Tips For First Time Homeowners

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Follow these tips to help ensure your new home remains your dream home.

Congratulations on your new home! Moving from renter to homeowner is an exciting experience. As a first-time homeowner, you’ve had a lot to do and think about—from preparing for your home purchase to finding your new home. Now that you’ve moved in, here are a few other considerations to keep in mind.

  1. Don’t overspend on remodeling. You can finally do whatever you want to your home—paint the walls purple if you’d like! But wait on the major remodeling projects or expensive furniture purchases until you’ve had a chance to settle in and build up your finances again. Waiting also gives you the advantage of understanding your needs in the house to determine what remodeling projects would work best for you.
  2. But repair important maintenance issues. A remodel and a repair are two different things—and you don’t want to skimp on the repairs. Taking care of a maintenance issue with your home can help prevent it from becoming a major hassle and larger expense later down the road. You’ll also want to perform regular maintenance on your home to keep it in good shape. Here’s a handy checklist of routine maintenance items to protect your investment.
  3. Know when to call in the pros. Should you find yourself facing a maintenance issue, know when to call in a qualified contractor. If you don’t know a hot wire from a ground wire or a pipe wrench from pliers, then you shouldn’t go the DIY route. A qualified contractor could end up saving you money in the long run by not having to undo damage you may inadvertently do to your home—or yourself. (Follow these tips to choose a contractor.)
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  5. Have a professional do your tax return. Homeownership can change your tax situation. Even if you’ve always done your own taxes, get some professional help for the tax year of your home purchase. You may not be aware of which deductions you’re now eligible for, which could increase your refund. (Follow these tips to find an accountant .)
  6. Change your address. With so much going on in buying a home, it’s easy to forget the small stuff. And while having your bills sent elsewhere may sound tempting, you don’t want any late payments to show up on your credit report. So don’t forget to change the address for your credit cards, bank statements, newspaper and other mail. You’ll also want to notify your employer of your new address and have your utilities and cable switched over to your new residence.

This article contains general information. Individual financial situations are unique; please, consult your financial advisor or tax attorney before utilizing any of the information contained in this article.

Source: Investopedia, denverrealtyexperts.com, LendingTree
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