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!

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.

Next Up

Tax Breaks for Homeowners

A huge benefit of being a homeowner is the ability to take advantage of a number of tax breaks. Check out the possibilities.

Building Mortgage Interest: More Tax Deductions and Incentives for Homeowners

Learn about the many tax advantages of homeownership, including special deductions and local incentives.

New Short Sale Rules: What You Need to Know

For too long, the experience of going through a short sale had come up, well, short. But new rules make short sales a much faster and easier process.

Before You Buy: Answer a Few Tough Questions

Thinking about buying a home? Ask yourself these questions first.

10 Things Every New Homebuyer Needs to Know

Never bought a house before? These tips will help you better understand the homebuying process.

5 Projects With a Big Return on Investment

Discover the top five projects that have the highest return on investment when selling your home.

Making the Most of Your Home Warranty Coverage

Follow these three strategies to get the most from your home warranty.

How to Make the Most of Your Open House

Set your house apart with these simple tips.

What to Do If You Can't Afford Your Mortgage

If you're having trouble paying your mortgage, remember there are options before you concede your home.

Moving Day Tips: How to Pack for a Move

These 10 tips will help you pack more efficiently so your move goes smoothly.

Shop This Look

Found a living space you love in HGTV's Photo Library? Get the look in your own home with products from Wayfair.

Follow Us Everywhere

Join the party! Don't miss HGTV in your favorite social media feeds.