeowners is to make sure that you’re covered in the event of a total loss, meaning that the insurance company would pay the cost to rebuild or buy a new home. If you live in an area prone to natural disasters like hurricanes or wildfires, make sure that your provider includes coverage for these risks.