Many first time homeowners are surprised by how expensive it is to maintain the home, especially in the first year. That’s why we’ve put together this short list of tips on how new homeowners can save money and protect their considerably large financial investment.
#1. Invest In A Multi-Family Unit As Your First Home
This won’t be everyone’s cup of tea, but hear us out. Consider buying a duplex as your first home. Live in one side and rent the other side out to help with the mortgage. This will be a huge saving and can turn into a side business later. Once you have it paid off, move out into your own single-family home and continue to rent both sides of the duplex which will now pay the mortgage on your new home.
#2. Don’t Sleep On Major Home Repairs
One mistake new home buyers make is to choose a cheaper home in desperate need of repairs, and then sit on those repairs too long so that they balloon out of control and become very expensive to fix. If you bought a fixer-upper, be prepared to interview reputable contractors and get started on repairs right away.
#3. Make Sure To Protect Your Home With The Right Insurance
If the unthinkable happens, be ready for it. Protect your home with a great homeowner’s insurance policy. You’ll need personal liability for accidents that happen on your property as well as coverage on the dwelling itself. Make sure to compare plans at least once a year with your insurance advisor in Claremore, Oklahoma. Your homeowner’s insurance can protect you from fire, smoke, weather damage, theft, accidents, and other disasters.
#4. Save Money On Utilities
The first repairs you should consider making are ones that will reduce your utility bills. A leaky faucet or drafty windows can double or even triple your utility costs annually. Make sure to upgrade appliances, look for leaks, and add insulation where needed. Get energy-saving appliances when you can, these might also be a tax write off so consult your accountant or CPA.