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The ‘Musts’ After You Buy

February 15, 2012

After buying a new place, you want to make it your own.  Personalized bath towels, kitchen of your dreams, master bath get-away, but keep in mind what you can afford, especially with a new house on your payment plan.  Although these tips are great for after you buy, they can also help you out before buying so you don’t get in too deep.

Here Are “Ten Financial ‘Musts‘ After You Buy:”

  • Spending, saving. Don’t give in to the urge to spend all your money on furnishings and improvements.
  • Rebuild emergency savings. If you’ve dipped into reserve funds to buy a home, put back that buffer to protect you from unexpected events.
  • Automate your mortgage payments. Late payments can cost you.
  • Keep good records. Receipts and related documents will be necessary for your tax returns.
  • Ignore mortgage insurance come-ons. Mortgage insurance polices are often over priced for the same, cheaper coverage you can get from a term life policy.
  • Ignore fast payoff come-ons. You can make extra payments on your mortgage to pay it off early without paying for someone to handle your payments.
  • Ignore homesteading come-ons. Homesteading protects your home asset from creditors should you get into financial trouble. Your county recorder has the forms you can file for a nominal charge. File before it’s necessary, however, and you could send the wrong signals to your creditors.
  • Appeal tax assessments. If your home value drops, you could be eligible for reduced property taxes.
  • Refinance if rates fall by 2% or more. A no-brainer. You’ll save money on a cheaper interest rate.
  • Congratulation! You’ve just completed what’s likely the largest purchase you’ll ever make. Take a break from fixing up, furnishing and fretting about what else you need. Own your home, but don’t let it own you.

Patty Cunningham, Realtor®
Coldwell Banker Preferred
Exton, PA 19341
O.        610.363.6006
C.        610.659.4669
Lic #RS294054

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