8 Costly Homeowner Mistakes

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There are eight costly mistakes many homeowners make in their first year of ownership. Today, I’ll discuss them and why you should avoid making them.
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Today we’ll be discussing eight mishaps that homeowners make within their first year of owning a home.
1. Going with the cheapest bid. Whenever you decide to do some remodeling projects, hiring the contractor with the cheapest bid isn’t always going to be the best course for you. You’ll definitely get what you pay for. Do your due diligence on price and be sure that whomever you select is reputable and skilled.
2. Submitting small insurance claims. I discourage people from filing claims on issues that amount to less than their deductible. For major damages, however, filing a claim is definitely worth it.
3. Making home improvements without understanding ROI. A lot of people spend a lot of money making improvements to their home without considering how much it adds to or detracts from the value of the home should they want to sell it later on. Give me a call; I can give you a list of home improvement projects that will bring you the most value.
4. Going on a furniture shopping spree. Avoid those no-interest financing credit card opportunities when you go to look for furniture for your home. Set a budget for yourself and don’t overspend because if it comes to you having to sell, you’ll have racked up a bunch of expenses on items you can’t afford.
Avoid those no-interest financing credit card opportunities when you go to look for furniture for your home.

5. Don’t throw away paperwork or receipts. This is definitely important if you decide to sell your house in the future. Keep receipts from contractors for any repairs or upgrades that you make so that you can thoroughly convey that information to the next homeowner.
6. Ignoring small items on the inspection report. You need to do certain maintenance items every year, so by fixing or improving those small items on the report, you can prevent them from becoming larger problems down the road.
7. Don’t do home improvements without doing research. This is related to No. 3 on this list. You need to understand what’s the best type of improvement for your home and what will give you the biggest bang for your buck.
8. Don’t buy cheap tools. Be sure to invest in a good set of tools since you’ll be using them a lot. You don’t want to have to replace them after a single use.
If you have any questions about this or other topics relating to real estate, feel free to reach out to us. We’d love to help you out.