5 Important Tips to Consider After Closing on a Your San Antonio Home
Homeowners, especially first time homeowners, exhale at the closing table when the final documents are signed and the keys are handed over. This monumental moment signals the successful end of, what was likely, a stressful and exciting process in a fast paced San Antonio real estate market. Deciding on a neighborhood, viewing homes, submitting offers and making big decisions has finally resulted in a successful home purchase! While new homeowners are encouraged to breathe a heavy sigh of relief, the journey of home ownership is just beginning. Homeowners who continue to make smart and informed decisions will experience many more years of success and security.
1.Implement a savings strategy.
Prior to purchasing a home within the highly sought after San Antonio area, homeowners focus on saving for a down payment. Continuing a regimented savings strategy following a home purchase will ensure that unexpected expenses, such as home repairs or necessary home improvements, do not result in a financial setback. Creating an emergency fund allocated specifically to the property can be achieved with some simple planning and financial discipline. New homeowners have already developed savings habits in order to purchase their new home, and continuing those habits to create an emergency fund will provide peace of mind.
2. Maintain your new home.
Home ownership is a large financial investment and it makes sense to protect it. Diligent home maintenance decreases long term repair costs, as small repairs are made before they escalate into larger repairs. Typical home maintenance items include interior caulking, cleaning out tub and sink drains and changing HVAC filters. San Antonio’s subtropical climate, proximity to the Gulf of Mexico and chilly winters create some unique environmental considerations when maintaining a home.
3. Don’t focus on the market.
Although homes may be profitable investments, a home is only worth what buyers are willing to pay for it at the actual time of the sale. Homeowners who purchase their properties to enjoy them as homes are wise to ignore the housing market until they are ready to sell. While it is fun to watch the real estate market trends in the San Antonio area, especially given the tremendous growth, the eventual sale price of a property is all that will matter, from an investment perspective. Realizing a profit from a home is considered, in most cases, a long term investment.
4. Home ownership is not a retirement plan.
While owning a home is considered to be an investment, continuing to save for retirement each year is the best way to ensure that financial goals are met. Although the San Antonio real estate market is currently a seller’s market, with homes receiving multiple offers that result in bidding wars, our nation’s recent financial crisis and the associated housing bubble should serve as a reminder that fluctuations occur.
5. Review your insurance policy.
Securing homeowner’s insurance is part of the closing process; however, in a whirlwind of closing tasks and paperwork, it is wise for homeowners to evaluate their new policy once they have settled into their new environment. San Antonio is within 150 miles of the Gulf of Mexico and experiences topical storm weather, increasing the importance of understanding whether the policy will protect against weather events. Ensuring that the policy includes discounts for security systems, additional smoke detectors, and multiple policies is a great way to make sure that the policy is affordable. Many homeowners also place an addendum on their policy following closing to include replacement costs of furnishings, art and, jewelry.
The San Antonio area is considered a “Top 10 City” and has a unique appeal that attracts many to the fast growing location. Living in San Antonio is often a fulfilling home ownership experience, especially when these five tips are considered and applied.