Now that you have bought your new home, you might be wondering, “What’s next?” VHDA’s Guiding Principles of Homeownership provides important information about maintaining your property. This information is aimed at keeping you on the right track. Here are a few tips about budgeting.Budget for monthly expenses
Budgeting is an important part of successful homeownership. As a new homeowner, you may be paying for utilities — such as gas, electricity, trash pickup and water/sewage — for the first time. Your budget should include the necessary funds to cover these monthly expenses so you don’t experience having these services disconnected.
Budget for emergencies
Because you are not renting anymore, you will not have a landlord to call if problems arise. You are now responsible for paying for repairs to your home. It is very important to have an emergency fund set aside for any repairs or replacements that might become necessary.
Avoid the temptation to make major purchases on credit
It is too easy to accumulate more debt than one can afford. If you are borrowing money or obtaining credit, shop around for the best loan or credit terms. Better yet, save up for major purchases such as furniture or appliances. Remember, everything you buy on credit has to be paid back with interest. Be careful to avoid charging major purchases that carry a high interest rate.
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