Skip to main content
FDIC-Insured logo
FDIC-Insured - Backed by the full faith and credit of the U.S. Government

Smart Steps Every New Homeowner Should Take

By: Old Point National Bank / 26 Jul 2019
Smart Steps Every New Homeowner Should Take

Getting caught up in all the excitement of buying your first home is a wonderful feeling. However, some first-time homeowners make mistakes that can jeopardize everything they've worked so hard to earn. Here are a few smart and practical steps to take early in the homeowning experience to save you time, money and effort down the road.

Don't Overspend on Personalization
Give yourself time to adjust to the expenses of home ownership and rebuild your savings before spending money on home improvements and upgrades.

Don't Ignore Important Maintenance
Making repairs is a new expense of homeownership. Don't neglect any issue that puts you in danger or could get worse. A small problem could become larger and costlier over time.

Get Help With Your Tax Return
It's a good idea to hire an accountant who will make sure your return is done correctly and will maximize your refund. Homeownership changes the deductions you're able to claim.

Keep Receipts for Home Improvements
When you sell your home, you can use your home improvement costs to increase your home's basis, thus maximizing your tax-free earnings on the sale of your home.

Find more items

Share
Leaving Site

You are now leaving the oldpoint.com website

The link you clicked will take you to a third-party website. We do not control the content of this site, nor do we endorse or guarantee the products, information or recommendations provided by the linked site, Please review their Privacy Policy as it may differ from ours. The linked third-party website may provide less security than the bank's website.
Notice

You are entering the Old Point Wealth Management website

As of September 1, Old Point Wealth Management became a Towne Family Company. For information regarding retirement plans for yourself or your business, please visit Towne Wealth Management. For help with your investments, please reach out to your broker or find your nearest broker at our Newport News or Williamsburg office.
Notice

You are entering the Towne Insurance website

As of September 1, Old Point National Bank became a division of TowneBank. We recommend considering Towne Insurance as your trusted partner. Insurance products are not insured by the FDIC, are not deposits, and may lose value.
Notice

You are entering the TowneBank Mortgage website

As of September 1, Old Point National Bank became a division of TowneBank. We recommend considering TowneBank Mortgage as your trusted partner.
Leaving Site

You are now leaving the oldpoint.com website

As of September 1, 2025, Old Point National Bank became a division of TowneBank. We invite you to explore career opportunities at TowneBank and all Towne Family Companies here.
Notice

You are entering the Old Point Wealth Management, A Towne Family Company website

Investment products are not insured by the FDIC, are not deposits, and may lose value.