Mistakes to Avoid After You Buy a Home
If you just recently bought a home, your friends here at Tailored by Woodhill Homes want to congratulate you! Buying a home is certainly exciting, but it is also a big financial undertaking. Many people get swept up in the excitement of buying a home and make some common money blunders. Don’t fall into the same traps! Here are a few money mistakes that you should avoid making in the first year of homeownership.
Avoid Big Renovations Right Away
Especially in this market, it is common for buyers to make compromises on wants and needs in order to secure a home. In doing this, you may end up in a place that you're happy with but is not everything you had dreamed of. Which is why many fresh homeowners are eager to start chipping away at renovations straight away. Doing this, however, may not give your bank account enough time to recover from down payments and closing costs. Additionally, the more you live in your home, the more you will find what works and what doesn't. If you wait at least a year until you begin making upgrades and renovations, you will have a better idea of what you want your home to be.
Have an Emergency Fund
Maintaining a home is a big part of homeownership and maintaining a home costs money. You cannot always predict when something in your home will need repairing or replacing, which is why having an emergency fund is important. Having an emergency fund that you can draw from when your roof fails suddenly or when a water pipe bursts unexpectedly can reduce stress when emergencies strike. Generally, an emergency fund that covers around 6 months of your expenses is a great place to aim to be. In order to get your emergency fund started, it is wise to hold off on making large purchases within the first year of homeownership.
Don’t Ignore Maintenance
You’ve finally gotten through dealing with banks, home inspections, signings, and moving into your new home. Now you can finally relax. After you’ve taken a brief respite, make sure to keep on top of regular home maintenance. Changing HVAC filters, staying on top of landscaping, and cleaning out gutters are a few examples of small things that make a big difference in how your home functions. Not neglecting regular home maintenance is the best way to avoid needless, costly repairs.
If you avoid making these common mistakes in the first year of homeownership, you will be set up for success. Of course, when you buy a new home, you do not have to worry about renovations and immediate maintenance in the same way that you do when you buy an existing home. If you want more personal touches from your home and more peace of mind up front, contact Tailored by Woodhill Homes.