You got through the hard part of finding a home you love, getting approved for a loan and closing the deal. So, now what? You’re sure to be excited about moving in, getting settled and starting the decorating process, but there’s actually much more to think about aside from all that. Though there’s nothing wrong with enjoying the moment, the ultimate goal is to maintain, and hopefully increase, the value of your Redding real estate investment. Thus, there are several steps a responsible homeowner should take right after their new purchase is complete to ensure that good financial decisions are being made.
Acquire Proper Insurance
After adding up mortgage payments and other expenses associated with buying a home, many people make the mistake of signing up for a minimal amount of home insurance coverage to save on another bill, but this leaves them underinsured. There are many insurance options that you should familiarize yourself with before settling on a plan. Following what is sure to be the biggest purchase of your lifetime, you want to make certain that you are properly covered for any kind of circumstance that might arise in the future.
Take an Inventory of Maintenance Tasks
Before you get too deep into the process of putting everything away, it’s a good idea to do another thorough walk-through of the entire property to check for any minor repairs that need to be addressed. Taking care of those right away will assure that they don’t become bigger problems that end up costing you way more later on down the road. Remember, there’s no landlord to call anymore for maintenance issues, so the responsibility is all yours.
Create a Budget For Decor and Renovations
One of the biggest errors new homeowners make is getting carried away when shopping for furniture and decor. Decorating to show off your own style and upgrading to nicer things is the fun part of owning a home, but it should be done within a realistic budget that you’ve figured out for yourself. It can also be easy to go overboard with ideas for renovations. While some renovations can definitely increase the value of a home, you need to have a clear perspective on which ones those are before you dive in. You may also want to give yourself some time to become comfortable with all the additional money you have going out for routine homeownership costs before starting on improvement projects that could really stand to wait a while.
These financial tips will help put you on the right path towards successful ownership of your new Redding real estate property.