Owning a home is a big responsibility and no matter how long you have been in your home, it is important to remember a few tips to keep your home from causing a financial burden. Being a successful homeowner doesn’t have to be difficult or costly.
What is something new homeowners should avoid?
First, don’t overspend on furniture, not every room has to be furnished on the day you move into your new home. Second, wait to tackle major remodeling projects for a few months so you can get used to the costs of being a homeowner before adding more debt.
How can homeowners lower the cost of owning a home?
It starts with always completing regular maintenance. This task is critical as a homeowner from furnace inspections to window caulking and yard work. All can these efforts will be an expense but in the end cheaper than having to do a repair.
What is important to consider when having work done on your home?
When having work completed on your home, always hire experienced, bonded and reputable contractors. Always ask for and check all references. The lowest bid might not always be the best option. A bad contractor can end up costing thousands to repair their poor work.
Is all home insurance coverage the same?
There are many nuances to homeowner’s insurance and it’s important to make sure you consider all the possibilities and coverages from repairs to replacement of the household items that might be destroyed. It is also a best practice regularly update the value of your house and furnishing with your insurance company. Proper valuations are key to making sure your financial interests are protected.
How else can homeowners protect themselves financially?
Build a home repair fund. Whether you are buying a brand new home or moving into an existing home, a home repair savings fund is very important. All homes eventually need sometime of repair from appliance replacement to painting . This fund helps you avoid building debt to pay for these expenses.