Thursday, 01 August 2013 20:55

Must-Do’s After You Buy a Home in Illinois

What to expect when buying your first home

Whether you buy a home in Springfield, Rochester or Chatham, you want to rush in right away so you can enjoy it. If you follow a few tips before doing that, you can ease the transition to your new abode.

Inspect every interior nook and exterior cranny thoroughly while the house is still. Then test everything in the house at least once. Open every door, flip each light switch and run all faucets. Your goal is to uncover any problems. Fix the minor ones immediately before they grow into insurmountable issues. For larger repairs, hire a contractor who can work more efficiently and effectively if the house excludes any furniture obstacles.

 

If this is your first home, ask a tax expert for help even if you prefer to work on the return yourself. Home ownership grants deductions that you may not know about, such as for mortgage interest. A tax pro makes sure that you claim all your credits correctly, which increases the size of your refund for the year you bought the house. He’ll want you to increase the withholding allowances on your paycheck to cover deductions for future years. This strategy bulks up your take-home pay, leaving you more funds to spend on your home.

Adjust your budget to bankroll the additional costs of owning a home. If you’re coming from an apartment, especially where your monthly rent covered the utilities, the new expenses attached to home ownership may stun you. You not only pay for the mortgage but also for electricity, water, trash pickup, Internet access and property tax. In addition, you must buy tools for cleaning the floors and mowing the lawn. Be sure to set aside additional funds for the major maintenance that’s needed every few years, such as painting the exterior or replacing the roof. If you don’t know what home maintenance involves or costs locally, get the information from your homeowner neighbors.

If you need more tips on buying or selling a home, please contact us.

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