The last of the paperwork has been filed away and the keys are in your hand. Congratulations on joining the ranks of first-time homeowners who've taken advantage of the great home-buying opportunities in today’s market!

But closing on your home is just one step toward reaching your long-term financial goals. As a member of the Top 5 in Real Estate Network®, I often advise my clients on financial matters and know that there are several steps new homeowners should take in order to ensure financial stability and protect their new investment. For example, here are five smart financial strategies from author Joe Tyson:

  1. Don't splurge. While it's tempting to decorate every room in your new home as soon as possible, be careful about spending too much on furnishings and home improvements. Budget out over the course of the year or several years, to chip away at your home. Plus, when you're a homeowner, expenses will always crop up, so sock away some cash for the proverbial rainy day.
  2. Rebuild emergency savings. If you've dipped into reserve funds to buy a home, put back that buffer as soon as possible to protect against unexpected events. This should be your priority ahead of aesthetic changes to your home.
  3. Automate your mortgage payments. Late payments can cost you. Consider automatic checking account deductions to pay your mortgage. This is the number-one best way to ensure you are never late and to protect your credit score.
  4. Keep good records. Even in today's tech-centric world, receipts and all related documents will be necessary for your tax returns.
  5. Appeal tax assessments. If your home's value drops, you could be eligible for reduced property taxes. Keep in touch with your real estate agent to stay abreast of how property values are faring in your neighborhood. If your home's value is less than what it was appraised for at the time of purchase, appeal directly to the county assessor at little, if any, cost.

These are just some of the steps you can take to make sure you start homeownership on the right financial foot. Feel free to contact me for more financial tips and please pass this email on to others who might benefit from this information.

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