After You Buy: A Guide To Protecting Your Investment
Taking the plunge and buying a new home or property is exciting and generally considered a top investment decision. However, this does not mean that the situation comes without risks.
I’m Nancy Tychowski. As a licensed mortgage broker and consultant in BC, I know that buying a home is a significant milestone in your life. Once you have finished signing your mortgage paperwork and gotten the keys to your new home, it is important to keep in mind a few things to protect your investment and ensure future financial success. In this blog, I will provide you with a guide to help you navigate life after you buy your first home.
1. Maintain your home: Becoming a homeowner is a significant responsibility, and it is up to you to take care of your home and protect your investment. Regular maintenance is the key to ensuring your home stays in good condition. Keep a schedule of routine maintenance tasks, such as checking the roof, cleaning the gutters, and maintaining the HVAC system.
2. Make your mortgage payments on time: There are many options when it comes to mortgage payment frequency. Whichever schedule you choose, always make your payments on time. Late or missed payments may result in charges or penalties, and they can negatively affect your credit rating. If you’re having trouble making payments, be sure to get in touch with me as soon as possible. As your mortgage consultant, I can help you explore your options to avoid missing payments.
3. Plan for the costs of operating a home: Besides your mortgage, property taxes, and insurance, there are several ongoing costs associated with owning a home. Maintenance and repair costs are at the top of the list, along with security monitoring, snow removal, and gardening expenses. If you own a condominium, some of these costs may be included in your monthly fees. It is essential to plan for these costs to avoid financial strain down the road.
4. Live within your budget: Prepare a monthly budget and stick to it. Take a few minutes every month to check your spending and see if you’re meeting your financial goals. If you spend more than you earn, find new ways to earn more or spend less. Living within your means will help you avoid unnecessary debt and financial stress.
5. Save for emergencies: Your home will need some major repairs as it ages. Set aside an emergency fund of about 5% of your income every year so you’ll be prepared to deal with unexpected expenses. Having an emergency fund will provide peace of mind and ensure that you can address any issues that arise promptly.
In conclusion, owning a home is a significant investment that requires careful planning and ongoing attention. By following the tips outlined in this guide, you can protect your investment and ensure future financial success.
If you’re in the market for a mortgage, consider working with a mortgage professional at Nancy Tychowski Mortgage Consultant to help you find the best loan options for your needs. As a dedicated Licensed Mortgage Broker with over fifteen years of experience in the financial sector, I am committed to providing my clients with a one-stop-shop experience. With access to over two hundred lending institutions, I can find the best mortgage solution to fit clients’ current and future needs.
To learn more about the services I offer, please click here. To get in touch with me, please click here or call me at (604) 379-4548 or email me at info@mortgagesbynancy.ca.