What should I do now that I've bought my first home?
It’s one of the most important steps, but is often missed. There is so much work that goes in to the search for, application to, and eventually, the purchase of your first home, that what to do once it’s yours is overlooked. Your first few days or weeks in a new home are really important. It is a time that home buyers look forward to for months or even years.
This is the perfect opportunity to set up your house, and turn it into your own home. This is a great chance to add your touch to the space as well as set up a functionality that helps you live an easy life. We thought we would help you out by giving you a few steps that will help you in this time.
We have all done it. Whether it’s just before we’ve moved into a new rental, or before an event, we have all made a rushed purchasing decision that we have later regretted. Awkward tables, uncomfortable beds, ugly couches, two of everything; and never works out.
When you first move into your new home, make sure you take time with your purchase decisions. If your purchasing shelves, measure bring measurements. Looking for a new couch; test them out, take a colour swatch home. If you are looking at painting the walls, paint a small patch, sit on it, and think it over. Taking your time will help you avoid making annoying, uncomfortable or potentially ugly decisions.
Although we might not be paying the same prices as our parents, one benefit of buying a house now is that we aren’t breaking new ground. It’s been done before; millions and millions of times before. This means that there is so much information out there that can help you. Advice about how to make home improvements, contractors, what additions will add value, and which ones won’t. There is a massive wealth of information on the web and your social circles so don’t let it go to waste.
When you first move in, you should begin to look forward at the next step; paying off your home. This is obviously a massive job, and is what often steers people away from buying a home, but if you plan ahead, then you will minimise the risk of your new investment dramatically. One way to do this is to make extra payments.
By making extra payments you can reduce the principal on your home loan. This will allow you to pay off your home relatively quick, and reduce the total of your mortgage. Making extra payments can also come in handy, if further down the line you are required to make a late payment, but for this you should also be budgeting an emergency fund.
This is good practice for anyone, not just new home owners. By generating an emergency fund you can keep yourself safe in any sort of calamity. It could be a loss of income, a health emergency, a plumbing disaster or a simple accident, but there will be a day that you are glad you decided to begin an emergency fund.
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Posted by First Home Buyers Direct on 06 December 2016 | 0 comments
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