That sweet feeling of unlocking the door to your new home for the first time—is there anything better? It’s easy to get swept up in the excitement of new homeownership, and it’s just as easy to make some mistakes that can potentially jeopardize what you’ve worked for over the years in order to get into that new house.
Here are four important things to keep in mind if you’re a first-time homebuyer so you don’t strike out your first year in your new home.
1. Ignoring Crucial Maintenance Issues
Making repairs is an inevitable part of new homeownership. If the toilet backs up or the roof starts leaking, those repairs are now your responsibility rather than a landlord’s problem. While it’s best to exercise a bit of restraint when buying nonessentials, it’s not ideal to neglect vital issues that could potentially put you or your family in harm’s way.
If neglected long enough, some problems will eventually get worse over time, making a fairly small problem turn into something that could cost you a great deal of money in the end.
2. Homeowners Insurance Mishaps
Your new home will require adequate homeowners insurance. You’ll need enough to completely replace the property in case anything unfortunate happens. However, that’s not the only coverage you’ll need as a new homeowner.
If you’re living with someone who depends on your income in order to help pay the monthly mortgage, it’s crucial to name that person as a beneficiary so they won’t lose the home should you pass away unexpectedly.
3. Overspending on Remodeling or New Furniture
For the majority of first-time homeowners, money is super tight. Your monthly budget is usually restricted and your savings are generally depleted at first. Therefore, don’t go on a big spending spree or hire an expensive interior designer to make every room in the home look magazine-ready. It’s not worth it to make yourself house-poor. That granite countertop can wait.
4. DIY Disasters
Many new homeowners often make the mistake of making certain repairs or home improvements themselves just to save a few dollars. Your home is a huge investment and should be treated as such. It deserves the same level of attention and care that you would give anything else you truly value.
Go ahead and paint those walls, but leave any major renovations to qualified experts. Places like Alair Homes employ both West Vancouver custom home builders and expert renovators to make sure your home project goes smoothly.
Great responsibility comes with the great freedom of homeownership. But, to actually stay in your new home, you’ll need to successfully manage your finances to maintain the home’s overall condition well enough to keep your family secure as well as to protect your enormous investment.
This guest post is written by Anica Oaks. A recent college graduate from University of San Francisco, Anica loves dogs, the ocean, and anything outdoor-related.
