Setting up a new home may lead you to spend more than you normally do. To avoid suffering a major financial loss, there are a couple of things that you should keep in mind. For instance, considering that real estate has some big drawbacks, you shouldn’t think of your home as an investment. Also, when it comes to buying insurance, be sure to shop around first before jumping to bundling your policies with one insurer, and consider raising your deductible if you can afford to do so.
Remember that most improvements will cost you more than the value they’ll add to your home, so if you’re thinking about remodeling your home, do it for your own enjoyment and not just to boost its value. Also, above all things, spending on energy-efficiency improvements is your best option.
To avoid having to shell out an unnecessary amount of money, check with your town to see if there’s a property tax break in the form of a homestead exemption, or for energy-efficiency improvements you’ve made. Remember to accumulate money in a special home-maintenance fund for future repair and replacement needs, but don’t forget about growing your emergency and retirement accounts and taking advantage of Social Security loopholes to boost your retirement fund.
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