Buying your first home is a whirlwind of experiences. It’s a milestone, an achievement, and a huge financial commitment. It is essential, for your fiscal safety, that you carefully evaluate your finances and lifestyle to make sure buying a home is right for you. Here’s a new homeowners guide to buying a Connecticut home.
A New Homeowners Guide to Buying a Connecticut Home
Budgeting skills. Not all of us are born with Warren Buffett business savvy. Nor do we need to be. However, it is essential that you have basic budgeting skills. You should know where your money comes from, and exactly where it’s going every month. In addition, you should be able to pay off your monthly expenses and still put aside money for savings. Budgeting is one of the key elements to buying a Connecticut home.
Zero or manageable debt. Before you purchase a home, you should make sure that any debt you have is under control. Low interest loans such as student loans or car payments can oftentimes be managed alongside house payments. However, make sure your budget has room for mortgage payments in addition to your current obligations.
No landlord. Sure immediately, this sounds great. You get to be your own tenant! But there are definite perks to having someone to call when something needs to be fixed. As a homeowner, all the responsibility, and costs, of maintaining and repairing your home fall solely to you.
Emergency fund. Unexpected things come up. Having an emergency fund can help cover any home disasters, monthly bills if you get sick, or any other unexpected even that may arise.
Stability. This can mean two things. Stability in income is essential. You’ll be paying your mortgage for years to come. Make sure you have a secure, steady job and can honor that commitment. Secondly, the commitment to buying a house also requires that you stay in one place for a significant period of time. If you aren’t ready to settle down yet, buying a home may not be right for you just yet.
Once you make the decision to purchase a home, you want to make sure you get comprehensive Connecticut Home Insurance coverage to protect your investment. Byrnes Agency can help you with everything from determining the preferred amount of personal liability coverage to include in your policy to extended replacement cost coverage to cover the full value of your personal property. Contact us today for more information about out Connecticut homeowners insurance policies.