Buying your first home can often feel like making it to the summit of a huge mountain. You will have saved for months and years leading up to this day, you will have done a huge amount of research into properties, and you will have had to discuss mortgage rates and other details with banks. Even once you find a house you like, have a mortgage and have a deposit, there’s still a huge amount of paperwork to go through, it still takes weeks, and you still need to worry about moving your things in.
Well now you’re in. You own the home and you’ve done everything you need to do. Only unfortunately it’s not quite that simple: even once you’ve moved into your home you’ll find there are more things you have to worry about, more documents to work through, and more money to spend. You just haven’t had a chance to realise it yet…
To help you out then, here are some new financial considerations to bear in mind:
Life Insurance: Now you have a home you have a brand new responsibility. Your family or partner will likely live in your property with you, and thus they will become accustomed to a certain style of living.
And in order to enjoy that standard of living, they are likely somewhat reliant on you. Whether you are the sole financial provider for your home, or whether you help by looking after the children so that your partner can go into work, your absence could very well result in the family being unable to remain in the same home. Thus you should make sure that you leave something behind, and life insurance is one of the best ways to do that. Look into ‘decreasing term’ life insurance for a plan that will always cover your home mortgage and nothing more.
Other Insurance: Likewise you’ll probably want at least two other types of insurance in order to ensure that both your home and your belongings in that home will be looked after in case anything should happen. Normally taking out house-hold insurance along with contents insurance should be enough, but you should make sure that the policy covers you for anything that might happen.
Maintenance: Of course it’s unfortunately very unlikely that you’ll move into a property and find that it’s 100% in perfect condition. And even if you were to move into an entirely new build there would probably be things you wanted to change simply for your own sense of satisfaction.
Thus it’s important to make sure that you’re ready to part with a little cash when you first move in that will be used to tidy up the place and make it your own. This might also involve replacing a boiler and doing some other important jobs that a) require further documentation and b) can’t be put off until a more convenient time.
Congratulations! You finally have a house of your own… but it’s sure not over yet!
Author Bio: Warren Brown is a freelance blogger and an ace creative write with many years of experience writing for top blogs. Warren has written on a myriad of topics and has written several posts for us.
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