Tips for New Lexington Homeowners

Buying a home for the first time can be as stressful as meeting the in-laws. All those dreams of laying out in a hammock, reading a book to hosting elegant dinners in a beautiful dining room will be shut away if you aren’t prepared for owning a home. If you take a couple smart steps however, all the wonders of owning a home will come true.

Buying a new Lexington home will obviously take a good portion of your savings, from the down payment to the closing costs. And on top of that, you have moving costs. Money will be tight from there on, so choosing appropriate home upgrades will keep you from jeopardizing your new homeowner status. Budget out all your costs and know what types of furniture you can and can’t afford. Just remember, the home isn’t going anywhere. Save your money and wait until you have the finances to transform your new home into the paradise you always wanted.

For those who have been renting for the past couple years, you’ve probably had the benefit of calling on your landlord to fix your clogged drain or leaking roof. But with owning a new home comes the responsibility of taking care of it. It’s common practice to who have some home maintenance tools on hand, and to get the home inspected before buying. Make sure what you’re buying is in good condition and that you won’t have any surprises down the road.

Tax law is some of the most mind-boggling literature you’ll ever try to understand and everyone fears the IRS taking a special interest in them. That’s why you should consider hiring an accountant … if just for a year so you have a template to go off from. They can help you organize all your taxes and make sure you file everything correctly. Plus, who doesn’t want to maximize their tax refund? Next year, you can get back to doing everything yourself.

Receipts will help you monitor costs on home improvements and will help you when you go to sell your home. It all boils down to tax exemptions. There are special programs dedicated to saving you money when you go to save your home, but you need to be able to file the right amount of expenses. That’s why the receipts are so valuable.

Every mortgage lender requires you to not only have homeowners insurance, but also to have enough coverage to replace the property in full (in case of total loss). In addition to that, you also need to have life insurance if anyone depends on your income to pay the mortgage (children, girlfriend, etc…). This way, if they are named the beneficiary,  they won’t lose the house when you die.

With great power comes great responsibility – as quoted from Spider-Man. And it’s a great quote to remember. You have a tremendous amount of freedom owning your own Lexington home, but you also have to manage all the finances and maintenance by yourself. Take care of your new home and stay clear of making simple mistakes that might cost you financial security.