Tips for New Homeowners
The upkeep and maintenance requirements of your property will change with time and throughout the lifespan of your real estate investment. Being well prepared to handle these tasks is key to maintaining your property value and keeping the home attractive and comfortable.
1. Take Notes
It’s helpful to keep track of important information about your property. Make sure you are aware of the locations of the water and gas shut-offs, the breaker panel, attic access, and outside spigots. Keep insurance information for the home and warranty documentation for appliances in a safe location. Make files to keep track of instruction manuals, home improvement receipts, and contracts.
Introduce yourself to the neighbors, if you haven’t done so already. Aside from being a common courtesy, it’s also an opportunity to discuss your home and neighborhood. Maybe they are aware of quirks about the property from the previous homeowners who lived there. Your new neighbors can help you learn more about the area and introduce you to people in the community.
2. Create a Budget
As a homeowner, it’s smart to create a budget and stick to it. Learn about the cost of your property taxes and put aside money so you are prepared to pay them.
Learn about the tax breaks and credits that may be available to you as a homeowner, consulting tax professionals whenever necessary. Any tips for homeowners that can save you money are always worth looking into.
Create an emergency fund. If the roof of your home begins to leak, or the compressor goes out in your air conditioner, you’ll be glad that you prepared financially for unexpected situations. Broken appliances or a malfunctioning furnace are things to repair or replace as soon as possible to avoid any inconveniences. Save a fixed amount or percentage of each paycheck to gradually build up your emergency fund.
3. Tips for New Homeowners: Prioritize Your Projects
Once you start a home improvement project, it can become surprisingly addictive, and you’ll find yourself planning what you want to do next. But one of the most fundamental tips for homeowners is to prioritize these projects by need versus want.
If the roof is missing shingles or the siding of the home has sustained damage from a storm, make repairs before you invest in new countertops. If a portion of the gutter has detached, address that issue as soon as possible so that water running down the side of your home doesn’t damage other structural components. Always prioritize projects that will prevent major problems and keep your home safe and comfortable.