Yay! You’ve bought your first
home. Exciting and overwhelming at the same time. A bitter sweet feeling. You have that feeling of relief now that you
have finally purchased your new home but be aware that financial
responsibilities of home ownership is just the start.
Pay your mortgage
on time
Whether monthly, biweekly or
weekly, be sure that you always make your mortgage payments on time. Making
late payments (delinquency) may result in late charges and negatively affect your
credit rating. Failing to make payments can even lead to more serious
consequences like foreclosure. A
good way to prevent late payments is to have the amount automatically deducted from
your account every month and to put at least three months’ worth of mortgage payments
in savings for emergency situations. If you are having trouble making payments,
discuss the situation with your lender.
Saving For
Emergencies
Even if you are a contractor,
repairs come at a cost. Every building has a life cycle, which means that all
parts of a building age and require major repairs or replacement at some point.
For example, you might know that your roof will have to be replaced in a few
years simply because of its age. Repairs like these are expected and can be
planned for. However, many repairs are unexpected and can sometimes be costly. Set
aside an emergency fund to deal with unexpected problems ranging from major repairs
to illness and job loss. A healthy guideline is saving 5% of your take-home pay
and putting it in a special account.
Living Within
Your Budget
Prepare a monthly budget for
your home and stick to it. You should monitor your bills every month and
evaluate your progress in meeting your financial needs. If you continue to
spend more than you are bringing in, you must find ways to cut back. If you are
having trouble sticking to your budget, don’t hesitate to ask a financial
advisor for assistance.
For all your real estate needs I
am more than happy to help you and the people you refer to me. Call
647-308-5148 and if no answer, send a text and I’ll be sure to reply!
Makini
Smith
Sales
Representative
RE/MAX
First Realty Ltd., Brokerage
www.makinismith.com
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