The offer has been submitted. The inspection is done. Now, after months of waiting, the sale is complete, and the whole arduous process is finally over. You are now on the property ladder as a new homeowner.
First of all, congratulations are in order. Yet you don’t want to celebrate for too long, as the purchasing of the house is really only the beginning of the story. If you want to have a happy ending, it is essential that you follow the right advice during those uncertain initial months of homeownership.
This is where this article comes in to offer a helping hand. If you’re a new homeowner, here are five important tips to keep in mind during these formative times in your journey.
1. Produce a home improvement journal
Nobody moves into a new home and is perfectly happy with everything. The living room color scheme may not be to your taste, for example, or you could be disappointed the bathroom doesn’t have a built-in shower.
Instead of tackling these home improvements in a spontaneous fashion, jot them down in a journal. You will then have a clear idea about what needs to be done and what should take priority.
2. Don’t start major projects right away
Unless you have purchased a dilapidated building that requires a complete overhaul, it is recommended that you hold off from starting any large construction projects. These types of home improvements are expensive and, in the grand scheme of things, not essential.
Wait a few months to make any big changes. Work on small projects like putting a new carpet in the living room or painting the walls, get a feel for the property, and then decide if it’s worth going through with a major change.
3. Purchase a home warranty plan
A lot of homeowners underestimate how much they will spend during that initial year of homeownership. This expenditure can be significantly impacted if the air conditioning system breaks down along with a couple of appliances.
This is why it is advised for new homeowners to take out a home warranty plan.
Rather than spending hundreds or even thousands to replace or repair your air conditioning, refrigerator, water heater, stovetop, and more, home warranties cover these significant expenses for you. For this reassurance, all you have to do is pay an affordable monthly fee and service call fee.
4. Meet the neighbors
It’s never a bad idea to show your face and meet the neighbors. Along with helping you to adjust to new surroundings, you can learn useful tips about the area. Plus, there’s always the chance of making new friends – the type that can water your plants while you’re away!
5. Start an emergency house fund
After paying for your new house, appliances, décor, and all the other expenditures involved with owning a home, you’re unlikely to have much cash left in the bank. Yet, it is always wise to start building up an emergency house fund as soon as possible.
You never know when a financial emergency could strike. You might need to suddenly repair your home’s roof, for example, or you might lose your job and need funds to cover your upcoming monthly bills. Save early to quell potentially stressful situations.