Whether you are buying your first home or your dream home, the moment you receive the keys to your new house, there is excitement about all the possibilities that await. Your home will become a collection of memories and moments, a place where your life will unfold. But soon enough, you realize that your new home is a “living” structure, which requires care and attention – and then this overwhelming rush comes over you – now what do you do? Here’s are some guidelines which may alleviate those anxieties.
“Honey Do” List
Your home property inspection offers a wealth of information about those areas of your home that require attention. Familiarize yourself and make a list of those items that are high priority and should be addressed during the first 3 months of ownership. Next, identify who will help with those projects. Does it require a licensed professional or is it something you can do yourself? Ask for recommendations and then vet those referrals. Set your budget – how much can you afford to spend this quarter, this year? It’s a good idea to have a maintenance fund that you add to throughout the year, whether or not you have a pending project. The funds will then be there when you need them. As you live in your home and become more accustomed to it, priorities and projects will change. Carefully considering your improvements and repairs will keep you ahead of the curve and hopefully avoid an unplanned expenses.
Tax Man Commeth
Your property tax bill is a significant portion of your overall home carrying costs. Real estate taxes support various entities, including public schools, municipalities services, and others. It varies by where you live and is calculated using a formula which takes into account your property assessed value and tax rate, minus allowed exemptions. It’s important as a homeowner that you understand your property assessed value, which depending on your community are revised every couple of years. When you receive those notifications, take time to understand how the value will impact your taxes and if you disagree, reach out to your township. Property values have risen across the country in the past several years, and concurrently so have property taxes. However, staying engaged will make sure you are not surprised when the tax bill shows up.
Know Your Home’s Worth
Whenever a client is purchasing a property, we look very closely at the property values in the respective market. Like the stock market, property values change over time. What you paid for a property may not reflect what it’s worth today or what it will be when you sell it. Just like a stock portfolio review, it is a good idea to periodically (at least annually) look at not just your property value, but also at the overall neighborhood value. Values are dependent on many factors, both at a macro and micro level. Understanding what is happening in your market will help you make decisions about how much to invest in your home, when is a good time to sell, or buy. The Automated Value Model (AVM) provided on portals such as Zillow, may give you an idea, but it is not usually correct. and can be misleading. An experienced, licensed residential broker is best equipped to provide a more accurate valuation to assist a homeowner in making informed decisions.
Authored by Rosaria Becker, MBA
Keeping It Real 
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