Home Finances

Basics of Home Finances

Owning your own home is the epitome of success. There’s nothing quite like walking into an inviting retreat that’s all yours after a long day at work. 

But as many homeowners know, homeownership isn’t cheap. In addition to your monthly payments, maintenance and repair costs can sneak up unexpectedly, property taxes can increase, and remodeling can cost thousands of dollars.

With the home improvement revolution taking hold worldwide, many handy homeowners have begun tackling projects and increasing their homes’ value. Although you can do some projects yourself for a fraction of the cost, some renovations need to be handled by a professional. This means it’s time to budget for an expensive remodel.

As a homeowner, it’s important to have an emergency fund that has enough money to cover emergency expenses. If you do not have a solid emergency fund, you may have to take out loans to repair your systems to get your home back up and running.

With a home warranty, you won’t have to worry about spending money out of pocket if an appliance or system in your home breaks. Home warranties cover major household appliances and systems, and many home warranty providers offer options for additional protection. Items most commonly covered by a home warranty include:

• Clothes washer and dryer 
• Electrical systems
• HVAC
• Kitchen appliances
• Plumbing systems

Read the information below to learn more about home warranty plans, how to budget for a home remodel, and tips for paying off your mortgage.