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What To Do When You Finally Buy Your First Home

July 12, 2011

Now that you have purchased your home, problems may arise when you realize the costs involved in buying a home do not end at closing. Sure, you already paid for your down payment and all you need is the monthly mortgage payment, but you still have lots of costs to incur when you finally decide to move in.

The question now is, “Are you still financially ready?”

I do not write this to discourage anyone from becoming a homeowner – quite the contrary – I just hate seeing people get into homes they are not financially equipped to take on, and end up losing when all is said and done. With a little preparation and planning, you can be well prepared to incur the costs associated with owning a home and therefore flourish in your new environment.

Here are some of the aspects you need to consider when planning for your home finances.

  • Set a budget for home improvement
    Moving to an ideal house does not mean there is no more room for improvement. Your home may have a beautiful living room, but you need additional storage for your book collection. Simply put, even if you finally bought your dream house, you still need to improve it based on your personal style. So, it is best you set aside a budget in renovating the house based on what you know you can afford. Set aside which projects are crucial and need to be done first, and work with the rest as you go along.
  • Make sure to pay your mortgage payment on time.
    This is very important since your house is reliant on your mortgage until you can finally settle the full payment in the future. Any late payments mean additional charges and also can lead to a lower credit rating. This in turn will add to your expenses for your home in the long run.
  • Save some for emergencies
    The rainy day fund is called that for a reason – no one anticipates a rainy day when the weather is beautiful, but they do inevitably come. There will be times in the future when you need more cost for unexpected repairs inside the house. It is good if you have some money set aside for these sudden occurrences so you can begin repairs immediately! Especially here in Oklahoma, you do not want to have to worry about living with a leaky roof from hail damage, or a tree branch through your window for long.
  • Plan your home budget
    This means you have to live within your means. Have a budget based on your monthly family income and stick to it. This will maintain a stable lifestyle as well as help you meet your financial goals.
  • Always consider the costs in operating your house
    You need repairs when you move into a house. You also may have a need for maintenance cost like security alarms, a snow removal or some gardening tools for your backyard. This means that you will need to set a financial budget for the maintenance and repairs of your house.

Use these tips to secure a happy and prosperous home for you and your family. No one ever expects the unexpected repairs or expenses, but as s they say- hope for the best and prepare for the worst!

Chris George
Oklahoma City Realtor

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