7 Tips Every New Homeowner Should Know!

First time home ownership is an exciting time!  Evanston is full of new homeowners that are enjoying the freedom of their own place.  Suddenly, everything is “yours” and there’s no one looking over your shoulder monitoring what color you’re painting the walls or what improvements you want to make.  The sky is the limit!  But, oftentimes new homeowners get overly excited and practical thinking becomes clouded.  Before you know it, those costly choices will leave you struggling to stay afloat and the dreams of home ownership quickly become a nightmare. 

However, this doesn’t have to happen!  Below are seven practical things to consider as you buy your first place.  Owning your home can be what you’ve imagined as a place that fits your style and brings financial freedom. 

1.    Don't Overspend on Furniture and Remodeling - Give yourself time to adjust to the expenses of home ownership and rebuild your savings – those cabinets you’ve been wanting will still be waiting for you when you can more comfortably afford them.

2.    Don't Ignore Important Maintenance Items  - While you should exercise restraint in purchasing the nonessentials, you shouldn't neglect any problem that puts you in danger or could get worse over time, turning relatively small problem into a much larger and costlier one.

3.    Hire Qualified Contractors - Hiring professionals to do work you don't know how to do is the best way to keep your home in top condition and avoid injuring yourself.

4.    Get Help With Your Tax Return - Home ownership significantly changes most people's tax situations and the deductions they are eligible to claim. Just getting your taxes professionally done for one year can give you a template to use in future years if you want to continue doing your taxes yourself.

5.    Keep Receipts for Home Improvements - When you sell your home, you can use these costs to increase your home's basis, which can help you to maximize your tax-free earnings on the sale of your home.

6.    Don't Confuse a Repair with an Improvement - Unfortunately, not all home expenses are treated equally for the purpose of determining your home's basis. The IRS considers repairs to be part and parcel of home ownership -something that preserves the home's original value, but does not enhance its value.

7.    Get Properly Insured - Your mortgage lender requires you not only to purchase homeowners insurance, but also to purchase enough to fully replace the property in the event of a total loss. But that's not the only insurance coverage you need as a homeowner.

Read the full article 7 Smart Steps Every New Homeowner Should Take on Move.com.

I hope these tips have been helpful!  If you’re still looking for that perfect place to call “home” – let me know!  I have some great properties in Evanston that are sure to fit your style and budget.  I’d enjoy the opportunity to show them to you!


Judy Newton
Your Evanston Real Estate Expert
Coldwell Banker

Evanston Real Estate
View Evanston Listings
Visit My Website
Email Me