July 8 2020

What to Know About the First Year of Homeownership

You’re looking at buying your very first home or maybe you already have and now you’re not too sure what the next steps are. If you’re looking to survive the first year of homeownership, and aren’t we all, here are five major things to know about the very first time you’ve purchased a home or homeownership, especially if you’ve never done it before.

#1. Have money set aside for repairs.

A good rule of thumb is to set aside at the very minimum $1000 for an emergency fund. Once you have that work on building up 3 to 6 months of income. In case you should lose your job or something major happens, you at least have 3 to 6 months worth of income in the bank to cover you. The $1000 for emergency funds is for leaks, car repairs, or any other issue that might come up.

#2. Consider improving the value of the property.

Focus on projects that will have the most bang for your buck such as painting rooms with fresh paint, consider putting in new appliances, and install new lighting fixtures and hardware.

#3. Have a go-to list.

Make a professional list and keep it in a drawer in the kitchen or somewhere in your office. If your dishwasher breaks, you need plumbing or electrical work, chimney or furnace repair, HVAC service, oe you just need a general handyman to take care of a few things you may not have the time or knowledge to do yourself is a good way to be prepared just in case.

#4. Maintain the exterior.

If you’ve rented in the past you may not have had the responsibility of taking care of the lawn. But now you may have trees, shrubs, and grass to maintain and/or offense. If you share the property next to someone else you want to make sure your landscaping does not encroach on their property. Keep things trimmed, mowed, and for safety sake, keep leaves swept away from walkways and steps.

#5. Do it yourself when you can.

Now is a great time to put in a little sweat equity yourself, which can save maintenance costs in the future. Start building up a box of tools, landscape equipment and other general maintenance materials.