Once you’ve signed on the dotted line, it’s time to celebrate. You’ve officially purchased a house. It’s a big step for many homeowners. You’re saying goodbye to a life of escalating rent prices and moving around (unless, of course, you have to). But you don’t just switch from a renter to a homeowner in the blink of an eye.
Here are three things you should do first:
Make Sure You Can Pay the Mortgage
You’ve signed a mortgage to pay the house so that the title will be in your name. That means even though you can technically move in, your obligations are not done yet. There’s the Tempe mortgage lender to pay off and the term usually lasts for years. That means planning your finances wisely because missed payments mean higher interests or worse, foreclosure.
There are many things that can happen. A great fire could run your house to the ground or a burglar may steal all your prized possessions. These will leave you reeling with financial strains, and sometimes the physical house itself might be gone. You don’t want to end up having to say goodbye to a house you just bought and worrying about your future. A home insurance to cover these cases will at least provide you with some cushion to help you rebuild your life if necessary.
Work on Upkeep
It may not be such a concern when the house is newly purchased and you are the first owner, but as years pass by, you’ll start to see it show signs of being lived in. That takes a toll on its market value. In case you want to sell the house, you can’t expect anyone to pay a good price for it if it looks rundown. The market value of the house also comes into play when you want to change your insurance.
Purchasing a house is the first step to a more organized life. Now, it’s up to you to keep things moving and going well.