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Avoid These Common Mistakes During the First Year of Homeownership

Purchasing a new home is an exciting time. At KCI Homes, we understand that feeling. You will be able to do whatever you want to in your new home, and you will never have to worry about your rent increasing. You will never have to worry about your landlord selling your house out from under you. Congratulations on your new home! We want to make sure that your home is a haven. One of the ways you can do this is by avoiding these common mistakes that many make in their first year of homeownership.

Not Expecting Additional Costs

While you will factor in the cost of your mortgage, you may forget about some additional costs. You will need to take into consideration that you may be paying HOA fees, utility fees, home warranty fees, and homeowner’s insurance. You will also need to prepare for costs like ladders, cleaning supplies, and other necessities that you will need to stock your new home with.

Not Avoiding Extra Debt

Once you have bought your home, you may be considering taking a line of credit out for a new vehicle or something like that. However, it would help if you avoided this for a while until you see how your budget will work with all the expense that comes with owning a new home. Some people take out another line of credit and end up putting themselves in financial trouble.

Rushing Renovations

When you purchase your new home, there may be things that you do not like inside the house. You may be itching to start a few small renovations to get your home more in line with your preferences. But it is wise to wait until you see how your budget will do with the mortgage and expenses that come with purchasing a home. While it is true that renovations will help increase the value of the home, if you are not careful, you could find yourself in a financial bind. Allow your bank account time to recover before you start on any renovation project.

Purchasing a new home is exciting, but it is a large financial responsibility. By avoiding these common newbie mistakes, you can save yourself a lot of hardship. If you are still looking for your perfect dream home, look at our beautifully crafted homes!

By KCI Homes 9-28-2020

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