The 5 Big Don’ts of Owning a New Home

Posted by Gurpreet Ghatehora on Sunday, March 20th, 2016 at 10:57pm.

So you’ve bought your first home. You’ve probably discovered that there’s more to owning your new home than simply paying the mortgage every month. In fact, you’ve probably noticed there are a bunch of things you need to do to keep your home running. Keeping the to-do list, however, is easy compared to the don’t list, especially since many people won’t tell you what not to do. Here are some things you should never do as a home owner, and why they can lead to bad consequences.

1. Don’t Go Spending Money on Renovations and Decorating

You may not love the furniture you have, and it may not fit your vision of your home’s look, but it’s at least free. New furniture, especially nice furniture, is not cheap. It’s an investment and one that may have to wait awhile. Chances are, after you’ve bought your first home, money is tight and owning a home means you need to save up a rainy day fund as quickly as possible. So instead of running out and getting in more debt for things like furniture and unnecessary renovations, pocket that money and live with what you have.

2. Don’t Ignore those Maintenance Issues

When it comes to home maintenance, paying a bit now instead of lots later applies to almost everything. Leaky pipes turn into burst pipes, electrical issues turn into fires, even thinning insulation turns into massive monthly bill hikes. If your new home has some things that need fixed, get them done now. It’ll be worth it to fix it now instead of letting it turn into a big deal later on.

3. Don’t Rely on Yourself for Taxes

Owning a new home comes with all sorts of tax breaks, extra taxes, and other financial changes. Unless you’re an accountant or tax man yourself, you probably aren’t aware of how to navigate your taxes in the best ways possible, so be sure to ask for professional help. Tax experts can help you get the best deals, rebates, and exceptions available to home owners, some of which you may not have even known existed.

4. Don’t Throw Out Receipts

Receipts for home maintenance, renovations, utilities, and more are all key to your financial future. Some can be claimed for tax reasons, others you’ll need for your records, but all of them are necessary. Be sure to get a file container going for your receipts. Keep it well-organized and you’ll be able to bring up what you need when you need to.

5. Don’t Skimp on Insurance

Now that you’re a homeowner, you’ll need the right insurance for you and your brand new investment. Take the time to research and discover the right insurance for your needs, and make sure that you’re getting the right deal. That may mean paying a little more than you thought, it may mean you pay a little less, but be sure not to compromise on getting the proper insurance for your situation.

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