<p> In a recent broadcast titled "10 Things To Do After Buying Your Home," Elliman CEO Dottie Herman interviewed fellow real estate expert Eric Tyson to draft some sound tips for recent homeowners. They agreed on a number of topics, including issues of insurance and finances, keen observation of local tax boards, and smart decision-making from the day the sale closes. While Herman is the CEO of New York's largest real estate services company, her guest is a lauded author dealing with real estate and related matters. It made for an expert view of the home ownership landscape, perfect for those new to this big responsibility. </p><p> In a World of Foreclosures, Plan Ahead </p><p> Before buying a home, both Herman and her guest agreed that buyers should assess just "how much home [they] can afford." Indeed, the affordability of any home goes well beyond the required down payment and the initial interest rate. Mortgage payments can be a significant expense, and if buyers overestimate their ability to pay, they'll soon find themselves facing some pretty harsh financial realities. </p><p> A home mortgage is easily the most valuable type of debt to own, and it can set homeowners up for really great investment and credit-building opportunities. But that's only true if the mortgage is affordable, well-maintained, and paid on time every month. Before buying a home, consumers should make sure they can meet all of those conditions with their present salary and future expectations. </p><p> Moving Beyond the Sale: Smart Decisions to Make as a New Homeowner </p><p> New homeowners are typically bombarded with offers of credit, insurance, and refinancing from the major banks and insurance companies nationwide. Some of these offers are perfectly valid, and they represent a great way to save on the costs of home ownership. However, some others are put together by banks, in which they simply want to make a quick profit on an investment tool, or a misguided strategy. </p><p> To avoid this, the two real estate experts advise new homeowners to hire a professional financial advisor who can steer them clear of the many financial potholes they're likely to be presented with. In addition, both Herman and Tyson suggest foregoing the hard sell on mortgage insurance and instead opting for a classic life insurance policy. These life insurance policies are a better investment and they're far more robust than anything designed to specifically cover a mortgage. </p><p> When it comes to those refinancing offers, Herman and her guest encourage consumers to view them with a critical and even skeptical eye. It's true that interest rates are low enough to potentially make refinancing advantageous, but it's also true that banks tend to stuff refinancing offers with so many fees that it might actually cost homeowners more than it saves them. If the fees outweigh the long-term savings of the interest rate, Tyson and Herman suggest tossing it in the trash and moving on. </p><p> Keeping Finances Afloat as a New Homeowner </p><p> If American home buyers have learned anything in recent years, it's likely the value of a well-planned emergency fund. Both Herman and Tyson suggest new homeowners (and any American consumer, really) devote a savings fund exclusively to living expenses. Their recommendation is that consumers store at least three months' <a href="https://www.home247.co/ทาวน์เฮ้าส์มือสอง/" alt="ทาวน์โฮมมือสอง">ทาวน์โฮมมือสอง</a> worth of mortgage payments, utility bills, living expenses, and fuel costs, to prepare for the worst-case scenario. That scenario might not happen, of course, but it's better to be safe than sorry. In this case, sorry means foreclosure and dealing with a significantly damaged credit rating. </p><p> Both real estate experts suggest setting up automatic debit when paying for a mortgage each month. This ensures that payments will be on time, every time, and it means homeowners will avoid lofty late payment fees to their lender. It also removes a major stressor from the monthly bill-paying routine, and it ensures a strong credit rating for the long-term. </p><p> Don't Let Taxes Ruin a Budget </p><p> Local property tax boards typically assess taxes each year based on a home's value. If they had things their way, that property value would increase every year. In fact, they'll often send tax forms indicating that the home's value has gone up a small amount since last year, leading to slightly higher taxes. Homeowners owe it to themselves to view this with suspicion, and they should get an independent valuation to keep the local tax board honest. </p><p> Furthermore, homeowners should save all of their property receipts and valuations, as these may come in quite handy when selling a property. Extensive documentation can help minimize the amount of capital gains tax a homeowner pays during the sale, saving them money when the deal closes. </p><p> Be Vigilant, But Remember to Relax </p><p> Tyson and Herman think it's important for new homeowners to "take time to smell the roses." Though it's important to be proactive and vigilant, it's also important to relax, enjoy owning a home, and take a little time to experience why this is such a sought-after part of the American Dream. </p>
