Now that you have closed on your new home and all the stress of home-buying tasks are behind you, you can finally enjoy your new abode. Get to know your new residence and pick up some handy advice on how to care for it with these smart, cost-saving tips.
Know Your Homeowner’s Insurance and Tax Incentives
Read through your plan and write down any questions for your insurance agent. Make an appointment to discuss any uncertainties and become informed on any additional insurance you may need, such as flood, earthquake or sewer line insurance. Coverage necessity will depend on the age and location of your home. Learn about tax breaks and financial benefits.
Recommendations for Local Services
Request recommendations from your neighbors per general contractors for plumbing, HVAC, electricity and other major services. Asking for advice will save you time, research, and guesswork.
Schedule Important Inspections
Issues like mold, radon and pest infestations can be overlooked. Be sure to get on your local professionals’ calendars for an annual or semi-annual evaluation. Also, have your foundation, plumbing, HVAC and electrical systems regularly inspected to check for signs of structural damage, energy loss and electrical malfunctions or dangers. Address more immediate issues before they become more expensive to repair. Have an energy audit done by your local utility company to improve efficiency.
Budget For Potential Repairs and Upgrades
Learn the age of your major appliances, such as your furnace, AC system, stove, washer-dryer, dishwasher and refrigerator. If they are no longer new and under warranty, it’s wise to start saving for repairs and upgrades. If you need a new major appliance sooner than later but can’t afford it, consider purchasing a pre-owned one. Consider DIY projects to save money, such as lighting, fixture replacement and changing the furnace filter. Set aside between 1 and 3% of the value of your home each year for maintenance.
Keep a Home Improvement File
Save your receipts for tax season or if you have to sell or remortgage your home unexpectedly. Keep them in a handy ring binder or file folder.
Make Landscaping Plans
Enjoy your outdoor space by setting up a garden, planting trees or preparing for whatever season is coming. Find out what planting zone your house lies in and the soil quality.
Delay Big Changes
Give yourself time by living in your home for at least a year before making any major renovations, such as additions or expansions. Your point of view may change after living there for a while. In the meantime, you can make a wish list of renovation plans with an approximate budget and timeline. Save for the future while you enjoy the present with less stress.
Before You Move In
Obtain written disclosure or records from the seller of remodeling, repairs, damage, property permits, zoning and other pertinent home documents so there are no surprises. Ask the seller for a home warranty for a faulty appliance. Assure future safety by changing the locks and getting new keys. Check the area’s crime rate. Get your new home ready to be lived in with a deep cleaning and repainting. Factor in your property taxes before it is time to make payments to prevent leaving yourself short.
Purchasing a new home opens an exciting chapter for you and your family. Although it is part of achieving the American dream, becoming a homeowner is one of the largest financial investments anyone will ever make. That’s why starting off on the right foot is ever important. Understanding your home and the area and preparing with a maintenance schedule will save you stress and unexpected expenses to confidently kick off your first year in your new home.
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