Purchasing a home for the first time is an accomplishment to be proud of. Often, it takes planning, patience, and commitment to saving towards that goal. Once you’ve crossed the finish line of the mortgage process and have keys in hand, you may feel like you’re walking on cloud nine. However, while taking the time to celebrate that achievement, it’s important to prepare for the homeownership road ahead. Here are four things new homeowners should be prepared for after purchasing their first home.
Part of the joy of homeownership is having the freedom to make your home your own without following a landlord’s strict guidelines. With that freedom comes the responsibility of handling any unexpected repairs that occur. Whether it’s a broken dishwasher, a leaky toilet, or an electrical problem, you no longer have a landlord to call to repair them. Before you let that thought overwhelm you, remember there are ways to prepare for even the most unexpected repairs.
- Setting aside money in a savings account for any repairs that need to be completed promptly. Knowing you have funds available to pay for repairs can give you peace of mind.
- Securing a home warranty if you haven’t already. Home warranties usually cover the electrical, plumbing, heating, and cooling systems for a set time. Often, your real estate agent can help you negotiate that warranty when closing on your home.
- Obtaining an extended appliance warranty from the manufacturer or an independent company. That extended warranty can cover big-ticket repair items like your refrigerator, dishwasher, or gas stove.
Completing Yard Maintenance
Maintaining your home doesn’t just mean keeping the inside up to date. It also means completing yard maintenance. Unless you purchase a condo or townhome, it’s imperative to plan for completing that yard maintenance. Most cities have guidelines for maintaining the exterior of homes, which can result in fines if not the guidelines are not met.
Remember to consider the expense of equipment, like a lawnmower or snow blower. Homeowners can also hire a landscaping company or a local neighborhood kid to help with yard maintenance.
Tackling DIY Projects
As you walk through your new home, you may have ideas about making it your own. The possibilities are endless, whether it’s painting, remodeling, or installing new floors. When planning your DIY projects, be realistic about the time involved for each task. To avoid losing momentum, homeowners should research everything that goes into their projects and plan accordingly. Make sure to be adequately prepared with supplies and build extra time into your schedule to complete it.
Budgeting for Annual Fees
When considering the cost of your home, it’s important to budget for your annual fees on top of your monthly mortgage costs. Summer and winter taxes and homeowner insurance can quickly add up if homeowners aren’t expecting them. One great way to avoid the sticker shock of annual fees is to roll those fees into your monthly mortgage payment. That way, when those fees come through, homeowners can rest assured that they’ll be covered.
When new homeowners are prepared for the ups and downs of homeownership, they can meet any roadblocks that come with ease.
About Michigan Mortgage Lender, Julie Krumholz
For over 35 years, Julie Krumholz has helped homebuyers with different financial backgrounds to make the dream of homeownership a reality. Julie has worked in processing, closing and loan origination, underwriting, QC auditing and has even co-owned a mortgage brokerage firm. Her passion for helping homebuyers has made her a trusted resource for those navigating the homebuying process and beyond.
Call Julie at 586-382-5482 for all of your homebuying needs!