If you recently purchased a new home, what an exciting time in year life. Purchasing a home is an incredible accomplishment, and you should be proud of yourself. Now the fun part of making your home, “your own” can truly begin.
Owning a home for the first time can be an exciting, yet overwhelming experience. To alleviate some of the stress that comes with being a first-time homeowner, we’ve compiled a list of our top four tips to keep in mind while going through your first year of homeownership.
1. Establish and stick to your new monthly budget. If you haven’t done so already prior to your closing date, now is the time to review your monthly budget. While reviewing your budget, consider any new expenses, such as your mortgage, gas/oil, electricity, HOA fees (if applicable), cable/internet, home insurance (if this does not come out of your escrow account) and water/sewer. Need help with structuring your monthly budget? Watch Triangle Credit Union’s Budgeting 101 Workshop.
2. Keep an eye on your mail. We’re not talking about your email either! Over the first few months of being in your new home, you may receive important documents from your loan provider, closing agency, and/or your home insurance through the mail. Some of these documents may come in handy when tax filing season arrives. Be sure to put any important documents you receive in a secure and safe place in case you need it for future reference.
3. Be realistic. Now that you’re in your home, the ideas of tackling large-scale or extensive interior design projects will start to flow. Consider prioritizing smaller projects first that will give you further peace of mind such as deep cleaning your home (especially if it was not professionally cleaned before you moved in). Other items that are often overlooked is checking your dryer vent (if your home has a vent that goes to the outside of your home) to make sure there is no clogged lint that could cause your clothes to not dry or, more importantly, pose a fire risk. While you’re at it, be sure to test all hard-wired or battery-operated smoke and/or carbon monoxide alarms in your home. For further assurance, consider replacing the batteries that are already in your smoke and/or carbon monoxide alarms with new sets and testing each month. Once you’re ready to tackle bigger home projects such as a kitchen or bathroom renovation, or even beautifying your backyard, consider applying for a Home Equity Line of Credit, or HELOC for short, and use the equity that has built up on your home to your advantage!
4. Protect Your Asset! Purchasing a home is one of the costliest purchases you’ll make, so why not protect it? In the event you experience a sudden life change, you’ll want to ensure that your estate is protected, especially if you co-own your home. Our friends at Triangle Financial Group are ready to help you evaluate your estate planning needs.
Homeownership is an amazing experience, and we hope you find these tips helpful as you navigate this part of your journey.
