You Bought A Home!

Congratulations New Homeowner! ... Now What?

You've signed the papers, paid the movers and the new place is starting to feel like home. Game over right? Not quite. Let's now examine some final tips to make life as a new homeowner more fun and secure.

Keep saving.

With homeownership comes major unexpected expenses, like replacing the rain gutters or getting a new water heater. Start an emergency fund for your home so that you won't be caught off-guard when these costs inevitably arise. Having funds set aside for these situations will make your life easier and relieve some of the stress that comes along with it.

Perform regular maintenance.

With the large amount of money you're putting into your home, you'll want to make sure to take excellent care of it. Regular maintenance can decrease your repair costs by allowing problems to be fixed when they are small and manageable. Don’t leave something for tomorrow that can be done today.

Ignore the housing market.

It doesn't matter what your home is worth at any given moment - except the moment when you sell it. Being able to choose when you sell your home, rather than being forced to sell it due to job relocation or financial distress, will be the biggest determinant of whether you will see a solid profit from your investment. Stay in the know about what’s happening in your area with the homes and be sure to discuss your options with your real estate agent.

Don't rely on selling your home to fund your retirement.

Even though you own a home, you should still continue to save the maximum in your retirement savings accounts each and every year. Although it may seem hard to believe for anyone who has observed the fortunes some people made during the housing bubble, you won't necessarily make a killing when you sell your house. If you want to look at your home as a source of wealth in retirement, consider that once you've paid off your mortgage, the money that you were spending on monthly payments can be used to fund some of your living and medical expenses in retirement.

All things aside, enjoy your home! You’ve spent a considerable amount of time looking for that right one and now that you’ve found it, make sure to take a few moments to look around and enjoy it.

This home will hopefully be your happy place for many years to come, so take care of it.

Then, when you’re ready, you can let me know it’s time for a new chapter, and a bigger home! ;)