Purchasing a home for the first time can be exciting. However, if you are like many first-time homeowners, you might worry about how to maintain your home. The following tips can help you protect your investment.
Review your homeowner’s policy. Homeowner’s insurance is often seen as a safety net to replace a home in the event of a fire or other catastrophic event. However, if there is a flood or major water leak, you could be responsible for covering all or a significant part of the damage. Go over your policy with your agent and ask questions about what your policy covers.
Review any warranty information that you received with the purchase of your home. If the home is new you probably have warranties that cover appliances, the heating and cooling system, roofing, siding and other items. First-time homeowners may file this information away and forget about the warranties when a repair or replacement is needed. Your warranties can prevent you from spending money or going into debt to replace an appliance or repair a leaky roof.
Another tip for first-time homeowners is to practice preventive maintenance from day one. If you are accustomed to living in a rental where your landlord took care repairs and upgrades, it is easy to overlook small issues that can become big problems. For example, when you start to notice weeds in your flower garden, nip the problem in the bud and get rid of them before they take over. Keeping the gutters free of leaves can help prevent wood around eaves or the edge of the roof from decaying.
These are just a few examples of what you need to know as a first-time homeowner. Remember, your real estate agent is a great resource for any questions you may have after you purchase your home. Give him or her a call if you have questions.