So you bought a home. Now what?
That’s the question many first-time homebuyers find themselves asking. How do you best care for your own piece of property? What do you need to do to make sure you make the most of it?
Here are 5 tips that might change your life!
1. Keep An Emergency Fund
You need to have a safety net in case of sudden, unforeseen expenses. Previously, your landlord (or your parents) would take care of the cost of a broken pipe, leaky ceiling, or storm damage. Now, it’s on you.
Make sure you invest in proper home insurance, and that you have an emergency fund set up. Set aside around $150 per month for every $100K in home value.
2. Don’t Fall Behind On Maintenance
It is your responsibility to check in on your HVAC system, pipes, appliances, and plumbing. Avoid major expenses by checking in on these things routinely and keeping up with basic upkeep.
Create a spreadsheet and track your home maintenance duties:
- Clean out your drains every 12 months
- Clear the gutters every spring
- Change the filters on your A/C unit on Memorial Day
- Shut off water to any outdoor sprinklers after Thanksgiving
- Defrost the fridge every 12 months
- Clean the oven every 3 months
Here’s a helpful checklist you can utilize throughout the year to stay up-to-date with all this maintenance!
3. Make It Yours
Fill your new home with things that make you happy and offer the atmosphere you want/need as a family. Paint the walls the way you want them. Build that patio, or break down that annoying wall between the kitchen and the dining room.
Before you start any major projects, wait 6 months once you’ve moved into your home so you have a better perspective
4. Declutter Your Home
Nobody starts out wanting to become a hoarder, it just happens. It happens a bit more and a bit faster when you have your own space to fill up. You can keep your sanity and prevent your home (and yourself!) from turning into this:
After every Christmas, get rid of old clothes, old books, unread magazines, toys… As Marie Kondo says:
5. Monetize Your Home
Rent out your spare room after checking your local laws and ordinances. This could help you with your mortgage.
Looking to buy your first home? Use Home.LLC to reach 20% down, today!