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Homebuyers: Six Items for Your “To Do List”

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We're celebrating American Housing Month

First State Bank is proud to have helped realize the dream of homeownership for many. Although purchasing a home is exciting, it does add to your “to do list.” If you’ve recently purchased a home and are busy settling in, these are some important things we suggest you consider:

  1. Create or update your budget. A good budget includes as much information as possible, so you can adequately prepare and plan. It’s important to keep accurate records of your spending so you can spot places to save money and know how much you typically spend. The American Bankers Association’s budgeting worksheet will help you document and categorize your expenses.
  2. Protect your property. Insurance protects your belongings. Check with your local agent for common discounts for things like dead bolt locks, an alarm system, or smoke detectors. Also, find out if you’re in a flood zone to see if you need a separate flood insurance policy. Learn more at floodsmart.gov.
  3. Protect your safety. Make sure all of the locks on your doors and windows work properly. If it makes you more comfortable, look into having an alarm system installed. Also, check your fire and carbon monoxide alarms once a month to be sure they’re working.
  4. Take your tax deductions. Be sure you know all the tax deductions associated with your move and new home. If you use a portion of your home for business purposes or moved for a new job, you may be able to take deductions. Homeowners can deduct mortgage interest, property taxes and loans for home improvements.
  5. Make your house your home. Decorating your space will make it more comfortable and personal. Be smart about where you invest your money on improvements to ensure you’re building equity in your home. For example, updates in the kitchen and bathroom usually provide the best return on investment.
  6. Save for a rainy day. Although life may be sunny now, it’s a good idea to create a rainy day fund. Your emergency fund should have at least three to six months of living expenses.

By checking these items off your “to do list,” you will be well on your way to enjoying your new home. If you have any questions regarding your home loan or homeownership, check with your Loan Officer.