Tips To Save Money When Purchasing A Home

Purchasing a home is a very exciting experience, but will be your biggest investment during your lifetime. There are many responsibilities that come with owning a home, from mortgage to utility bills, it can get expensive overtime. However, Chang Legal wants you to save your money by following these shortcut tips:

Don’t ignore essential maintenance issues: It is essential to not dismiss any maintenance problems that may occur. Whether your roof is leaking or your pipes burst, there is no landlord for you to call. It is crucial to get these maintenance problems solved immediately to prevent further damage to your home.

Don’t overspend furniture/remodeling: You have just spent a major section of your life savings on your home, you do not want to overdo the spending on furniture. In addition, you do not want to make any rash decisions with remodeling the home you just purchased.

Repair Vs. Improvement: The difference between repair and improvement in regards to the IRS is that a repair will not grant you more money if you decide to repair a broken utility. In contrast, if you make an addition, better known as an improvement to the property, you will receive more money if you put the home on the real estate market. For instance, if you purchase a home with a broken washer and a leaky roof, you will not receive anymore money for repairing these infractions. However, if you add air conditioning to the home, the value will increase by the IRS.

Insurance: As a new homeowner, you want to guarantee that you are properly insured. This means you want to ensure you have enough coverage to cover your whole property if a tragedy occurs such as a fire or natural disaster. In addition, if you have others relying on you to provide for them, such as a child, then you want to have life insurance and make sure they are listed as a beneficiary. This will prevent the possibility of the IRS taking the property away from them if you pass unexpectedly.

It is essential to get in contact with a real estate attorney, such as us at Chang Legal, to learn more about the laws surrounding being a homeowner. With over 15 years of practicing real estate, we are here to guide you through being a new homeowner.

For further information on how to save money as a new homeowner or to learn more about how we can support you, contact Chang Legal today.

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