Buying a home is a huge milestone and it often comes with a big sigh of relief once the keys are in your hand. But homeownership isn’t just about the mortgage or the monthly payments. It’s about protecting what you’ve built and setting yourself up for long-term stability.
Here are a few things every new homeowner should review once the dust settles and the boxes are unpacked.
Protect Yourself
Life can change quickly. A health issue or accident can impact your ability to earn an income, and your mortgage doesn’t take a sick day.
- Disability & critical illness coverage: Review your work benefits and consider personal coverage if there are gaps. These policies help cover expenses if you can’t work for a period of time, giving you choices instead of financial stress.
Protect Your Family
You worked hard to create a home now make sure your loved ones can stay there if something happens to you.
- Life insurance: This can help pay off the mortgage or support your family’s ongoing expenses.
- Will & Power of Attorney: Everyone needs one, not just parents or retirees. These documents direct what happens to your assets and who can make decisions on your behalf if you can’t.
Protect Your Asset
Your home is likely your biggest investment, so it deserves ongoing care and attention.
- Home insurance: Review coverage yearly to ensure it reflects rebuild costs and liability protection.
- Emergency fund: Aim for three to six months of living expenses to cover repairs or income interruptions.
- Maintenance plan: Budget annually for upkeep. Prevention saves you money and headaches later.
Protect Your Credit
A strong credit history helps you refinance, renew, or borrow in the future.
- Automatic payments: Set these up for your mortgage, utilities, and property taxes to avoid missed payments.
- Healthy balances: Keep credit cards and lines of credit under control, especially after renovations or furnishing your new space.
Protect Your Future
Your mortgage is just one part of your overall financial plan.
- Annual reviews: Revisit your insurance, will, and savings each year. Life changes, and your plan should too.
- Big-picture goals: Continue contributing to RRSPs, TFSAs, and long-term investments. Homeownership should fit within your broader wealth strategy, not replace it.
The bottom line
Owning a home is about more than paying it down. It’s about protecting your income, your family, your credit, and your future. When all those pieces work together, that’s when true financial security starts to build.