When you have listened to the sound advice of your real estate broker and taken to his aid to buy a home, then by now you own a home. The dexterity of real estate brokers in Southern Ontario by now have you well settled in your desired home and you are busy decorating it as per your preference. However, there is something you should always remember even when you forget that you have already purchased a home. Here is a list of things or advice offered by real estate agents in Southern Ontario that would help you to enjoy the fruits of your new home you recently bedecked.
Make Your Mortgage Payments on Time
No person can ever buy a home without taking a mortgage. A mortgage is also a better option for tax records. So, when you take a mortgage, you are bound to a timetable scheduled for the payment. It is important that you make the payments always on time. Do not skip any of the payments as that might affect your credit score. A good way through which you can prevent late payments is to have the amount automatically deducted from the bank account. It is also recommended that you keep three months of mortgage worth payment in the account to prevent bounces during any emergency.
Plan Home Operating Costs
Other than mortgages, insurance and property tax there is the operating of a home. With so many ongoing costs, this can be a challenging task. Maintenance and repair cost are aloes some additional situations where you need to spend some money. Some home are condos and they have a separate maintenance cost that needs to be paid from time to time. Have some excess money, so that you do not feel any crunch after buying the home.
Emergencies- They are Sudden
Emergencies do not knock your door when you invite them. They come silently and suddenly. When they come, you have to pay for any repair or sometimes even medical fees that insurance does not include. Set aside an emergency fund to deal with any unexpected problem that can range from sudden repair to a medical emergency. A good guideline would be to save at least 5% of your take home pay and set it aside on a different account.
Having A Budget That Works
Make a budget for every month according to your finance and stick to that. Ensure that you follow that to keep your finance at par. When you have a healthy finance condition, it becomes easy for you to maintain a happy home. If you spend, more than you earn and you do not have any savings then that might lead to more loans and more mortgages which is never good for any person. If you have problems to stick to a budget, ask the help of a professional and he would surely guide you.