Congratulations – You’re a New Homeowner!

by / Wednesday, 26 February 2014 / Published in Home Buyer Tips, Home Seller Tips
new home owners image

You did it! You climbed the mountain and made it to the other side as a new homeowner. Congratulations! Not everyone has the fortitude and determination to see it through to the end. As the owner of a new property, you’ll be able to enjoy all the rights and freedom that go along with it. There are some things, however, to keep in mind to make sure that you fulfill all of your financial obligations from this time forward to keep home ownership as stress-free as possible.

Make all of your payments on time

No matter what mortgage payment timetable you take out with the lender, either weekly, biweekly or monthly, you’ll need to make sure that the payments are always paid on time. If you are late on a payment it is considered to be delinquent and you may have to pay late charges. It can also have a negative impact on your credit rating. If late payments continue, you may even end up facing a power of sale in extreme circumstances. The best way to avoid making delayed payments is to have the amount deducted automatically from your banking account. This way you’ll never have to worry about remembering the payments as long as you are sure that enough money is always kept in the bank to cover the mortgage payment.

Have some money set aside for emergencies

Along with homeownership come home emergencies from time to time. The roof can start leaking when you least expect it or the plumbing can back up in the basement just before your in-laws are scheduled to arrive. When you have emergency money put aside, you’ll be able to handle anything that comes up immediately and prevent any further damage from occurring to your home. It’s a good idea to put away a comfortable percentage of your income into a separate savings account that has been labeled for emergency use only. Once you have saved a nest egg in this specific account, then any excess amount can be used to reduce the debt on the principal of your mortgage.

Stick to your budget

Preparing and sticking to a monthly household budget is going to be more critical now than it ever was before. Self-control and discipline will help you stay on track so that you never end up accidentally spending money that was set aside for the mortgage or other household costs. If you have a hard time setting up your own budget, you may want to visit a financial planner for guidance.

Time management

You are going to have to commit some of your time for regular household maintenance and quick repairs. While you may want to hire out some of these services, there will be some things around the home that you’ll need to do yourself. Plan some extra time to take care of your home so that you don’t end up resenting the time that you do have to put into it for upkeep. On a positive note, the simple fact is that if you stick to the plan, the process gets easier as time goes on.

Renovating can be fun

One way to get the most out of your new home is to plan out future renovations. This will make the home “yours” and in most cases add a higher resale value to it. Renovations are an exciting way to stay connected with your home. If you feel that a home renovation may be on the horizon, this should also be worked into your monthly budget.

The more planning you do as a new homeowner, the less stress you’ll experience in the end. Just be aware of the small things that can come up from time to time and be ready for them so that they don’t end up taking you completely by surprise. On the other hand, plan for some renovations that will get you more connected with your new home and then budget accordingly. This new home should be viewed as an investment in your future and you should be congratulated once again for your determination to make it to this point.

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