Transitioning from tenant to homeowner can be an exciting time. It can also be an expensive time, as everything from small repairs to major home improvement projects are now your financial responsibility. Following are some tips to help you adjust courtesy of a recent article published by RISMedia.
• Before you sign on the dotted line, have an experienced inspector carefully examine the home and property. New homes shouldn’t have many issues, but that’s often not the case with older homes.
• Create a home maintenance budget. A basic rule of thumb for your budget, according to the article, is to put aside 1 percent of your home’s purchase price each year for maintenance. So, if your home cost $300,000, you should put aside about $250 a month for major home repairs.
• Once you’re in your home, stay atop of home maintenance issues by performing an annual survey of major appliances. This should include items such as your water heater, furnace or boiler, air conditioning unit, etc. You should also keep an eye on everything from roofing to plumbing.
• Owning a home also has tax implications. If you’ve recently purchased a home, this might be the year to turn to a tax professional.