Your Future Home and The Importance of a Backup Fund

Your Future Home and The Importance of a Backup Fund

After decades of working with first-time home buyers, I’ve given countless pieces of advice. But one of the most important involves one simple idea. And that’s ensuring that you have a backup fund for when you first move in.

Now, I know that across the Internet there are articles telling you how vital your credit score is; or how important it is to understand your homeowner’s insurance policy. In fact, we’ve even talked about those exact topics here at the Records Results Real Estate blog.

And they are critical to buying your first home anywhere. But at the same time, I like to also suggest that you have a backup fund. This fund acts as a cushion for anything that you may need the first year you’re in your home. To give you an idea of exactly what I mean, here are a few of the items you may need or want when you buy your first home.

Upgrading your appliances

While it’s unlikely you’ll have an issue with your refrigerator or stove during your first year, let’s face it… you may want something a bit snazzier. This could mean a bigger model or a more energy efficient one, but with a backup fund, you can choose a new one without worry about your monthly budget.

Installing new fencing

Today, new homeowners are choosing to replace older fencing with vinyl alternatives right away. This is because these fences provide a longer life and a different style than in the past.

Managing your moving costs

If you’re planning on hiring a moving company, this is another area that a backup fund can come into handy. Whether you need to grab extra boxes or pay for another day of help to get the job done, you won’t have to stress for a second.

Setting up your utility for your new home

Because new first-time home buyers often are juggling many different things, they can also sometimes forget about utility setup costs. The last thing you want to worry about is a cost that’s slipped your mind. But with your backup fund, you’ll be able to take care of that utility fee to get up and running!

Cleaning carpeting or flooring

When you first get in your new home, you may want to do a deep cleaning for your own peace of mind. That could mean renting a carpet cleaner or even having a professional team come out to polish your vintage terrazzo flooring.

Servicing your AC unit

If you’re buying your first home in Southwest Florida, I definitely recommend this one. Paying a professional from your backup fund for an AC servicing can put your mind at ease, especially during the summer.

Picking out your paint colors

Many of the new home buyers I’ve worked with are eager to make their new home theirs. And this is very true when it comes to painting rooms, front doors, or the entire house. With a backup fund set aside in addition to your other home-buying funds, you’ll be able to choose your paint colors without a second thought… well, at least not a second thought about the money.

Are you a first-time home buyer in Southwest Florida? I’d love to make your experience as smooth as possible. Let’s talk!

Terry Records

Broker/Owner
Records Results Real Estate
Residential Sales and Property Management Service

Terry.Records@gmail.com

239-887-2163

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