Owning a home can be an exhilarating experience. You’re overcome with pride and joy and just want to tell the world all about it. It’s these emotions that get the better of you, and you end up making decisions that aren’t really based on rational thinking.
Be smart, don’t be one of those people. Take a step back and ponder these practical concerns that will help ensure that your first home becomes the place of luxury and financial freedom you’ve anticipated.
Don’t Overspend on Renovations and Furniture
Just by paying for the down payments and closing costs, you’ve handed over a large portion of your life savings. Money is always tight for first-time homeowners – you’ve got to replenish your savings, monthly expenses have just gone up significantly thanks to all those extra expenditure that comes with owning your own home.
Pace yourself, take time to look around for the right balance between what you want, and what you need. Go for necessities first, and if you still have leftover budget after that, go ahead and get that cute lava lamp you’ve been eyeing.
Don’t ignore important Maintenance items
Don’t forget to pay your bills! You won’t want to be taking a cold shower in the dark, would you? While you should exercise restraint in purchasing nonessentials, you shouldn’t neglect any problem that puts you in danger or could get worse over time. Leaving a small problem alone might result in you dealing with a larger and costlier one in the future.
Hire Qualified Contractors
We mentioned that you should take it upon yourself to flex those handyman skills, but if you really have to make big improvements and repairs, if you don’t have the skills needed, don’t try it at home by yourself. Hire professionals that know the best way to keep your home in top condition without injuring yourself.
Get properly Insured
You’ve just made one of the biggest purchases in your life. What better way to protect it than an insurance policy. Your mortgage lender would propose an MRTA policy, while an insurance agent would offer MLTA. Which one do you choose? Don’t worry, we’ve got you covered right here.
With the great freedom of owning your own home, comes great responsibilities. Manage your finances, maintain your home’s condition and protect your investment.