What could be more exciting than taking a huge leap from renting a small unit to finally getting your own house? Being overwhelmed by this is actually a good thing, however, financial journalist Amy Fontinelle pointed out that “some first-time homeowners lose their heads and make mistakes that can jeopardize everything they’ve worked so hard to earn.” So before you head out and scout for the best houses in the city, check out the following reminders that can be really handy with you and your new home:
Don’t Overspend on Fixtures/Remodelling
It is true: money is tight for most new homeowners. “Not only are their savings depleted, their monthly expenses are often higher as well, thanks to the new expenses that come with home ownership, such as water and trash bills, and extra insurance,” explained Fontinelle. Since, a new home is quite tempting to decorate with new fixtures, it is not a good idea to overspend on these things. “Give yourself time to adjust to the expenses of home ownership and rebuild your savings – the cabinets will still be waiting for you when you can more comfortably afford them,” she added.
Take Some Time In Choosing The Best Home Insurance Rate
Yahoo Homes advised that new homeowners should take some time to not only get the best rate on home insurance policies, but to think about the best home insurance policies available. Furthermore, financial blogger Jon Haver explained that not every home insurance cover offers the same perks. In fact, Haver highlighted that “home insurance premiums depend on a number of factors such as the age and value of your home, as well as the number of family units contained within. Aviva does, however, offer a number of discounts for a variety of reasons, making insurance coverage more affordable.” Don’t forget to insure your contents too, most home insurance policies don’t cover your possessions, so make sure you cover all your options.
Think Of The Maintenance Too
To keep your home both in shape and safe in every season, it is recommended to have a regular schedule of repairs and maintenance. This can help you discover potential issues which could cause damage in the future. This could save you time and money if you take care of them as soon as possible.