10/19/2020: Considerations for New Homeowners
This is the thirteenth in a series of videos and articles inspired by Mars Bank’s First Time Homebuyer live events. Sign up today for our free online first time homebuyer seminar.
When you’re taking on homeownership for the first time, the responsibilities that formerly were the landlords are now yours. Some of the considerations for new homeowners responsibility include: lawn and gardening, landscaping, snow removal, pest control, and routine maintenance. These will bring additional expenses when you buy your first home.
Lawn and Power Tools
Lawn and landscaping equipment, as well as power tools, can be expensive purchases that some new homeowners fail to consider. Such equipment as a lawnmower, edging tool, shovels, drills, screws, hammer, power saw, and other equipment may be needed to properly maintain your new home and property.
Appliances are also big-ticket items that should be added to the new homeowner’s budget. Most houses come with a dishwasher, but not other appliances. Buying all new appliances such as a refrigerator, oven, garbage disposal, and washer and dryer can add up. You need to budget beyond the money you are spending on the purchase of your home.
When it comes to maintenance, one of the important things to do is establish a routine. A great way to do this is to create a maintenance checklist of things that need routine maintenance throughout your home. This can include your furnace and hot water tank. It is important to know when they need inspected and serviced.
The best way to plan ahead for these additional expenses that come with homeownership is to budget more than your mortgage. Develop a reserve for those unexpected things that could come up. You never know when major appliances are going to fail or other expenses may occur.
If you want advice on how you should prepare for new homeownership, contact Mars Bank today! We are here to help prepare you for this exciting time in your life and we want it to go as smoothly as possible for you.
To get started, contact Mars Bank today.
Considering a first home purchase? Sign up today for our free online first time homebuyer seminar.