If you've recently become a homeowner, the team at Thurman Homes want to say congratulations! Homeownership is an exciting milestone, but it's also a significant financial responsibility. To help you navigate your first year as a homeowner, here are some common financial mistakes to avoid.
Resist Immediate Renovations
While it's tempting to start renovating right away, especially if you compromise on certain features to secure your home, consider giving your finances some time to recover from down payments and closing costs. Living in your home for a year will also give you a better understanding of your preferences and needs. Of course, when you buy a new home from Thurman Homes, the need for renovations is moved much farther into the future.
Build an Emergency Fund
Owning a home comes with unexpected expenses for repairs and maintenance, and sometimes those emergencies come about suddenly and are quite expensive. Having an emergency fund can provide peace of mind when unforeseen issues arise. Aim to save at least 6 months' worth of living expenses in your emergency fund by holding off on major purchases during your first year of homeownership.
After navigating the home-buying process, it's essential not to overlook regular home maintenance tasks. Tasks like changing HVAC filters, maintaining landscaping, and cleaning gutters may seem small but can prevent costly repairs down the road. Doing regular maintenance will also ensure that the things in and around your home last as long as possible. When you spend time maintaining your home, it also can help you better anticipate when major repairs and replacements are needed so you can prepare instead of being caught off guard.
And there you have it! Avoiding these common mistakes in your first year of homeownership will set you on the path to success. Your home shouldn’t be a burden and by avoiding these mistakes early on, it won’t be. And if you are hunting for homes at the moment, go with the option that provides peace of mind from the start. Don't hesitate to reach out to Thurman Homes to tour our homes!