Buying Your First House? Here Is How You Can Avoid Losing Money

Moving into a new home is an exciting and oftentimes liberating experience. It can also be a little financially daunting, and many people fail to take simple steps that prevent homeownership from being a consistent monetary burden. Here are some quick tips to keep your pockets healthy when buying your first home.

Insure Against Fire

Property damage from a fire in 2019 was estimated to be in the region of 14.8 billion dollars in the USA alone. With this in mind, you should consider purchasing some fire insurance so that you protect your investment if the dreaded flames ever burn your home mercilessly.

Look Back at the History of Work on the House

This isn’t always possible to do, but if you can get your hands on records stating what work has been done on the house before you arrive, you’ll be in a good position to identify any issues before they become a huge problem. Buying a house from an owner that has lived in it for many years is one of the best ways to ensure that you have a comprehensive history of all repairs and adjustments on hand. Alternatively, if you want to do some more stringent detective work, and if you know what contractors the previous owners used, you may be able to ascertain what jobs they did on the home by calling them up and checking their history.

Keep an Eye on Damp

Damp might not seem like a big deal, but it can end up costing you an absolute fortune. Damp can rot wooden retaining walls, mess with the electrical wiring, and promote the growth of mold, which can be a health hazard. The best way to deal with mold is to ventilate your home well and keep it warm.

Warranty Your Belongings

Home warranties usually cover your appliances and furniture and typically ensure that you’ll not be out of pocket due to a preventable malfunction or renovation accident. It might be worth taking out a third-party warranty if your existing appliances are not already covered.

Check Out the Electrics Before You Buy

The hidden electrical workings of a house are incredibly important, but they are not always done to a high standard. If you are buying a house, you might want to hire out the services of a trustworthy electrician just to make sure that you won’t be spending tons of money on rewiring in the future.

If you are buying a house that is older than 1880, you will want to check whether it is using an AC or DC system. Before Alternating Current became the standard way of transmitting power in the home, Direct Current systems were often installed. Old Direct Current systems are more dangerous and can damage your modern-day appliances. Recently, however, the proliferation of home generating systems like solar panels or wind turbines has seen a resurgence in low voltage DC systems that generate power that can then be transformed into AC. These new systems can save you thousands of dollars in the long run but are rather expensive to set up.

The post Buying Your First House? Here Is How You Can Avoid Losing Money appeared first on Home Business Magazine.

Original source: https://homebusinessmag.com/businesses/real-estate/buying-first-house-avoid-losing-money/


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