When you buy your first home, it’s an exciting time. You want to go out and celebrate the new place that you get to call yours for a very long time! However, don’t be so quick to spend your money just yet. There are three very important financing tips and the place you get to call ‘home.’
Be sure to keep these very important things in mind when it comes to finances and your home. You’ll thank us later!
1. Don’t Spend The Money Right Away
Let’s say you’re moving from an apartment into a brand new home that you now own. Chances are, you’ll be running out to Home Depot or Lowes left and right to buy new things to make your home look exactly how you want it. However, you need to keep an eye on your spending habits during this time so to not get carried away. Fortunately, if you’re trying to stay on budget or even refinance your home, ‘there’s an app for that’! Stated more accurately, there are hundreds if not thousands of apps and services. Finding quality with so much quantity can be overwhelming. My favorite site for comparing financial services is NerdWallet. Quicken Loans is one of their top-rated lenders and is probably a good benchmark to use when comparing lenders.
Also, pro tip: if you receive a tax refund from the government, don’t spend it all in one place. Put it away for when you’ll really need it. And trust me when I say, you’ll need it at some point. Learn More With A Home Buyer’s Guide💡
2. Prepare And Budget For Maintenance Costs
Remember that tax refund you saved? This is the time to use it! When you first buy your home, use that saved-up money for budgeting towards home maintenance. A report from Bankrate says that homeowners spend approximately $2,000 a year alone on home maintenance. So, if you come from renting apartments to owning a home, this will come as a shock. You will need to budget accordingly. Find Out What Personal Loans Are Right For You🏠
3. Expect The Worst
Expect to pay for a lot of unexpected things. Your home might look perfect when you move in, but soon enough you might find that some things stop working and you need to call in a repairman. This, again, costs money. I personally know many people who have moved into a brand new house only to have to repair all the toilets! If the time comes that you need some extra capital there are a ton of great options available these days. LendingTree is a great place to start and may also save you time. They can provide access to over 400 lenders and allow you to view offers and rate comparisons without leaving their site.
Remember these important financing tips and you can ensure that buying your first home will be easier than you expected! Find Out How You Can Reach Your Personal Money Goals💰