Love Where You Live ....................Licensed in MA & NH
You’ve just made the biggest purchase of your life. Congratulations! After you’ve moved in, are you ever really DONE with your house? Typically new home buyers are already making plans for how they will make this house their own. Here are three types of savings to set up to help make those plans come to life.
Home Maintenance Fund Set aside a small amount every paycheck for home maintenance. In an apartment, your landlord took care of everything. In your home, that landlord is you! You’ll be the one fixing the toilet, the dishwasher, and the garage door. Some homeowners choose to purchase a home warranty which helps them find and use service providers to take care of these types of repairs
Emergency Fund Make sure you are also saving in an emergency fund. This will allow you to tackle big home issues like insurance deductibles that you might pay when a tree falls on your roof during a storm. Or, if you need to replace something large like a water heater or washing machine. You’ll have better peace of mind with an emergency fund for your new home.
Dream Fund You can also set up a savings account and regularly deposit a little each month to save for the things your house doesn’t have yet. Maybe you want to build a deck next summer. Or put in a pool. A dream fund can help you get there faster.