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Congrats! You are a home owner, but now what?

Blog by Claire LeLacheur | October 4th, 2010

Awesome! You have paid the movers, unpacked your boxes, and you are officially moved in. Game over right? No the game has just begun. You are now a home owner and with that comes some large responsibilities. Here are some great tips to make being a home owner more fun and secure.

Keep Saving – with home owner ship comes some major expenses and even worse some of them can be unexpected. Just when you are feeling safe and secure in your home, the hot water tank will unexpectedly burst, the roof will start leaking and the toilet will start leaking into the basement. Start an emergency fund that you contribute to on a monthly basis to take the pain away from the harsh realities of home ownership.

Perform Regular Maintenance – with the large amount of money you just paid for your home, you will want to make sure you are taking good care of it. Perform regular or preventative maintenance on your home. It will make repair items small and manageable as well as decreasing your repair costs.

Ignore the Housing Market – It doesn’t really matter what your house is worth until you are ready to sell it. This is your home not penny stock, so don’t think that homeownership equals a day trader in the stock exchange. Furthermore, being able to control when and how you are able to sell your home will help a lot in the long run. 

Don’t Put all your Eggs in One Retirement Basket– you should be making regular payments to your retirement savings plan, and not relying on your house to make you 45% per year. In some years in the Vancouver housing market this was the truth, and great! But as we have all seen, the market can drop, and your house value can go with it. Diversify your portfolio, as any good investment advisor will tell you. That also goes for your home.

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