NEW YORK – There’s no excitement quite like the adventure of your first home purchase.
Signing on the dotted lines brings a whole new spectrum of challenges, but it also gives you a great chance to put your stamp on the new place. Here are eight great steps to make your home your own, whether you’re buying for the first time or the 10th.
Familiarize yourself with your house
The home inspector who checks out your home during the buying process can be a big help here by pointing out crucial components. You always want to know where the main water and gas valves are located so you can shut either down in the event of an emergency. Learn the location of your air filter and change it in accordance with your manufacturer’s instructions.
Create an emergency fund
Unexpected costs can develop at any time, and having a plan and a budget for them will reduce the stress of worrying about the unknown. And when household disaster does strike, you’ll be ready.
Consider performing an energy audit
This service costs $425 on average, but it more than pays for itself in the long run with increased efficiency and lower energy bills. An energy audit will identify areas of energy loss, poor insulation and opportunities to reduce water, gas and electrical usage.
Go over your homeowner’s insurance
Check in with your insurance agent. The more information you can give them, the better coverage they can give you. And the more you learn from your agent, the more you’ll understand the protection that insurance offers. You’ll thank yourself later if you need to rely on that coverage.
Create a yearlong maintenance plan
For instance, chimneys need to be swept once per year, HVAC should be inspected every fall and winter, and pest control pros should come in during the correct season for whatever pests you have. Roofers and plumbers should take a look at your system every so often, as well.
Create an upgrade wish list
Hold off on the big projects for now. Give yourself time to figure out what works for you and what doesn’t, and then prioritize your projects and start saving money for the work. Don’t forget to think about the potential return on investment when selecting your improvements.
Check the ages of your major appliances
Most appliance warranties don’t transfer to new homeowners, so you’ll be on your own if anything breaks down. Different appliances have varying lifespans.
For instance, your average dishwasher, microwave and refrigerator last around nine years. Plan ahead for potential breakdowns and keep a budget set aside for them.
Create a homeowner’s binder
Store all your important documents — mortgage and insurance paperwork, appliance warranties and receipts for home-improvement expenses — in one place. Keep a tally of your home improvements for potential tax benefits and resale purposes.
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