Buying your first house will likely be one of the most thrilling moments of your lifetime. Nothing quite matches having a place to finally call your own in order to create the home and lifestyle you’ve always imagined.
Amid all the excitement, however, many newbies can make some significant mistakes, which may make homeownership complicated and costly. Here are some habits savvy new homeowners practice to help ensure life in their new abode is satisfying and stress-free:
- They get a home warranty. For a nominal price, a home warranty will cover most appliances and system malfunctions, allowing you to replace an item or receive a certain amount toward the price of replacing it. This can save you a bundle on anything from a microwave on the fritz to a problematic HVAC system. All home warranty policies are different in terms of what they cover and what they don’t, so be sure to understand what you’re buying up front.
- They don’t overspend on furniture. Nothing is more tempting than outfitting your new home with an array of fresh furniture. Going over-budget on new furnishings, however, can quickly make you cash-strapped or, worse, in debt, at a time when you need a financial cushion more than ever. Aside from the financial strain, buying furniture too quickly prevents you from getting to know your home by living in it for a while. Once you have, you’ll make much wiser furniture decisions.
- They don’t put off important maintenance issues. Perhaps you compromised with the sellers on work that needed to be done in order to get a better price. That can be a good strategy to get the home you really want, but it doesn’t mean you can delay tending to any significant problems, like a leaky roof or damp basement. Doing so will end up costing you much more in the long-run, so take care of any structural issues ASAP.
- They don’t paint right away. Your new home is indeed a blank canvas, and you might be anxious to paint the bedroom in that shade of teal you’ve always loved. A better option, however, is to hold off on your paint color decisions, unless you’re going with a very neutral shade. As you get to know your home and its natural light, and select new furniture pieces in the months to come, you’ll have a much better sense of what colors will work, so you can avoid having to repaint.
- They don’t make any other big purchases. While you may have no qualms about making your monthly mortgage payments, homeownership involves a lot of expenses you may not have anticipated—you may find that a tree needs to be cut down, new electrical outlets need to be installed, or that your driveway needs to be repaved. There are a wide array of tasks and issues that need attention when you’re a homeowner, so don’t rush out and make another big purchase any time soon, such as a new car or an expensive vacation. Leave your remaining nest egg intact so that you can handle home-related expenses without going into debt.
