First Time Homebuyers, Get Ready for A Year of Firsts
By Andrea Eldert
Buying a home for the first time is an exciting, and sometimes a stressful, experience. You probably didn’t know before you started the process how much you didn’t know about buying a home. If you are in the middle of your first home purchase right now, you should probably expect for this excitement (and sometimes stress) to continue. During your first year of homeownership, you will experience a number of firsts. We’ve tried to list a few of those firsts here.
First Homeowners Insurance Policy
If you were renting before your home purchase, you probably had renters insurance. However, your homeowners insurance policy is even more important. You’ve made an investment into this property, and you need to make sure it is properly protected. You’ll want to make sure you work with a trusted insurance agent to have the right coverage in place.
First Property Tax Bill
Along with the privilege of owning property comes the responsibility of property taxes. These taxes go toward the community services you receive, like roads and schools. Since these taxes are collected just twice a year, you will want to make sure that you are saving something back for them year-round so that you are not hit with a surprise bill that wipes out your savings.
First Home Repair
While you are probably no stranger to the need for household repair, this will be the first time that the repair is fully your responsibility. When you lived with your parents, they undoubtedly took care of fixing a cracked window or leaky roof. Or if you previously rented, you had a landlord to call if the furnace quit in the middle of a cold night. Now you will be the one figuring out what is wrong and making sure it gets fixed.
First Mortgage Deduction
Sometimes it feels like owning a home costs money at every turn. The mortgage deduction on your income taxes is one place it gives you a financial benefit. This provision allows you to deduct the interest you paid on your mortgage loan throughout the year. Be sure that you take advantage of this helpful deduction.
First Summer Season of Yardwork
Most of us look forward to summer. The milder weather and relaxed schedules make it a season we associate with fun and leisure. Home ownership may change your perception of the summer season. Since you are now responsible for the lawn care and yardwork, you may find yourself busier than ever in the summer. Many people find this relaxing and take pride in making the exterior look neat. Flowerbeds can give homeowners a chance to express their creativity while improving the look of their new abode.
First Holidays in Your Home
Some of the best firsts, though, come throughout the year as each holiday arrives, and for the first time, you are able to host your family and friends in your own home. Whether it’s a cook-out for the 4thof July with neighbors and friends or Christmas dinner for your whole family, you are sure to delight in the pleasure of getting your home ready and inviting your loved ones to come over and enjoy your hospitality.
While some of the firsts on this list may not be the stuff of dreams, each of these firsts and the many we didn’t mention are a part of homeownership, enabling you to enjoy and take good care of this important asset. If you are thinking about buying a home, Federated Bank can help you to put financing in place for a home purchase. We have a range of mortgage products, including specialty mortgages, which may make it possible to purchase a home even if you think you wouldn’t qualify for a traditional mortgage. I would be happy to sit down with you and evaluate your options.
