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6 Common but Costly Homeownership Mistakes
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As a new homeowner, there are six mistakes you should be sure to avoid.
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In your first year of homeownership, there are six key mistakes that could cost you a lot of money. Today, I’ll be going over these common missteps.
- Going with the lowest bid. Getting multiple bids is important to make sure your home projects are done correctly. Quality matters, so the lowest price isn’t always the best choice.
- Submitting small insurance claims. Check with your insurance rep and look at your deductibles. Sometimes, making small claims doesn’t make sense if it will increase your rates. Even an extra $25 a month will add up through the months.
- Making improvements without checking the return on investment (or ROI). Before you change anything in your home or make any updates, it’s important to know whether it will be worth it.
- Throwing away receipts or paperwork. This could cause you a lot of issues down the line if you need to provide proof of a certain repair or proof of warranty. So, make sure you keep track of important paperwork.
- Remodeling without doing research. If you want to do a remodeling project, speak with a professional first to find out whether it will actually pay off.
- Ignoring small items on your inspection list. Every home out there will have small issues that need to be amended. It is important that you don’t ignore the little maintenance items your home may need. Ignoring small issues could create bigger issues later on.
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Ignoring small issues could create bigger issues later on.
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