Your home is likely your biggest investment. You should plan for the responsibilities of homeownership even before you move.
Consider the following tips for new homeowners:
- Make your mortgage payments on time.
Late or missed payments can lead to extra charges and affect your credit rating.
- Anticipate the costs of operating a home.
Extra expenses may include repair and maintenance costs, snow removal and alarm monitoring.
- Live within your budget.
Check every few months to see if you’re spending more than you earn. If you are, find new ways to save more or spend less.
- Save for emergencies.
Set aside 5% of your income as an emergency fund to be ready for unexpected expenses.
- Protect your home and family.
Prepare an emergency evacuation plan and check fire extinguishers, smoke alarms and carbon monoxide detectors regularly.