Purchasing a home is a major life step. You’ve been through the trenches of home buying; the research, online navigating, tours, anticipation, and not to mention, the pile of paperwork that would make the bravest break out in a nervous sweat. Now that the hard part is over, we want to make sure you have a solid plan in place to keep the stress of home ownership in check. Whether this is your first purchase or your fifth, it’s never too late or a bad idea to make a long term plan for the unexpected. Here are a few tips so that you can embrace home ownership knowing you are prepared for anything that comes your way.
1. Review your home inspection and plan for the future
Whether you purchased a home last week or last year, it’s never too late to pull out your home inspection and go over it with a fine-tooth comb. During a purchase it can be easy to get wrapped up in the paperwork and forget that there are tangible things that can affect your home and your wallet, especially if they were not required to be addressed prior to purchase. Identify those items that need to be fixed and add a timeline and budget to each. You’ll be prepared financially and reduce the surprise factor down the line.
2. Know your homeowners insurance policy and your agent
Do you know what is covered on your home in the event of a fire, earth quake, or appliance malfunction? Not all homeowners insurance is created equal. Make sure you know your policy and what is covered. For instance, in the event of a natural disaster, is your home covered? Will your policy cover the cost of material inflation or will you owe the difference? Know your policy and build a relationship with your agent. It pays to be in the know.
3. Build your resources
In the event of an emergency, you don’t want the added pressure of trying to find a contractor who won’t drain your bank account. Be sure you have a variety of professionals including plumbers, general contractors, roofers, and tree services to address any situation that may come up. Seems overwhelming? We can help. We partner with local, reliable contractors that can be added to your resource bucket. Give us a call and we will be happy to share a variety companies that can help when you are in a bind. Furthermore, be sure to follow our Facebook page (@TonerRealEstateSolutions) – we will be highlighting various vendors we have partnered with for your benefit!
4. Plan for the unplanned – create an emergency fund
Put a little away in savings each paycheck to cover unexpected emergencies like a broken water heater, dish washer, or leaky roof. Talk to your bank or financial advisor about what type of accounts will have the best return for financial growth – let your investment work for you.
5. Have multiple mortgage payments in savings
Whether it’s part of your emergency fund or a separate savings, make sure you have a few months of mortgage payments saved in the event of an injury or illness that could affect your payment schedule and credit standing. Sound daunting? Start small and build over time. Starting small is better than not saving at all.
6. Consider delegating
It’s Saturday – you are curled up on your couch with a warm cup of coffee . Does the thought of yard or housework ruin your weekend zen? Consider delegating! Often times the money spent on taking the load off your shoulders is well worth it. Take the extra time and spend it with family and friends, learn a new hobby or simply relax and recoup from the week. Don’t let home ownership be one of life’s stresses!
YOU are our first priority. We consider our clients like family and we hope you agree. If you have any questions, please don’t hesitate to call Joe Toner at 206-228-1372 or email at Joe@tonercapital.group. We are here to help you navigate home ownership so that it is a rewarding and stress free experience!
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