First-Time Homeowner Considerations

First-Time Homeowner Considerations

Buying your first home is a huge milestone. While this accomplishment is worthy of a big celebration, there are other factors to consider that come along with home ownership to be aware of. Ownership means more than just a mortgage, so keep the following in mind when prioritizing and budgeting for your new place. In addition, be sure to secure your new investment with a customized Connecticut Home Insurance policy.

 

More Than A Mortgage

Costs that were once covered by your rental, such as repairs and painting, are now your responsibility as the homeowner. Further, power, heating, cooling, water, sewer, and garbage services are just a few common monthly expenses to expect when you own a home. Lastly, don’t forget about property taxes and insurance costs, as these can add up quickly, as well!

Plan For Repairs

Prioritize your repairs. Focus on the essential ones before you get into the cosmetic fixes. Depending on how much you have left over in your monthly budget, put some money away each month to account for surprise repairs and costs associated with owning your own home.

Prioritize

While owning a home is costly, budgeting and reducing your spending in certain areas can help to reallocate funds to more pressing needs. While certain features in your home might not be aesthetically pleasing, major repairs and maintenance concerns should be addressed first. Know the difference between what you want and what you need.

DIY

Depending on your experience, you can get a lot of projects done yourself to save plenty of money. However, Kiplinger states that you should plan for an estimated 20 percent over budget for each project, so plan ahead!

About Byrnes Agency

At Byrnes Agency, we strive to provide the best solutions at affordable rates. Our staff is here to assist you as you transition from one home to another, and our offerings can be customized in order to meet your specific needs. For more information about our products and services, contact us today at one of our three locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

 

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