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At Primary Residential Mortgage in Fort Myers, we’re proud to be a full-service home loan provider that helps borrowers throughout Southwest Florida including Lee County and the surrounding areas. We’re here to help you get the best mortgage rate, of course, but our professionals have so much more than just these basics to offer.

One area we’ve helped many new buyers with over the years? Avoiding some major mistakes that some homeowners make within their first year or two in the new home. These mistakes can drastically lower your home value or the expenses you pay throughout ownership – with that in mind, here are a few of these common errors, and how to avoid them.

No Home Warranty

In most cases, all the small and medium-sized fixes you’ll need in a new home will be covered by a simple home warranty. These usually cover things like appliances, plumbing, water heaters, and all your home’s electrical components. Having fixes in these areas covered lowers your costs, and also limits issues of you simply putting off problems until later and allowing them to grow.

Not Using Tax Breaks

First-time homebuyers have a number of potential tax breaks available to them. These include mortgage interest deductions, mortgage credit certificate programs, and deductions for private mortgage insurance or other expenses. If you aren’t taking the time to utilize these benefits come tax time during your first year of homeownership, you could be costing yourself money.

Not Expecting Supplementary Taxes

On the flip side of the tax ledger, know that there might be some additional supplementary property taxes you have to pay on your home after closing. These may come from the county in which you live, and have to do with differences between a previous appraisal and the new value. This tax will generally be prorated for the remaining number of months in the calendar year – make sure you expect this notice.

Issues With Fixes and Projects

If there are any major fixes that you want to make to your new home, it’s vital that you consider the need for certain permits. Remodeling options like new kitchens, electrical wiring changes, or adding outdoor areas will often require your local municipality to approve a permit in advance, and can result in a huge fine if you don’t comply.

For smaller fixes, the name of the game is promptness. This is why a home warranty, discussed above, can be helpful – putting off small fixes due to cost or time concerns can just cause them to become worse, leading to larger costs and more hassle later on.

For more on mistakes to avoid early in homeownership, or for any of our home loan services, speak to the professionals at Primary Residential Mortgage in Fort Myers today.
 
PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Florida Office of Financial Regulation MLD646. Opinions expressed are solely my own and do not express the views of my employer.

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