So you’ve decided to exit the tenant world and join the homeowners club? That’s fantastic news, but you need to realize that being a homeowner is a big responsibility.
Not only are you more than likely going to be paying your house off for the majority of your life, but it is also going to be the place where you experience some of the greatest moments of your life.
Be wise with your next move and try your best to avoid these five common mistakes that most new homeowners make:
1. Neglecting Maintenance
When you first move into your new home, you must inspect every inch of the place. Take a notepad to jot down every issue as you make your way around the house and the property.
Maintenance issues often start as small and seemingly insignificant – they’re just tiny problems that one can learn to live with, correct? Wrong!
It is always a better plan to fix these issues before they escalate into much bigger ones. That will not only save you money but lots of time too.
2. Not Saving For a Rainy Day
Many new homeowners live in a dream state once the sale has concluded. Owning a home is a great feeling, but it is also a great responsibility. Be wise, right from the start, and start an emergency savings fund.
That way, you’ll know that no matter what happens, you’ll have access to some cash when you need it the most. That helps so much when you want to start a few home DIY projects.
3. Insufficient Insurance Coverage
Most new homeowners believe that building insurance is sufficient. The problem with that kind of thinking is that when other things fail or break, they are often left to create even worse problems down the line.
Your number one priority should be ensuring that your property, house, and appliances are insured. That includes spas and swimming pools. That also includes all other big fixtures, such as geysers and pumps.
Do your research and read up on a Choice Home Warranty Review, that way, you have all the information you’ll need to make your decision.
4. No Tools for Basic Jobs
One of the most common mistakes made when buying the first fixer-upper is failing to buy the correct tools for the job. That leads to money wasted on hiring contractors – because they have the right tools to get the job done.
Spend a bit of time doing your homework – often, homeowners could save a significant amount of money by doing the smaller jobs themselves – you need to buy a basic set of tools to get the jobs done.
5. Not Taking Enough Time to Complete Projects
A rushed project is a failed project. Investing in a home that needs a little TLC is never a bad idea, especially if the projects are small and the returns are big. The problem comes in when new homeowners fail to allocate enough time for each project. The usual scenario is that they take their time for the first half and the project, and then due to impatience the last half is a rushed job. Be sure to set aside enough time to complete each project and always have a buffer of an extra week or two, just to be safe.