Congratulations on your new home purchase!
Owning your own home comes with many benefits, here are four pros:
- Tax benefits: You may be able to claim deductions on your mortgage interest and property taxes on your federal income taxes.
- Equity: As you make mortgage payments, you will be building equity in your home, which can be used as collateral for loans or used as a down payment for a future home.
- Appreciation: Over time, your home may appreciate in value, which can provide you with a significant financial gain when you decide to sell.
- Personal freedom: Owning your own home gives you the freedom to decorate, remodel, and make other changes to your living space without needing permission from a landlord.
General tips for a new home owner, in no particular order:
- Create a budget and stick to it
- Make a list of repairs and updates that need to be done
- Hire a home inspector before closing on the property
- Understand your homeowners insurance policy
- Create a emergency fund for unexpected expenses
- Learn how to do basic maintenance and repairs
- Keep track of all important documents (e.g. mortgage papers, insurance policies)
- Get to know your neighbors
- Regularly check for potential hazards (e.g. carbon monoxide, radon)
- Insulate your attic and walls to save on energy costs
- Plant trees and landscaping to increase curb appeal
- Make sure all appliances are in good working condition
- Learn how to shut off the main water valve in case of an emergency
- Understand the terms of your mortgage
- Keep your gutters and downspouts clean
- Take advantage of tax breaks for homeowners
- Update your address with the post office, banks, and other important contacts
- Create a fire escape plan
- Keep your home secure
- Have fun decorating and personalizing your new space!
About The Author
