Thursday 8 September 2022

Important Things Every New Homeowner Should Know

A whole lot of important data indicates that by the last quarter of 2021, home-ownership rates in the USA stood at 65.5%

It shows that many more people bought houses outright or with a mortgage than in previous months.

However, the important parts of home-ownership doesn't simply stop at the buying a property stage, as there are many things that go alongside this - including sustainable repairs.

The objective is to be ready for any situation when you are ready to own a property...and to save you from avoidable waste and expenses...

Avoid large renovation projects until there is an absolute need...

First of all, home improvements are expensive and can be time-consuming - the purchase in itself is a huge investment, so it therefore makes sense to hold off on any major home projects - especially if they are centred around aesthetics - until a little later on.

A large project will be crucial only if it makes the property safer and habitable.

According to experts, the ideal period to hold off any large construction project is seven to twelve months. That should give adequate time to live in the property and to observe and be certain of what really needs to be improved.

The waiting period is also an opportunity to recover a little financially for the huge house purchase, in hopes of saving enough money to actually be able to afford any upcoming project.

On the other hand, smaller projects like painting can be done without much cause for worry.

Learn to identify potential signs of damage in your home...

Knowing how to identify likely problems in the property is important.

After seven to twelve months, many houses begin to show signs of hidden damage - for example, detecting water damage on walls may be difficult if the house was freshly-painted before buying.

However, in those months, water damage marks will appear on the ceiling and walls when the problem persists.

Blistering or peeling wall paints, musty indoor odours, and the appearance of mould and mildew are early signs of water damage, regardless of how old the house is.

Therefore it may be useful to learn more about your home’s foundation before it starts to cause permanent damage to the property.

Your maintenance activities and learning to detect minor problems can save you from large insurance issues in the short and long term.

Few homeowners realise that these can form part of the common reasons for denial of a property damage claim.

It helps to do your part first to avoid taking on these liabilities at all.

Start an emergency house fund...

News reports indicate that 32% of Americans may struggle to raise $400 to deal with emergencies.

This is further worsened by the fact that several households may have debt to deal with on a monthly basis too.

As a homeowner, this is something you want to avoid - an emergency house fund provides enough cushioning for maintenance and repair activities as you can never be too sure when you may have to deal with an emergency with your property.

Flooding and frozen pipes are common examples you must be ready for.


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