Purchasing a property is a major financial investment that will put you on the path to making a great home for your family. Although owning a home gives you a sense of security and stability, it can be a challenging journey at times. Costly repairs and improvement projects create their own kind of stress. Get started on the right foot by following these tips for new homeowners.
Tips for New Homeowners: Make a Binder for Important Documents
The process of buying a home involves a lot of paperwork and documentation. This includes mortgage and home insurance documents. You do not want to lose these, so designate a document binder where you can file and organize them.
After moving in, store your appliances’ manuals in the same binder. Warranties and receipts for things you purchase for your home are essential and should be filed away. You will sometimes need to hire professional service providers, like plumbers and electricians. Keep their contact information in the binder so it will be easy to find when you need them.
Plan Ahead for Renovations
Many new homeowners cannot wait to personalize their space. It is important to know that renovating your home can be very costly. Especially at first, it is smart to only tackle one project at a time. This way you can keep saving for the future while committing to a single project on a set budget.
Unless your property has safety concerns that must be addressed, start with small tasks and progress to the bigger ones. Live in the house for a few months and then create a list of the projects you’d like to tackle. Small projects like painting the walls, updating the cabinet hardware, and installing new light fixtures are easy and inexpensive places to start.
Getting Homeowners Insurance is Important
Having your property insured is important to protect your house and belongings in case of a fire or other disaster. Homeowners insurance is required by some mortgage lenders and covers your property in case of damage or loss.
Research and choose a good insurance policy that will cover all your needs. A good policy will replace your belongings and rebuild your home if natural disasters such as tornadoes, floods, or fires damage your property.
Tips for New Homeowners: Replace the Air Filter
The furnace is one of the important systems in your home. For optimal air quality and system efficiency, change the air filter regularly. Replace the air filter as soon as you move into your new home so you start off with a fresh space. It’s necessary to change the air filters every 30 to 90 days, depending on the system. Change the air filter even more often if you have pets or family members with allergies.
Start an Emergency Fund
Now that you are a homeowner, set up a separate savings account for emergency expenses. Repair and maintenance needs will always come up, sometimes very unexpectedly. Start saving as soon as you get settled in your home. It’s good to have money put aside in case of an emergency.