The home-buying process is lengthy. For those who have completed it for the first time, congratulations. Buying a home is the culmination of years of work, saving, and diligent planning.
One of the most significant upsides to owning a home is that the money you spend can come back to you when you sell. It is an investment in your future. To protect it and you, avoid some of the common pitfalls made by first-time homebuyers.
Keep Looking Towards The Future
When you move into a home, you want to make it yours. You can envision how you would redesign the kitchen and the bathrooms. Part of what makes owning a home so great is that it is yours. Don’t rush into significant renovations too quickly.
After you have paid closing costs, attorney fees, and even the down payment, you may have less money than you’d expected. And this is common amongst first-time home buyers. You likely signed a 30-year mortgage. There will be time to renovate and design your house. The key is not to compromise your financial security and do it too quickly.
Build A Maintenance Schedule
Though you are likely aware of this, it can still catch you off-guard. When something goes wrong in your house, you will have to oversee the repair. Whether your sink is clogged or the water heater fails, you will have to fix it.
Build a list to check things monthly, quarterly, and annually. Most of these are preventative. Taking small steps can save money and time in the future. Every month, check your air filters. Keep spares on hand. You can flush your garbage disposal, check your fire extinguishers, ensuring your water heater isn’t leaking, and degreasing the hood vent in your kitchen.
Save the more significant projects like clearing trees and shrubs away from your house, cleaning out the gutters, and checking your roof for your annual checks.
Because we started with the idea that you should save money by diving too quickly into costly renovations, it seems fitting that we suggest some ways to do that.
You will learn a lot about your house after you move in. Before you purchased it, you likely did one or two tours and a final walk-through before closing. Some people ask to see heat and electricity bills during the home buying process to estimate utility costs. Look for ways to cut these costs and save money.
When you move in, check the insulation in your attic. Gaps can allow valuable heat to escape, making your system work harder to maintain a temperature. Here are some other methods for saving money on your heating, cooling, and electrical bills:
- Change out all your filters, especially those on the HVAC system
- Install LED light bulbs because they are more energy-efficient and will last longer.
- Putting in a SMART thermostat could cost hundreds of dollars, but it has the potential to save you as much too.
- Do a quick search of your area and see what sort of incentives there are for installing energy-efficient devices in your home. Some states may subsidize the cost of these.
The Matus Law Group
If you are ready to buy a home, contact The Matus Law Group to schedule a consultation. We want you to feel comfortable and secure during your real estate transaction. In addition to protecting your interests, we are there to answer any questions you may have. We want you to sign your closing documents with confidence.