Tips for New Homeowners

At Excel Homes, we understand that buying your first home can be an exciting yet daunting journey. To try and ease the many questions you have, here are some important things to keep in mind after you've purchased the home and moved in. Follow these tips and you’re on your way to becoming a skilled homeowner!

• Get to know your BIG appliancesIt’s amazing how a broken furnace or water heater can throw a real curve in your monthly savings plan if it breaks down. It’s worth figuring out how old each appliance in your house is so you can plan ahead for their replacements. A new furnace can cost as much as $5,, so a little forecasting makes a big difference!

• Save for break downsFollowing on from the point above, putting aside some money to pay for unexpected replacements will save financial strain later on. The rule of thumb? Save 1-3% of your home’s initial price each year so that you can afford these unforeseen glitches.

• Form an inspection habitEvery year, set time aside to properly inspect your property (basement, attic, insulation and roof). Detecting certain issues early such as mold growth or rodent infestation can be the difference between a simple fix and major repair misfortunes! Put it in your diary and make it a habit.

• Keep recordsEvery improvement or repair you make to your home – from adding a patio to installing a brand new kitchen or replacing old carpet – will increase its resale value. Make sure all of your hard work pays off by keeping track right from the start!

• Know your tax creditsDid you know that owning a home opens up a whole new world of tax incentives! For example, you can receive credits for things like installing solar panels or purchasing Energy Star appliances. Do some research early on about the different tax credits that may apply to you, and then reap the benefits when tax time rolls around!

• Be insuredYour new home is probably the most valuable thing you own, and you need to protect that asset! Take a good look at your homeowner’s insurance policy and look for any relevant gap. Two areas of coverage to consider are flood and fire protection, which aren’t always included in standard policies.

References: Excelhomes.ca & Brightnest.com