For the final blog in our avoiding homebuying mistakes series we are talking about the long-term planning involved in homeownership.
Finding the Right Insurance
Before you close on your home you will need to buy homeowners insurance. Shop around to compare coverage and rates to find the best price that meets your needs. Remember that less-expensive policies can come with fewer protections and more out of pocket expenses. And, if disaster strikes, failing to own adequate homeowner's insurance can be more financially distressing than paying a higher monthly premium for the correct coverage.
TIP: Periodically review your insurance coverage to make sure it's up to date and continues to meet your needs.
Consider Resale Value
Most likely, there will come a time when you decide to sell your home. As we shared in our last blog, buyers typically live in their homes for around 10 years. If this isn't your forever home, it's important to consider what features will appeal to future buyers. Just because you don't mind compromising doesn't mean another buyer will feel similarly.
Ask your agent about market conditions and if they suspect the property will be easy to sell. Here are features that can impact resale value and time on the market:
Visit My Home® by Freddie Mac to learn more about maintaining your new home.
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