Tips on your First AZ Home
You've done it. That Arizona house for sale is now yours, congratulations! In the process you've also acquired many responsibilities and concerns. There are mortgage payments to make, records to keep and maintenance work to complete. Here are a few tips:
Mortgage Payments on your Arizona Home
Every month you'll receive a statement from the lender on your Arizona home reminding you that your mortgage payment is due, or, if you have a coupon book, you'll have to remember to send your payment on time.
Some lenders can automatically deduct monthly payments from your checking account. This saves time and postage costs. It can also prevent the possibility of missing a payment. Ask your lender about this service.
Furnishing and Renovating your Arizona Home
You've just moved in. Most of your belongings are still in boxes. But you've decided the first thing you want to do is buy new furniture for the family room, remodel a bathroom, and strip the wallpaper from every wall in your first Arizona house.
Let’s slow down. Don't do anything major right away.
Buying a home may require some adjustment. Your mortgage payment may be higher than the rent you're used to paying, so give yourself a little time to adapt to your new budget. Many new buyers are unaware of the additional financial responsibilities to owning a home.
The message here is simple, since you'll probably be in your new Arizona home for a while make it a slow and smooth transition, don't try to do everything at once, even if you can afford it.
Arizona Real Estate Documents
Keep a copy of every Arizona real estate document that you signed at the closing, especially your settlement form. It’s useful when you file your tax return and if you sell your Arizona house. Specifically, any real estate taxes and loan discount points paid as part of your closing costs are tax deductible and the settlement form has these amounts.
Additionally, keep all insurance records, i.e., homeowners and title insurance. You would need access to your homeowners policy if, for example, someone was injured on your property and a suit was filed. You would refer to your Arizona title insurance policy if you were to find a flaw in the title after you bought the house.
Keep these important Arizona real estate documents in a safe place. You may want to store them in a safety deposit box as well as have a copy at home.
Home maintenance on your Arizona Home
Your mortgage requires maintenance to keep the home from deteriorating. It's a good idea to set up a budget for your Arizona home's regular maintenance and unexpected repairs. One percent of the purchase price of your house should cover annual repairs and maintenance. Additionally, extend the life of appliances and fixtures and avoid expensive repairs by performing routine maintenance yourself.