Financial Strategizing for New Homeowners

After completing a major purchase like a home, it's important to maintain a sound financial strategy so you can enjoy the true benefits of homeownership. Here's how to do it.

iStock-9685121_money-close-shot_s400x300

Related To:

Congratulations! The fact that you bought a home is a testament to the successful financial strategy you used to get to this point.

Now the challenge is to keep it up. After diligently saving thousands of dollars for a down payment and taking careful steps to increase your credit score, you may be tempted to let loose. Stay focused!

Stay organized. Create a list of your monthly bills and due dates, including your mortgage, taxes, utilities and credit cards. Subtract these minimum payments from your monthly income and budget the remaining money for maintenance, savings and other expenses.

Pay bills on time. While you may not need to save as much as you did before your home purchase, paying your bills on time each month is critical. If you hope to refinance in the future, maintain excellent credit.

Use credit wisely. Avoid signing up for new credit cards or a home equity loan.

Think fixed. If you have an adjustable rate mortgage, know when your rate is set to adjust and by how much. Keep an eye on market rates for the right time to refinance and lock into a fixed rate mortgage. Shop for the best rates from both local banks and national lenders.

Think long term. Ask yourself these questions:

  • How long do I plan to live in this house?
  • Where do I see myself in five or 10 years?
  • Do I have to or want to make home improvements?
  • Do I want to keep cash on hand for other investments?
  • Can I take financial risks?
  • Do I want to be debt-free?

Your answers will help you decide what levels of saving and spending you're comfortable with as you develop a long-term financial strategy.

Next Up

'House Hunters' Throwback: How HGTV's Most Iconic Show Began

Original producers Jennifer Davidson and Tara Sandler look back at how HGTV's most iconic show has changed and where it's going.

Want to Own a HGTV Home? Now’s Your Chance.

Ready to make a move? Check out these homes from HGTV shows that went on the market, or recently sold, including houses from Rock the Block, Home Town and more.

Moving Checklist

Use this week-by-week checklist to plan your move to a new home.

HGTV's 'House Hunters' Spinoff Features a Bunch of Your Favorite HGTV Stars

House Hunters: All Stars will follow the same beloved format as House Hunters — but this time HGTV stars are joining all the fun.

HGTV's 'House Hunters' Has Fun Surprises Coming This Fall and Winter

The producers of HGTV's most iconic show have some fun surprises coming for House Hunters fans — and we have all the details.

HGTV Announces New Real Estate Show 'Zillow Gone Wild' Starring Jack McBrayer

Based on the popular @ZillowGoneWild Instagram account, HGTV's newest series will feature an array of wacky homes. We have all the details.

We Get to Ring in the New Year With Fresh Episodes of 'Celebrity IOU'

Real estate gurus Jonathan and Drew Scott can't wait for us to see what's in store. HGTV has all the details.

Quiz: So You Think You're Ready to Buy Your First House?

Buying your first home is an exciting milestone, and it's likely the biggest purchase you'll ever make. So don’t jump into it without doing your homework. Take our quiz to see if you’re ready to take the big step. 

Catch Up with the ‘House Hunters’ Throuple: Where They are Now?

Find out what Brian, Geli and Lori have been up to since their viral House Hunters episode! Spoiler: They're happier than ever!

Would You Buy a House Online?

These homeowners made the ultimate purchase without seeing it in person. Could you do the same?

Go Shopping

Get product recommendations from HGTV editors, plus can’t-miss sales and deals.

On TV

Down Home Fab

1pm | 12c

House Hunters

5:30pm | 4:30c

House Hunters

6:30pm | 5:30c

House Hunters

7:30pm | 6:30c
On Tonight
On Tonight

House Hunters

8pm | 7c

House Hunters

8:30pm | 7:30c

House Hunters

9:30pm | 8:30c

House Hunters

10pm | 9c

House Hunters

10:30pm | 9:30c

House Hunters

11pm | 10c

House Hunters

11:30pm | 10:30c

House Hunters

12am | 11c

House Hunters

12:30am | 11:30c

House Hunters

1am | 12c

House Hunters

1:30am | 12:30c

House Hunters

2:30am | 1:30c

House Hunters

3:30am | 2:30c

Follow Us Everywhere

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