Resolutions for New Homeowners ( What You Want To Know Wednesdays )

January brings several changes to people around the world. Many people are making lifestyle changes – whether permanent or not.  As a new homeowner, you can make goals for yourself as well.  The first 12 months of homeownership can set the tone for the entire journey; msn.com brings us a fantastic list of resolutions for new homeowners.

Start an emergency fund – Being a homeowner can cost much more than just the cost of your mortgage. Unexpected repairs can come at the worst time. Give yourself a little padding by starting an emergency fund.  Ideally, it will cover several months of expenses, but start small so you do not overwhelm yourself.  Set aside a portion of every paycheck with the goal of reaching $500 as quickly as possible and then contribute as much as you can from then on.

Take a closer look at your homeowner’s insurance - Your home can be your biggest asset – you want to make sure your coverage is right for you.

Get an energy efficiency audit - Electricity bills can be quite costly. Once you are settled into your home and figure out what areas are warm and cold, an energy efficiency audit can help you target areas that need to be fixed to lower your monthly bills.

Consider a home warranty - Home warranties are annual agreements that offset the repair or replacement cost of major home components and appliances. A home warranty can help with the cost of replacing major appliances in your home.

Keep an inventory of items in your home – Create a “disaster kit” that includes financial documents and an inventory of big-ticket items in your home. A home inventory can be as simple as snapping pictures of big-ticket items in your home, or you could record items, brands, original prices, ages and condition in a spreadsheet. Store the inventory, along with copies of your personal identification, credit card information, vehicle records and other important documents, in a fireproof safe or another place that is easily accessible if you have to evacuate.

Build up equity - You can build equity slowly just by making your monthly mortgage payments, or you can find ways to speed up the process. For example, take on smart home improvements or switch to biweekly payments to get “equity rich” even faster.

 

msn.com


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.