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August 21st, 2017 by

1st Year Homeowners
Homeownership gives you a new sense of freedom. You'll have no landlord to chastise you about pets or children and no complaining neighbors down the hall. You can control your own heat and change your locks. If you're inspired to make big changes, you can tear down your walls and transform your home into an open-plan configuration.

Our real estate agents understand that homeownership comes with big choices and bigger responsibilities. These six must-do recommendations can guide you as you learn to cope with your new responsibilities.

  1. Start a rainy day fund
    As a new homeowner, you may want to redecorate immediately, but hold off just a little while. When you own a home, things go wrong and there's no landlord to handle them. Put your money in a rainy day fund just in case there's a leaky roof or some other money-draining problem. 

  2. Get to know your home
    Don't let a catastrophe become your handyman crash course. It's important to know your home and how it operates. It will help you outline a plan for timely maintenance and upgrades.

    - Systems - Plumbing, climate control, electrical and security systems keep your home comfortable, safe and functioning efficiently. As they age, these systems may require repair or replacement.
    - Curb Appeal - Well maintained landscaping, lighting, windows, paint, roof, walkways, driveways and other external elements will keep your home beautiful. They will also attract buyers when you're ready to sell.
    - Interior Decor - Interior beauty diminishes with time. Faded paint, dings in your walls, outdated light fixtures, and other decor issues gradually reduce your home's value.

  3. Keep Good Records
    Receipts and bills offer proof of maintenance, repairs, and improvements. Agreements, policies, and warranties explain your contractual rights. You should keep copies or store documents digitally. They can serve multiple purposes.

    - Proof of tax deductible expenses
    - Costs to repair insured losses
    - Proof of increased home value
    - Terms and timing of warranties and guarantees
    - Insurance coverage for losses

  4. Consult a Tax Professional
    Your tax status changes when you buy a home. A tax professional can help you get the appropriate deductions.

    Interest on your mortgage and other home expenses may be deductible. You may also be entitled to a federal tax credit for a new solar energy system.

  5. Increase Your Energy Efficiency
    When your home is energy efficient, you save money. Some energy efficiency options are inexpensive and easy to implement. Others should be included in your long term home improvement plan.

    - LED or CFL light bulbs
    - Energy Star appliances
    - Water heater timer that shuts off during your down time
    - Eliminating air leaks
    - Dual pane windows
    - Repairing plumbing leaks
    - Solar energy upgrade

  6. Review Your Insurance Annually
    Insurance is critical when a major loss damages your home. It's important to have the right coverage in an amount adequate enough to replace your home if it's completely destroyed.

    That's a bit trickier than it sounds because home values increase. You must keep up by increasing your coverage to at least 80% of the value; otherwise, your claim payment may be reduced.

    You should consider life and disability insurance to pay for your home if you're disabled or die. Also, make sure you have enough auto insurance to cover a catastrophic accident. A high judgment against you may exceed your auto policy limits and put your home in jeopardy.

Cressy & Everett Can Help

Homeownership has a wealth of benefits and challenges. When you have questions about buying or selling a home, contact Cressy & Everett Real Estate.

Categories: Buying a Home
Tags: Buying a house

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