Smart Steps for New Homeowners

Lunetta Plan 2 | Inland Empire | Pardee Homes

Few things are as exciting as moving into your new home. Whether you’re celebrating or just contemplating the purchase of your dream abode, there are some smart steps you should know to protect your investment.

Perform regular maintenance.
Make a monthly checklist. To-dos such as changing your air filters, trimming shrubs around your air conditioning units, lubricating your garage doors and cleaning the garbage disposal may seem mundane, but they’ll go a long way toward keeping your house in tip-top shape and finding issues before they become expensive home repairs.

Turn to a tax professional.
Along with having your own personal sanctuary, one of the biggest benefits of buying a house is often the federal income tax deduction(s) it may provide. Consult a tax professional to learn about tax deductions you may be eligible for, such as the mortgage interest you paid, your real estate property taxes and any points you paid on your mortgage.

Evaluate purchases carefully.
With a brand new home, it’s tempting to go on a spending spree for spiffy furnishings and décor that suits your personal style. However, a smart plan is to take a more restrained budget approach. Consider treating yourself to one special purchase a month.

Build up your savings account.
All homes have some expenses, such as maintenance costs and utility bills. Savvy homeowners can be prepared with a savings stash. Schedule regular payments to a savings fund.

Talk to your insurance agent.
If you’ve recently completed the purchase of a new home, your mortgage lender required you to buy homeowners insurance, enough to fully replace your residence in the event of a total loss. However, now you may want to consider other coverage. For example, if you share your home with someone like a spouse, child or parent who relies on your income to pay the mortgage, you may want to purchase life insurance and/or disability insurance, in case you become unable to work and pay your mortgage. Also, make sure you have enough liability insurance to protect you if someone is injured at your home.

Lastly, if you live in areas prone to natural disasters, you may want to beef up your protection. Typically, damage from perils such as floods and earthquakes are not covered under traditional homeowners policies.

Enjoy your sanctuary.
If you’re a new homeowner, it’s time to savor the special moments in your new home. Spending just a little time on smart steps can help keep your investment safe and secure.

Looking for your dream home? One of our New Home Specialists would be happy to help.

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