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What should we expect after we closed on our first home?
After closing on your first home, you should expect to receive the keys and take possession on the stated closing date.
This is the point where you officially become the legal owner of the property.
A common expectation is the "homeowner's warranty," which often covers certain repairs and replacements.
Most warranties last for a year, providing peace of mind as you transition into homeownership.
Property taxes will be a new financial consideration.
Typically calculated based on the assessed value of your home, these taxes will likely be due annually, affecting your budget.
Homeowners insurance is essential.
This protects your investment against risks like fire, theft, or natural disasters.
Lenders usually require proof of insurance before you can close on the home.
A homestead exemption can reduce your property tax bill.
It applies to your primary residence, so applying should be one of your first tasks after buying a home.
Moving into your first home may involve unexpected repairs.
A survey by the National Association of Home Builders found that nearly 30% of first-time buyers encounter major repairs during their first year of homeownership.
Maintenance tasks will increase your responsibilities.
Regular upkeep items like changing air filters, gutter cleaning, and lawn care will require scheduling and planning.
Future renovations can significantly increase your home’s value.
Studies suggest that certain renovations, like kitchen remodels or adding a bathroom, can yield a return on investment of over 70%.
You may want to establish an emergency fund for repairs or unforeseen expenses.
A good rule is to save about 1% of your home’s value each year for maintenance costs.
Coupling your mortgage payment with insurance and property taxes into one monthly payment can simplify finances, known as “escrowing,” which most lenders offer.
Home ownership can influence your credit score positively.
Consistently paying your mortgage on time contributes to building a strong credit history.
The concept of "sweat equity" may apply if you choose to do renovations yourself.
This means the physical labor put into home improvements can increase the property value without spending cash.
Understanding local zoning laws is crucial, especially if you plan future renovations or additions.
Violating these regulations can lead to fines or even forced removal of unapproved structures.
It’s essential to familiarize yourself with your neighborhood’s homeowner association (HOA) rules, if applicable.
These regulations can influence everything from paint colors to lawn maintenance.
Real estate market fluctuations can affect your investment’s future value.
Economic conditions, interest rates, and local demand all play into whether your property appreciates or declines.
Climate change may impact your home’s value and insurability over time, especially in areas that are more susceptible to floods, fires, or extreme weather events.
Understanding the science behind home construction—like insulation and building materials—helps you make informed decisions on renovations that enhance energy efficiency and comfort.
Smart home technologies can significantly enhance security and efficiency.
These systems often help reduce energy usage, contributing to lower utility bills and improved home security.
Investigating your home’s historical title can reveal past ownership, renovations, or hidden liens.
This process ensures no financial surprises arise post-purchase.
Air quality becomes a newfound focus as a homeowner.
Monitoring indoor pollutants and ensuring good ventilation can create a healthier living environment, especially in areas where outdoor air quality is poor.
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