Home ownership: What to consider when purchasing a new home

(NC) Purchasing a new home is exciting. Whether it takes a few weeks or a few months to find the perfect place, if you are in the market for a new home, you’ve likely done the math on home ownership. This includes monthly mortgage payments, utility bills and property taxes. However, it doesn’t stop there.

On top of these costs and regular maintenance, owning a home also means that you need to be prepared for repairs and unforeseen expenses. Therefore, it’s important to consider the following when you’re purchasing a new home:

Plan for the cost of property maintenance

It’s important to take good care of your property. After all, it’s likely one of the biggest investments you will ever make. In addition to regular tasks such as mowing your lawn and switching out a lightbulb, your home will eventually need a fresh coat of paint or a new roof. Costs can add up – and often require immediate attention – so it’s a good idea to plan ahead and create an emergency fund that can cover these expenses.

Understand product and appliance warranties

Whether your home is a new build or new to you, it’s important to know the status of existing product and appliance warranties in case a repair is required. If you’re purchasing new appliances, consider a manufacturer’s warranty program when making a purchase decision. Look for brands that offer extended warranties and out-of-warranty programs. For example, LG offers an out of warranty program with a flat rate for labour and parts.

Work with licensed trades and technicians

Hire licensed trades and technicians to complete work around your new home. For example, call a licensed electrician to install a new light fixture or a plumber to change a leaky faucet. If you have a home appliance or electronics that requires repair, it’s important to look for a manufacturer-approved and authorized service provider.

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