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Congratulations on buying your first home!
This is an exciting time in your life, but it can also be a bit daunting. There’s a lot to learn about homeownership, and it can be tough to know where to start.
That’s where we come in. In this blog post, we’ll share some tips for first-time home buyers on what to do in their first year of homeownership. These tips will help you make the most of your new home and save you money in the long run.
1. Get to know your home and property.
One of the best things you can do in your first year of homeownership is to get to know your home and property inside and out. This means learning where all the utilities are located, how to maintain your HVAC system, and how to troubleshoot common problems.
It’s also important to learn about your property’s landscaping and drainage system. This will help you avoid costly repairs in the future.
2. Create a maintenance schedule.
Once you know your home and property, you can create a maintenance schedule. This will help you stay on top of all the essential tasks, such as changing the air filters, cleaning the gutters, and inspecting the roof.
You can find maintenance schedules online or in home maintenance books. Be sure to tailor the schedule to your specific home and property.
PRO TIP: Use your smartphone or computer calendar to create reminders for things like ordering and changing air filters, contacting contractors for lawn treatments, septic pumping and more. Never miss another task!
3. Set up a budget.
Homeownership comes with a lot of new expenses, such as property taxes, homeowners insurance, and mortgage payments. It’s important to create a budget to track your income and expenses so you can stay on top of your finances.
Be sure to factor in all of your new homeownership costs when creating your budget. This will help you avoid overspending and ensure that you can afford all of your monthly payments.
4. Build an emergency fund.
It’s a good idea to have an emergency fund saved up in case of unexpected expenses, such as a job loss or a medical emergency. Aim to save at least three to six months of living expenses in your emergency fund.
You can build your emergency fund by setting up a separate savings account and transferring money to it each month.
5. Get to know your neighbors.
Getting to know your neighbors is a great way to build a sense of community and support. It can also be helpful to have someone to call if you have a problem with your home or property.
There are many ways to get to know your neighbors, such as attending neighborhood events, joining a community organization, or simply introducing yourself.
Bonus: When it comes time to sell your house, having good relationships with the neighbors may come in handy! If you have friends in the neighborhood, they can help you to spread the word that your home is on the market!
6. Take advantage of tax breaks.
There are a number of tax breaks available to homeowners. Be sure to talk to your accountant to learn more about the tax breaks you’re eligible for.
Some of the most common tax breaks for homeowners include the mortgage interest deduction, the property tax deduction, and the home office deduction.
7. Make home improvements.
One of the best ways to increase the value of your home is to make improvements. However, it’s important to prioritize your home improvements and make sure that you can afford the cost.
Some common home improvements that can add value to your home include remodeling the kitchen or bathroom, adding a deck or patio, and finishing the basement.
Bonus: If you want to know the impact making different improvements to your home will have on the resale value of the propert, don’t hesitate to reach out to your Realtor! They always have their fingers on the pulse of home trends, and have a great understanding of what motivates and excites buyers!
8. Consider renting out your basement or spare bedroom.
If you have a basement or spare bedroom that you’re not using, you may want to consider renting it out. This can be a great way to generate extra income and help cover your mortgage payments.
When renting out your basement or spare bedroom, be sure to create a lease agreement and screen your tenants carefully.
This may not be for everybody, but renting extra space in your home can also be a way to meet new people or serve your community by providing short-term housing for individuals like students or relocating professionals.
9. Review your homeowners insurance policy.
It’s important to review your homeowners insurance policy annually to make sure that you have adequate coverage. You may also want to consider adding additional coverage, such as umbrella insurance or flood insurance.
When reviewing your homeowners insurance policy, be sure to pay attention to the deductible, the coverage limits, and any exclusions.
10. Get involved in your community.
Getting involved in your community is a great way to make a difference and meet new people. There are many ways to get involved, such as volunteering for a local non-profit organization or joining a community board.
It is also a helpful way to learn more about your neighborhood and the issues that are important to your neighbors.
Conclusion
Homeownership is a big responsibility, but it’s also a very rewarding experience. By following the tips above, you can make the most of your first year of homeownership and save money in the long run. Your home is an important part of your lifestyle today, but also an asset holding tremendous value which impacts your future options and opportunities. Caring for your home through proper maintenance, and growing roots in your community are ways to protect and grow this “nest egg”. If and when it comes time to sell your home, you’ll be glad you put in the effort!
Additional tips for first-time home buyers:
- Don’t be afraid to ask for help. If you have questions about homeownership, don’t hesitate to ask your Realtor, parents and other family memebers, and friends for advice. Support from your community not only helps you become a better home owner, it also works to strengthen important relationships!
- Never stop learning- There are many resources available online and in libraries that can teach you about the basics
- of home maintenance, repairs, and finances. The more you know, the better equipped you will be to handle any challenges that come your way.
- Be prepared for unexpected expenses. Homeownership comes with many unexpected expenses, such as repairs, replacements, and emergencies.
- Be patient. Homeownership is a long-term investment. It takes time to build equity in your home and to reap the financial benefits of homeownership. Don’t get discouraged if you don’t see results immediately.
- Enjoy your journey! Homeownership is a major milestone in life. Take some time to appreciate your new home and all that it has to offer!
