The home buying process can be overwhelming, but you made it through, and you have a lovely new home that you are excited to make your own. With the pleasure of moving into a fresh space, picking out new decor, and exploring your new neighborhood, are you making sure you are protecting your new investment from day one? Homes are one of the biggest liabilities and biggest assets that people own in their lifetimes. Here our list of ways to protect it and your finances:
- Use the home inspection report as a guide to decide what needs to be fixed and which of the items are the most urgent if they were things that the seller didn’t fix before moving out.
- Understand your home warranty or decide to purchase one if you don’t have one.
- Know where your electrical box and water shut-offs are before an emergency.
- Create a maintenance schedule. Then hire the key people to help with your home repair and upkeep or learn how to do it yourself.
- Hire someone to do your taxes to guarantee you have received all the deductions you are entitled to on your first return.
- Review your insurance needs as you make changes to the home or as your life changes. Remember, you may need to increase your Life Insurance to help your loved ones with the mortgage if something were to happen to you.
Owning a home can be a great way to build equity, control living expenses, and take advantage of tax breaks. But you need to maintain your home as you would any long-term investment. Need help with your financial life? Scarlet Oak Financial Services can be reached at 800.871.1219 or contact us here.
Advisory services offered through Capital Asset Advisory Services, LLC, a Registered Investment Advisor. This material has been prepared for informational purposes.