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5 Things You Should Do Right After Becoming a Homeowner

By Eric Jeanette | February 23, 2021

Becoming a homeowner is one of the most rewarding feelings in the world, and it’s one of the grandest steps you can take in life. You probably went through a lot of trouble to find the right property for the right price, and now that the home is yours, you’re keen on settling in as soon as possible.

But while you are doing that, you should be mindful of the things you should do immediately after becoming a homeowner to make the new place truly feel like home. What’s more, it’s important to tend to some quality-of-life improvements to ensure safety and security, financial coverage, and to start repaying your mortgage as soon as possible.

Luckily, you don’t have to rack your brain about the next steps, because we have them all carefully laid out for you. Here are the five key things you should do right after becoming a homeowner.

Focus on home security

When you move to a new neighborhood, safety and security should be your top priorities. There’s nothing like a house fresh off the listings to attract the attention of those who seek to exploit the disorganization of a family that has just moved in. While you are busy setting up the place and getting into the hang of things in your new neighborhood, your house may already be on someone’s radar.

Even if you have moved to a safe neighborhood, don’t skimp on home security. Be sure to install better locks on the doors and windows, and invest in a security alarm. Introduce a smart monitoring system that you can connect to your smartphone and other devices so that you can always keep a watchful eye on your home, even when you’re not around.

Use your inspection report

Before you bought the house, you had a professional home inspect conduct a thorough analysis of the property. Good, you have got that part covered, but you don’t want to throw the inspection report away. Instead, you want to use it to your advantage as a sort of a checklist of everything you need to do, fix, and invest in now that you’re officially moving in.

No need to go around the house once more to check what needs to be done, because you have got it all in the inspection report. Use this detailed report to create a plan and prioritize your mini investments around the house. Use it as a good to-do list for immediate and future maintenance, as well as any remodeling projects in the long run.

Don’t skimp on home insurance

The one thing you should never skimp on is insurance, no matter if we are talking about your car, your home, or your life. It is imperative that you get the right home insurance from a company that will cover your home from a variety of scenarios. If you don’t, you will end up paying out of pocket for every problem that comes up, some of which might put a big dent in your budget.

Don’t run the risk of having to take out a loan, instead, be sure to get a home insurance quote from reputable insurers in your area, compare the prices and the coverage, and try to get a comprehensive insurance policy if you can. A comprehensive policy will protect you from environmental damage, third-party damage, various accidents, and numerous other scenarios that might otherwise jeopardize your financial standing.

Start personalizing the space

To make the space truly feel like home, you have to personalize it to your taste and preferences, but also the preferences of your other family members. The best time to start personalizing your living environment is right away, because you want to make those little investments that will make a big impact without putting a dent in your budget.

If you wait around, other expenses will start piling up, and you will find that personalizing the space becomes increasingly difficult over time. Of course, a new home is an opportunity for a new start, so don’t be afraid to invest in new furniture and elements around the space that will breathe new life into your living environment.

If your mortgage loan includes the procurement of house décor and various elements, then now’s the time to start picking out the new furniture, curtains, and rugs to imbue the space with a homey vibe.

Create a better mortgage repayment plan

Speaking of your mortgage loan, while you do have a sensible repayment plan in place, you should consider paying off your mortgage early to reap some important benefits. For one, paying off your mortgage ahead of time can save you thousands of dollars in interest, lower your monthly expenses over the long term, and improve your credit score faster.

This is just the tip of the iceberg of course, because early repayment comes with numerous other benefits that allow you to reallocate funds towards other life goals like college tuitions and retirement.

The best thing you can do is to send 13 yearly checks instead of 12, in order to get one additional payment out of the way. You can also make a plan to consistently increase the amount you are paying every month, even just a little bit, in order to repay your mortgage loan faster.

Wrapping up

Finally becoming a homeowner is an amazing feeling, like you finally have a home that is yours and yours alone. Tend to these goals and chores as soon as you procure the property in order to build a happier, more financially stable future in your new home.

About the author – Eric Jeanette started as a Realtor in 1993 and eventually transitioned to lending. His companies Dream Home Financing and FHA Lenders provide mortgage information and education to consumers. They also provide those same consumers with a free lender match service through a network of lenders for conventional, FHA/government, subprime, self-employed and many other niche loan programs.
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