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From Editor: This is a guest post by Ryan Sandberg
Purchasing a new home is an important and exciting step in everyone’s life. You have finally moved beyond living with your parents, a group of roommates, or in a cramped studio apartment and are ready to take on the responsibilities of an adult. Owning your own home is not as simple as just paying your monthly mortgage bill and mowing the lawn. Many other factors go into home ownership that are not covered by high schools and colleges. Here are five of the most important investments you can make for a new home:
Savings Accounts At a moment’s notice, you could find yourself out of work with a serious mortgage you still have to pay off. Keeping several month’s worth of salary in a savings account will allow you to breathe a little easier when financial problems strike. If you are planning ahead for the future, it is important to open an IRA so you can invest in your retirement while still being able to withdraw money in case it is needed.
Just like losing your job can be an unseen catastrophe, Mother Nature can pull some nasty tricks out of her bag at any given time. When Hurricane Irene hit the east coast in August 2011, many home-owners had to pay for repairs out of pocket because they hadn’t purchased flood insurance. In Joplin, MO, homes were flattened and some people could not afford to rebuild because of a lack of insurance. Purchasing a plan with good coverage and reasonable premiums can save you from becoming homeless during severe weather patterns.
In order to properly get things accomplished at home, you are going to need a series of common household items and appliances. Purchasing a washer and dryer will eliminate annoying trips to the laundromat and save you money in the long run. Purchasing new appliances for your kitchen with Power Saver options will reduce your electricity bills. In addition to saving you money, purchasing appliances will decorate your house and fill in empty spaces.
Heating, electricity, and gas bills can start to add up over time. In order to save on your bill budget, it is necessary to install items around them house that will reduce the payments you have to make to utility companies. If you install new windows and doors throughout your home, you will save on your heating bills. Installing light dimmers, timers on your appliances, and unplugging electronics will save you money on your insurance bill.
If you are moving into a big new house by yourself or with one other person, there is a good chance that that the only company you are going to have at times is the warm glow of the television screen. By stopping by your local humane society, you can rescue an abandoned or stray cat or dog and give it a new opportunity to stay in your brand new living space. Before purchasing a new house, make sure you have enough money saved for these important addendums to your home-ownership list. Going into a serious investment like this would be ill-advised if you are unprepared and can not afford vital parts to increase your lifestyle and comfort level.
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