Things to Avoid in Your First Year of Homeownership
Additional Costs
After the stress of buying your new home is over and your keys in your hands new homeowners can and should expect to face payments associated with moving costs, homeowner’s insurance or a home warranty, utility fees and property taxes as well as HOA or other dues as applicable.
Expecting the Unexpected
Unexpected costs are often covered by your warranty or insurance, But even the best warranty or insurance can’t cover every imaginable scenario. It’s important for first-time buyers to budget and save in preparation for the unexpected. Emergency funds make sure that you aren't stuck having to choose between paying your mortgage and buying a new furnace in the dead of winter.
Hold off on renovations
During the first year of home ownership its easy to get caught up in making your home personalized to you. While a new kitchen or bathroom is exciting, its important to rebuild your savings account. Taking the time to learn your space also allows you to later create a space that has both function and beauty.
Avoid taking on Additional Debts
Take a break from big spending on anything non-urgent. First-time home owners need time for emergency savings to build back up and to make sure they can comfortably meet their mortgage payments even when unexpected costs arise.
Lifestyle Changes
Take the time to settle into your new home and life before making big life changes. Get used to the new budget, acclimate to mortgage payments and get to know your home, neighborhood, neighbors, etc. before making a big change.
