Buying a house is a big deal — and something that comes with a lot of responsibility. Having your own home gives you a sense of pride, stability, and freedom, and it’s a goal many people work towards all their life. There will be many expenses you’ll have to pay attention to now as a new homeowner, such as repair and maintenance, property taxes, and homeowners insurance. It will take some getting used to and careful planning, but it’s worth it if you like the idea of owning a home.
Plan for Financial Emergencies
Even if things in your life are stable and have been for some time, it doesn’t hurt to think about and plan for emergencies. If you don’t have a savings account, you should open one up as soon as possible and start putting money in that account every payday. Even if you’re only able to set aside a few dollars a week, anything is better than not putting anything in there.
Things can happen when you least expect them to, such as your stove dying or the furnace requiring some major repairs. A loan agency can help you obtain the funds needed for whatever emergency arises if you don’t have enough money in savings to cover that expense. It’s important to read over all the terms of the loan and make sure the monthly payments are something you’re able to afford.
Secure the Home
The first thing you should do when you get the keys to your new home is to change the locks. You don’t know who has copies of the keys for the existing lock, so it’s crucial to get those changed immediately. Some things you want to take into consideration for securing your property are:
- Make sure all the doors are locked
- Make sure all windows are shut and locked
- Keep your property well-lit at night
- Make sure no valuables are in sight from the street
It’s a good idea to make it look like someone is at home even if they’re not. You can do this by leaving a couple of lights on or the television. Another thing you might want to consider is buying a home security system. While they may seem a bit pricey, they can give you some peace of mind knowing you have that extra layer of protection.
Keep Things Maintained
Having a new home can feel a bit overwhelming, especially if you think about all the things you’re responsible for now. Until you’re more familiar with home maintenance, you might want to make a list of items in your home that you do not want to overlook. Not regularly maintaining certain systems in your home can leave you with very costly repairs. Regular maintenance includes:
- Testing sump pump
- Cleaning refrigerator coils
- Cleaning window wells
- Checking for pests
- Cleaning dryer vents
- Cleaning bathroom exhaust fans
- Inspecting tree limbs and trees near your home
- Cleaning the gutters
Some things might seem like a waste of time, but it helps to learn about what could happen if you don’t properly keep certain things maintained.
Learn About Insurance Coverage
The whole process of buying a house can be stressful for most people because there’s so much that goes into this process. When it comes to getting homeowners insurance, it’s common to get a policy without really understanding what it covers. If you have never taken the time to read through all the coverage included with your homeowner’s insurance policy, you should do that.
Some of the most common things homeowners insurance covers are damage to the interior and exterior of your home caused by fires and natural disasters, personal liability for injuries or damage, and hotel or house rental if you’re out of your home due to repairs.
All homeowners insurance policies are different. To properly understand what’s covered under yours, you’ll have to read through all the documentation they provided to you.
Buying a home is something to be proud of. It might take you some time to get used to all of your new responsibilities, but things will get easier for you over time.
