Useful Planning Tips for Prospective Homeowners
There are plenty of exciting things for prospective homeowners to look forward to, from backyard barbecues to holiday gatherings. It’s easy to get caught up in the excitement of what’s to come, but being a homeowner is an enormous responsibility.
If you’re in the market for your first home, it would be wise for you to start planning every aspect of this venture from shopping for a home and mortgage to logistics and possible home improvements. If you thought home buying was a walk in the park, you’re in for quite a shock. Continue reading to get some planning tips that will make your journey as a newbie homebuyer a little easier.
You should open a savings account for your down payment.
As you’re well aware, houses are expensive. There is a very small percentage of people who can afford to purchase a home without getting a mortgage loan. Even though the mortgage loan will pay for your house and you repay the lender, you’ll still have to make a down payment of around $10,000 or more depending on the price of your home.
It takes most people at least a year to save for a down payment, and it takes a lot of discipline. One of the best ways to save is to open a savings account on the side strictly for your house. If you try using your primary savings account or checking account, you’re much more likely to overspend or make frivolous withdrawals that hurt your home savings.
When you open your side account for buying a house, you should use that as an opportunity to learn more about different types of accounts and their uses. The banker opening your side account will be glad to explain in-depth how different accounts work and how you can benefit from them.
Don’t try to move everything in the house at once.
Home buying can be grueling, but moving is one of the most stressful things in life. Relocating often means a new job, new friends, new furniture, new favorite places for a night out‚Äînew everything. If you find an opportunity to ease the moving process, grasp it like a life preserver.
One easy way to alleviate the stress of new house clutter is to put bulky, non-essential items in storage. If you’re looking for storage units in Clifton, NJ, for example, you should consider Clifton Rt 46 Self Storage. It’s a family-owned small business that’s been offering well-protected storage space for over 30 years.
Build a nest egg for home improvements and remodeling.
Having to undertake home improvements or remodel is inevitable for homeowners. From the time you move into your new home, you should start building a nest egg for future upgrades and renovations.
Roof, siding, and window replacements are home improvements you’ll have to 10-20 years. Being that you have such a long period of time between major remodeling projects, saving for them in advance ensures you’ll have the funds you need when the time comes. Not to mention, saving for remodeling means you’ll always have a nest egg for routine maintenance and upgrades.
If you’re looking for exterior remodelers in Portland, Oregon who will do an excellent job on your remodel without breaking your bank account, you should contact Window World for your remodel. They have years of experience with everything from roofing and gutters to windows and siding.
Setting up an expense account for home maintenance and renovations is the epitome of adulting. It could also serve as an emergency fund for life’s unexpected turns.
The most important home planning tip is to plan to fall in love with your home. You’re going to make memories there you’ll cherish forever, and their value only goes up regardless of how the housing market looks.