You and your spouse have moved into your first home together, and you’re excited to get the next chapter of your life started. Home ownership comes with many benefits but there some items unique to owning a home that you need to watch out for. To help your future thrive read about these three tips for new homeowners thanks to The Wheaton Team.
Start Your Rainy-Day Fund
Right after you buy your home, you should start a rainy-day fund for unexpected accidents and other costly repairs that come from owning a home. When you own, you can’t call on your rental management office to fix everything for free. Even a new home could surprise you with a broken-down furnace or inefficient refrigerator, so you must be ready. You’ll have some money set aside for these emergencies or at least a good chunk before you move into your new home.
Set Up Your Professional Services
Your home is full of several appliances and units that must be maintained to remain at their strongest. One of the first moves to make as a new homeowner is setting yourself up for contractors and services you can call on as needed. This might include a plumber, electrician, roofer, HVAC service, and more. Setting yourself up with companies right away means you won’t have to research before hiring in case of an emergency or immediate need.
Follow-Through on Tax Credits and Benefits
First-time homeowners get many unique benefits that help encourage home ownership. It’s one thing to look at these benefits, and it’s another to see them through. After you buy your home talk to a financial professional like your accountant or lender about what you should do on your taxes after purchasing a new home for the first time. Failure to get the right benefits and credits could cost you hundreds and possibly thousands of dollars.
Owning a new home is an exciting time, but you need to protect yourself as a new owner. This includes setting aside money for emergencies, setting up a network of helpful local contractors and services, and follow-through on any first-time homeowner benefits. With these tips and a solid real estate team you’ll be ready to take on your new home and life.