So You Bought Your First Home. Now What?

You’ve taken one of the biggest steps of your life, buying a home. As the realization sinks in you might start to wonder what you should do next. Here are some ideas that should help you keep your sanity as you adjust to your new role.

Home Inspection

You did get a home inspection, right?  Now it’s time to pull out that report and see what, if anything needs taken care of. Most of the time the home inspection outlines issues that get taken care of before you sign on the dotted line. But sometimes your home is bought as-is or is a short sale. That means repairs are up to you. Home inspectors will tell you what needs fixed and when. Pay attention. If you home inspector says something needs fixed ASAP, make that repair a priority.

Become a DIYer

Save some money by doing simple repairs yourself. At the same time don’t choose projects that are totally over your head. Research before you get started so you have some idea of what goes where. If you go with a contractor, get two or three estimates for the work.

Renovation Budget

Set a budget. Stick to it. Easier said than done. You might be able to hold off on some items, like new carpets or flooring until you can handle the expense. Both can be expensive ventures. Replacing knobs on kitchen or bathroom cabinets and painting cam be budget friendly depending on your tastes.  Keep in mind you don’t have to fix the entire house all at once.

Get Good Insurance

Protect your investment. Get good insurance with as reasonable a deductable as you can afford. Should anything go wrong you’ll be happy you did. Consider life insurance, which protects your family, as well as mortgage insurance. The latter pays off the remainder of the mortgage with no cash left over.

Furnishings

Don’t go crazy with the furnishings when you first move in. You’ll be tempted to go out and buy a new living room suite, dining room table and whatever else you think looks good. It will look good until you get the whopping credit card bills. Go slow. Besides, after you do some updating that furniture you bought may end up not “fitting in.” It’s back to the store you go…again.