Neil Camenker Offers Finance Tips To New Homeowners

(Newswire.net — October 28, 2016) Camarillo, CA –Owning a home is one of the most rewarding experiences anyone can have, but it is also one of the most expensive. While it is true that owning a home brings numerous benefits to homeowners, it is also correct to say that it comes with multiple downsides, with high costs being one of the more serious ones. Many homeowners mistakenly think that the down payment is the greatest financial obstacle they have to face, not realizing that there are actually more costly expenses associated with home ownership. Neil Camenker, a renowned currency trader and businessman who has led various businesses to success, offers a few finance tips to new homeowners to help them keep their finances on track.

According to Neil, new homeowners should create a new budget instead of merely adjusting an old one to accommodate the new monthly mortgage payment. This is because moving to a new and especially larger home means that utility bills will also be higher. For example, a 2,000-sq ft house will use more energy than a two-room apartment, significantly increasing the electricity bill. Newhomeowners should track their new monthly expenses and regularly update their budget so it reflects the actual costs of living in theirnew home. If the new expenses are a lot more than expected and start to become too much, homeowners can compensate by reducing their flexible expenses, such as leisure expenses. To learn more about business strategies, visit his interactive business blog.

New homeowners may already expect to spend more money on maintenance and repairs, but they may not be aware just how much money they may need to shell out. Neil says that most homeowners spend between 1% to 4% of their house’s value each year on maintenance and repairs, which means that if the house is worth $200,000, homeowners can spend between $2,000 and $8,000 a year on these expenses alone. To prepare for this, homeowners should increase their emergency savings so they will have available funds to tap in case they need to do immediate repairs.

Small business owners often have more issues to tackle than retired homeowners. Property taxes are another important thing that new homeowners should watch out for. Property taxes, which are based on the assessed value of the home plus local tax rates, have a tendency to rise even as a home’s value drops. To protect their finances, homeowners should include this in their budget so they do not struggle to make those payments when they happen.

Lastly, Neil recommends every new homeowner to budget accordingly so that they are not caught off guard when large payments are due. If their mortgage payments do not cover insurance and property taxes, they should remember to set aside some money to pay these expenses. After setting aside a formidable amount of savings, he suggests homeowners to invest in foreign currency such as the Euro.