You’ve completed the major hurdle of becoming a homeowner and carrying the very special keys to your home!
But, what next?
You’re still a homeowner, even after the real estate agent and title company are no longer in your recent contacts. You have a very real responsibility of keeping your home in tip-top shape!
Emergency Home Repairs Fund
Homes can have unexpected (and sometimes emergency!) repairs, and they aren’t necessarily cheap. It’s incredibly important that you set up an emergency home repairs fund so you’re ready for any of those rainy days. But how much should you be putting away?
One rule of thumb is the 1% rule – you should set aside 1% of your home’s value every year for these emergency repairs. For instance, a $300,000 home would be $3,000 per year, or $300 per month.
This all depends on the current state of your home, as well.
When the situation arises to hire a contractor to fix any sort of renovation in your home, you’ll want to be sure to do your research.
You should get multiple bids and vet the contractors and their subcontractors by checking references, reading reviews, and verifying licensing and insurance.
Home Renovation Contract
You’ve found the contractor, but now you need the contract. A write up ensures that all parties understands the total cost, timing, etc. Be sure to include time frames, payment arrangements, the contractor’s license number, and the names of who is involved.
Home Emergency Kit
You’d never want to be stumbling in the dark of your home trying to find where you put your flashlights, would you?
Be sure to create an emergency supply kit with flashlights, batteries, first-aid, water, and non-perishable food. Put this emergency kit in an easy-to-reach location.
Being a homeowner has a lot of responsibility – but it’s all worth it!
For more real estate guides, stop by Alliance Title’s Blog.