Moving into a new home is exciting! So many ways to make your home a unique reflection of you… home décor, renovations—the possibilities are endless! Making you and your family comfortable is only a small part of owning a home. Once the dust has settled, all the moving boxes are empty, and you’re finally able to relax after your hard work, it’s time to start thinking about how to take care of your new investment.
Your home isn’t just where you live, it is also an important investment. And protecting your investment doesn’t have to be hard! There are simple chores you can do every day. By following these tips and being proactive and consistent you can ensure that your investment will be well preserved.
Routine Maintenance
Who loves cleaning the house!? Well, some of us… but it’s no joke that everyone should be caring for their home. Your home is like everything else, it gets dirty. Regular cleaning is the most basic maintenance you can do around your home. These are tasks that should be done once a week in order to maintain a functioning home. Break out the vacuum, bust out the cleaning supplies, and keep your home shiny!
If you’re thinking that a little bit of dirt is fine just remember that small problems, if left unchecked, can end up becoming large issues! Taking care of issues when they are small is an easy way to protect your investment. If big issues do happen, it’s good to know which are covered under warranty.
Many of the routine checks only need to be done once or twice a year, and some might require the help of a professional. Some of these checks include looking at household items like your range hood, bath fans, humidifiers, etc. Be sure to keep track of when you last checked these items and the contact information of those who helped perform the checks.
Nobody can prepare for the unexpected. There may be a situation where there’s a large issue and you are expected to pay the consequences. It is a good idea to keep a portion of your savings aside in case of emergencies.
Mortgage Payments
Keeping up with your mortgage payments is a must. Not only could this affect your personal finance, like a credit score rating, it will also affect the return on your investment.
When you pay down your mortgage, or what you owe on your home, you are making payments that reduce your debt and earn you equity. Ultimately, this equity is a return on your investment. With each payment missed, you’ll be paying less of your principal and more in interest. Negotiate a mortgage that works for you and never miss a payment.
Isn’t shopping the best? Who doesn’t love getting something new? Renovations to the cabinets in the kitchen, or the master bathroom vanity, and so many more can add value to your home. Plus, giving your place a fresh look is so much fun!
Out of your Control – The Real Estate Market
There is a lot you can do to protect your investment. However, there are some things you cannot control! A factor that can affect your home’s value is the current state of the local real estate market. When the market is doing well, so is the value of your home and therefore your investment. When the market is doing poorly, well, your investment might suffer.
There are many ways to protect your investment and add value to your home. What are some steps you have taken to protect your investment property?