Buying a home is a huge milestone for many of us. Although owning your own property is exciting, there are also new tasks and responsibilities that come with such a large investment. From maintenance to keeping track of receipts, documents, and taxes, it can sometimes feel like a lot of work. Here are a few helpful tips for new homeowners.
Tips for New Homeowners
1. Have Your Home Insured
If you purchased your home with a mortgage loan, chances are you already have homeowners insurance. These policies provide peace of mind that in the event of a flood, fire, or natural disaster, your house is covered. You can also extend the insurance to cover household items to protect you and your belongings.
2. Keep a Household Document Folder
When you own a home, documents and receipts will begin to accumulate. It is a good idea to hold on to receipts and paperwork related to your home. Keep them in an organized folder so they are easy to find when you need to refer to them. From mortgage documents to insurance policies and repair receipts, these will all be useful to you down the road.
3. Tips for New Homeowners: Make a Plan for Improvements
Although you’re excited to move in and make updates, big remodels take a lot of time and money, plus it’s quite inconvenient to live in a construction zone. Instead, avoid planning improvements for several months after you move in. Wait a while to get to know your home. You’ll be better able to prioritize what changes need to be made.
4. Set Aside Money for Emergency Repairs
You never know when something will go wrong. Storm damage, plumbing leaks, and roofing issues happen. Although insurance may cover some larger items, small problems can arise overnight that require immediate repairs. Keep money aside by starting a savings account for home improvements. You’ll be well prepared for an emergency situation.
5. Hire a Pro is One of the Best Tips for New Homeowners
It’s fun to tackle projects around your home yourself, but for extensive improvements, don’t be afraid to call a professional. If it’s a repair or upgrade that you don’t have experience with, it’s important that it’s done correctly. It’s worth hiring a professional to ensure the project will be completed correctly the first time.
6. Find the Main Water Line and Breaker Box
Some of the most necessary parts of the home are the utility switches. In case of an emergency, knowing exactly where your water shut-off is will help to prevent more severe water damage. The same is true of knowing your breaker box and which breaker belongs to which circuit. This is important information when you need to cut the power to an area of your home.