Being a first-time homeowner can be overwhelming, especially if there’s a lot to get done before moving in or shortly after arriving at the new home. Though the biggest expense – buying the home – is done, there will be repairs that need to be tackled, and there might not be a lot of money left over after the down payment. It’s important to manage home repairs carefully to avoid becoming overwhelmed or letting any issues get worse.
Look Into Financing Options
If there are emergency repairs needed once the home is purchased, it might be a good idea to get a loan. Getting a loan to help with financing your home repairs can make it easier to afford to tackle the emergencies, so they can be fixed before the issues get worse. Use financing options for major repairs that can impact whether or not it’s safe to live in the home, such as leaks in the roof, foundational damage, or any issues with the electrical system.
Start a Home Maintenance Fund
Once the major issues are done, it’s time to consider the home budget. Take the time to create room in the budget to pay off any financing needed for repairs as well as to create a home maintenance fund. The home maintenance fund can be used for other repairs and projects that may be needed down the road. The amount saved can vary from person to person, but it is crucial to have some money set aside for anything that might be needed.
List Everything That Needs Repairs
Take a little bit of time to go through the house and list everything that needs to be repaired, small or large. This gives a clear view of everything that needs to be done and can help homeowners see that there might not be as much to get done or that there may be some things they can tackle on their own to save money. Leave room on this list for quotes from experts to have the repairs done to see how much each item will cost.
Determine What Repairs are Needed the Most
Look at the list to figure out what repairs need to be done first. Prioritizing home projects helps to see how much money is needed right away and what might be able to wait a little bit longer. It’s a good idea to prioritize things that impact how the home functions or the cost of running a home. Fixing broken electrical outlets may be a higher priority than fixing outdated flooring in the home. From there, make a plan to tackle the remaining projects in order of importance. Note that this can change with time, but it does at least give the homeowners a starting point to get everything done.
It’s possible that your first home will need repairs to make it liveable and to get it to look the way you want. If money’s tight after buying the home, it’s important to prioritize and start saving up for more repairs. Tackle them as needed and get extra help financing the repairs if there are any emergencies that can’t wait. By taking the issues one at a time, it’s possible to get everything fixed and the home in better shape.
