Becoming a homeowner for the first time is an extremely exciting time. Your mind is probably racing with interior design ideas, landscaping projects, and where to unpack and keep all your prized possessions. It’s important to keep in mind, however, that just because you closed on the property doesn’t mean you can stop planning. You have to continue to budget for all your financial decisions that you will be making in the near future.
If you only remembered to budget enough money for the actual purchase of your new home, you could find yourself in some serious trouble down the line. Here are a few common expenses that first time homeowners end up forgetting to budget for.
You’ll be incredibly frustrated if you have a new beautiful home with a broken down or unfinished driveway after a few weeks. Having professional driveway contractors construct your new asphalt driveway is a great way to give your property a finishing touch. If you have your driveway properly installed and maintained, it can last between 25 to 50 years. The entire property will be worth much less if the driveway isn’t up to the same standards as the rest of your home, so make sure you have enough money to fund both asphalt driveway repair and construction projects.
Insurance rates are another essential item that you need to properly budget for, otherwise you’ll be in some serious financial trouble after a couple of months. You’re going to need to budget for both home mortgage insurance. Homeowners insurance is typically mandatory with first-time buyers, anyways, but make sure you figure out as early as possible what your monthly payment will have to be. In addition to homeowners insurance, if you put a down payment on your new property that is less than 20% of your total cost, you’re going to need mortgage insurance.
It’s also extremely important to have at least some sort of savings fund for any serious emergency. You can’t plan for these emergencies, and you certainly don’t want to make any situation worse by not having enough financial backing to overcome whatever problems arise.
If you are in need of driveway contractors, contact ACT Asphalt Specialties today!