5 Tips for First-Year Homeowners

Congratulations on buying your home! You’ve searched for and (hopefully!) found a place that made the whole process worth it. However, much like any new ownership or relationship, it is important to remember that once the novelty wears off, there are several responsibilities that come with owning a home. Whether you’re a first or third-time homeowner, these tips can help you be prepared for what comes next during this time.

• Get properly insured

This is something you want to do right away. Carefully review your options for insurance policies to make sure you are prepared for any catastrophe your home may face. Double check that there are no gaps, and don’t be afraid to seek professional advice in case there is anything you don’t understand. After all the work you put into finding your perfect home, you want to make sure you are taking extra care of your new investment.

• Inspect, inspect, inspect!

This is also one of the first actions you should take, however, it is important to make a habit of inspecting your property annually. Take the time to inspect your roof, attic or patio. Detecting issues like mold growth or insect infestation early can help you save money in the long run.

• Don’t rush the changes

During this exciting time, the first thing you might want to do is jump in and start decorating. We completely get it, you’re starting fresh! New home, new you. However, we recommend you take the time to get the lay of the land before jumping right in. Get a feel for your home and then prioritize. Fix the problem areas first, understand the traffic flow and take notes of the way the trees and plants grow. In the meantime, get your Pinterest boards ready for decorating time.

• Invest in some tools and secure a handyman

If you have a sturdy set of tools already, good job! If you don’t, that’s also fine! Owning a home is a lot of work, and since you no longer have a landlord, making sure you’ve got the number of a reliable handyman is another important step in this process. More ambitious home updates and renovations are worth hiring for, especially if it’s not your specialty. However, when it comes to smaller repairs like fixing a leaky faucet or prepping your walls for paint, it can be beneficial for you and your wallet if you learn how to do them yourself.

• Expect the unexpected

We already mentioned insurance and making sure you are prepared for catastrophes, but what about the smaller issues that may arise? You can never really predict when appliances and fixtures will break, but making sure you set aside funds for when this does happen can ease the burden that comes with it. Think of these funds like cushion cash meant for making replacements seamless.

Let us know your real estate woes! Share with us any tips you wish you knew during your first year as a homeowner.