When you become a homeowner who just made one of the most expensive purchases in your life, you are starting out on an exciting new adventure. You just bought a great home in Baton Rouge, Prairieville, or a nearby city and you are now surprised to realize that you are pretty much on your own in learning to be a homeowner. If a major system goes wrong, you may have recourse, especially if you have a homeowner's warranty, but that's only one of the challenges. Here are some tips to keep in mind to help you make the transition.
When you rented, whether there was a leak in the room or window didn't open, you called the landlord. (You may have even mumbled aloud that the problem wouldn't have happened if he had only done some preventative maintenance.) Now, you need to fix what's broke and plan ahead. Aside from anticipating possible repairs, you need to schedule time to mow the lawn, fix, and clean the gutters. If you don't have the time, money, or interest to do these things or hire them out, then perhaps a condo would have been a better choice for you.
If you are like most new homeowners, you will want to make a million changes in your new home to make it yours. These projects range from painting to adding an addition and everything in between. If you are qualified to do these things, great, you can save some money. If not, depending on how much is involved, you can learn to do many projects. For major projects involving plumbing, electrical, or major remodels, you are better off hiring a licensed contractor. It's safer, often cheaper, and more likely to increase resale later in comparison to an amateur job.
When you got your mortgage you probably had to get homeowner's insurance, to protect the bank's interest, but buying a home is a good time to reassess all of your insurance. The coverage on the home itself and on your possessions should include replacement value if you can get it, and should have high liability limits that can cover you if some litigation-happy person slips on your walk or is bitten by your dog. You should also consider whether you have enough life and disability insurance to protect your partner and children in case of your death or illness or an accident that could limit your ability to work. Even your car insurance deserves a look - minimum state limits won't protect you enough if you are sued.
When you buy a home, your days of the form 1040EZ are probably over. There are many deductions you can take as a homeowner, especially the first year; for other things, like improvements, there is no deduction until you sell. Even if you usually do your taxes yourself, you might want to use a professional tax preparer the first year to make sure you take the deductions you are entitled to without over doing it. Make sure to keep all your receipts on anything you do in the house so you can take the proper credit later.
Buying a home can be daunting experience but at RE/Max Excellent Properties, Sandy Ogburn-Sandlin and her team will prepare you for home ownership and follow up afterwards, as our testimonials attest. Sandy's Team can show you new and resale homes in homes in the Greater Baton Rouge area that offer great values for first time buyers and repeat buyers available under the home buyer's tax credit. AND that are right for you and your situation.
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