4 common questions from new homeownersOctober 16, 2017
Congratulations! You have done your research, been approved for a mortgage and finally purchased your dream home. As you begin to unpack your boxes, you may start to feel the excitement of your big life change fade as several uncertainties enter your mind. Many people believe their lives become simpler after they receive the keys to the front door, but that is not always the case. If you find your head spinning with concerns, rest assured that you are not alone. Listed below are four of the most common questions new homeowners struggle with as they become acclimated to their abode.
How do I keep my credit score strong?
One of the more frightening aspects of buying a new home is seeing your credit score drop, sometimes significantly. While the numbers may be much lower than what you are used to, try not to fret too much! It is completely normal for scores to drop after a large loan has been processed.The easiest and most effective step to get back up to your pre-home score is to be vigilant about your mortgage payment. Be sure that you are making payments both on time and in full and you will see your credit score steadily ascend.
What happens with my insurance after I purchase a home?
While homeowner’s insurance was more than likely required to qualify for a loan, it is highly recommended that you take another look at your policies half a year to a year after the purchase of your home. It is unlikely that the expectations of your needs pre-ownership ended up being accurate after you settled into your new life. Look for areas of overspending or underspending and make the changes necessary for beneficial and fiscally responsible living.
Homeowner’s insurance is not the only type of insurance that should be evaluated after acquiring a home. If you live with another person who depends on you to pay the mortgage, such as a child or a significant other, your life insurance plan will need to be updated to make them a beneficiary in the case of your passing. Taking this step will put both you and your loved ones at ease.
What do I do if I need something fixed?
A majority of home builders have a standard home warranty that covers various areas for specific amounts of time. At Perry Homes, we offer a 2 year workmanship warranty as well as a ten year structural warranty. It’s always best to be familiar with your warranty and what areas of your home are covered. If the issue is with an appliance, chances are the warranty will be with the appliance manufacturer and not the home builder. Keep all of your warranty guides and manuals together in a safe place where you can access them quickly in the event that you need them.
How should I go about landscaping?
One of the most exciting parts for new homeowners is the prospect of owning a piece of the great outdoors. While a newly built home usually has a fair amount of landscaping, it may take some labor to get the look you truly want. If you need help turning your vision into a reality, a design consultant will work with you on any enhancements or additions you would like to make.
Depending on what type of landscaping work you would like done, it may be a good idea to hire a contractor. This is of extreme importance if you would like to dig, as you cannot be sure of what lies beneath ground level (at the very least call 811 a few days before you begin work). It is also important to seek out professional assistance if there are any trees or shrubs on your property that you would like removed, as falling trees can pose a serious danger if not cut properly. Be creative in your outdoor visions, but keep your safety in mind as well.
The purchase of your first home requires a lot of thinking, but that does not mean it has to be stressful. A few key bits of knowledge will help you be prepared for this next great chapter in your life.