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You spent weeks (or months) searching for the perfect home at the right price and just signed off on your first mortgage.
With your new house keys in hand, the potential for your new home seems endless. During this exciting time is the opportunity to find creative ways to save money as a new homeowner while making sure you’re protecting your new investment.
Owning your home means more home repairs and no landlord to call to schedule maintenance. Since you’re responsible for home repairs now, there’s no better preparation plan than having money set aside in an emergency home repair fund. No matter whether you’re able to set aside five dollars or $100 each month, every little bit will help.
One of the major unexpected costs of new homeownership is the energy bill. If you’re moving from an apartment to your first home, you’ll likely be heating and cooling a larger space.
Checking your insulation can help you lower energy costs throughout the year, whether you live in a very hot or cold climate. You may also consider investing in a smart thermostat, which can regulate the temperature of your home and help you save money over time.
Making sure your home is energy efficient can help you save money over the years, opening your budget for more exciting home renovations.
A leaky faucet or a running toilet is not only a nuisance, but these small details can also affect your monthly budget. Keeping your plumbing in top shape goes with water conservation, which are two major ways you can save money over the years.
When you move in, you will want to ensure that your plumbing, roof, flooring, and any outdoor structures in your home are up to code and functioning at their best to avoid costly expenses later.
Making minor repairs around your home on your own can save you thousands of dollars each year. With all the resources available online, you can find video tutorials and detailed instructions on many types of home repairs, from changing out your smoke detectors or installing a new appliance to ripping up carpets and installing new flooring.
Keep in mind that DIY projects aren’t always the best route for certain updates – such as electrical repairs – and you should always consult with a professional if you are uncertain.
You never know how many copies of your housekey are out there when you move into your new home, so it’s smart to change the locks as soon as you’re able.
Did you know that you can change your locks yourself in a few simple steps? Doing so will not only protect your budget from having to hire a handyman, but you will also gain peace of mind knowing your home and loved ones are protected.
Speaking of protecting your loved ones, our final tip will ensure that your family is protected from life’s unexpected circumstances outside of home security.
For most of us, our home is our most valuable asset. While homeowner’s insurance and regular maintenance and improvements can protect the value and qualify of your home, mortgage protection insurance can protect the people living there.
Mortgage protection insurance is a term life insurance policy that will step in and cover your mortgage payments if you are unable to pay the bills due to a disability, critical illness diagnosis, or death.
Mortgage protection insurance is one of the most affordable types of life insurance policies on the market today. Most people can qualify for coverage online in a few simple steps with no need for a medical exam. The benefit of securing a policy while you’re young and healthy is that you will get a low rate and you can customize your coverage to match your goals over time.
You can also add riders to your policy that would cover certain critical illnesses, or you could add a return of premium rider that would provide a refund of the premiums you paid over the years if your policy went unused.
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