It can be nearly impossible to find a home that ticks off all your boxes while house hunting. That’s why KCI offers a custom home experience so that your home is exactly what you want and need from the beginning. But whether you buy a custom home or an existing home, the truth is that the first year can be the hardest. And if you just bought a house or plan on doing so soon, we want your experience to be successful. Here are a few ways that you can set yourself up for success during your first year of homeownership.
One mistake that can affect your house hunting process is taking on new lines of credit before you close on a property. To buy a home, most people work with a lender. During the process of obtaining a loan, your debt-to-income ratio will be closely monitored. Any change to your DTI ratio during the home buying process will influence your loan status. To avoid this, just put off things like getting a new car until later if possible.
Make sure not get blindsided by the additional costs that come along with getting settled into a new home either. Beyond just closing costs, it's important to consider the long-term additional costs you may need to budget for. Things like utility bills, homeowner’s insurance, and HOA fees if you have them. Also, you may need to stock your new home with cleaning supplies and furniture. All these expenses can prove to be overwhelming if you do not budget for them beforehand.
It can be easy to be swept away thinking about and planning changes and renovations you want to make to your new home. And that is part of the fun of owning a home. Getting to make it your own. But jumping into costly renovations first thing may end up being a financial burden. During your first year of homeownership, it may be wise to put off major renovations until later.
Ultimately, you can make your first year of homeownership a success by avoiding these common mistakes.
By KCI Homes 9-22-2021