The 5 Most Common Questions From New Homeowners

If you're a new homeowner, you likely have questions about budgeting for your new expenses, adding value to your home and handling post-purchase surprises and challenges. Here, the answers!

Homeowners Deanna and Paul King see their new master suite for the first time, as seen on Fixer Upper. (action)

Photo by: Rachel Whyte

Rachel Whyte

Q: How do I come up with a post-homeownership financial strategy? 
A: Create a list of your monthly bills and due dates, and pay them on time each month. Budget the money you have leftover for maintenance, savings and other expenses. 

Q: How does saving for college, retirement, etc. factor into homeownership considerations? 
A: Saving money while paying off a mortgage can be tough, but coming up with a financial strategy can make it possible. 

Q: What can I do to maintain good credit after I buy a house? 
A: After taking on a large debt like a home loan, you may see your credit score decrease initially. However, making your mortgage payment on time every month will get your credit back on track. 

Q: What should I avoid doing so I don’t destroy my credit? 
A: Be sure to pay your bills on time every month. Also, keep your credit account balances low and only open new credit accounts when you need them. 

Q: What should I know about taxes and homeownership? 
A: Homeownership comes with many tax perks. You can deduct mortgage interest, property taxes and points on your tax return.

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