Congratulations! You’ve purchased your first home. It’s a very exciting time – and likely a busy time too.
With packing, moving, unpacking, organizing and more on your plate, plus keeping up with your day-to-day life, chances are you don’t have time in your schedule for any unexpected surprises that may come along with new homeownership.
That’s why we’ve put together this list of five things first time homeowners should be aware of and ready for as they begin enjoying their very first home.
Be Ready for These 5 Things If You’re A First Time Homeowner
1. Needing Things
If you’ve just purchased your first home, chances are you are moving into a larger space than you’ve lived in before. Now that it’s officially yours, it’s time to fill it with your stuff. As you are moving in, you may be surprised to find that you don’t have quite enough stuff to fill up your new home. Some rooms may feel bare and empty if you don’t have enough furniture, rugs, window trimmings, etc. to go around.
If this is the case, don’t fret! You’ll have plenty of time to fill up your home with decor that you love. Take your time and start working on a list of the things you want to purchase first.
2. Taxes and Insurance Payments
A home is one of the most expensive purchases you’ll make in your life. As you worked towards this milestone purchase, you likely scrimped and saved, and did some very careful calculations to determine what you could afford. Hopefully you included taxes and insurance payments in your calculations, but if you didn’t you’ll likely have more saving to do!
If you were renting prior to owning your own home, paying property and school taxes is likely a new concept. You’ll want to make sure you have money set aside to cover these taxes, and be sure to pay them on time. (If you think you’ll have a hard time doing that, look into Escrow!) Homeowners insurance, much like renters insurance, is typically affordable, but you’ll want to be prepared to make the monthly, quarterly or annual payments so the additional expenses don’t catch you by surprise.
3. Handling Home Maintenance & Repair
Two of the perks of buying a brand new home are fewer repairs and lower maintenance costs. But even if you do buy a brand new home, chances are you are going to run into routine maintenance and unexpected repairs here and there.
As a first time homebuyer, it’s important to essentially expect the unexpected by keeping maintenance and repair costs in mind when figuring out your finances. You’ll want to be saving gradually and responsibly so you can handle the small – and large – expenses that come with homeownership. You’ll also want to be prepared to handle the maintenance and repair items that come up yourself, since you no longer have an landlord to turn to!
4. Hosting Guests
Once you have a place of your own and an extra bedroom or two, don’t be surprised if friends and relatives are anxious to come visit you. People will be excited to see your new home! You may find yourself hosting more overnight guests than you had in the past and having visitors drop in unexpectedly.
Enjoy the company and do your best to make your guests feel at home. After all, making memories with the people you care about is a great way to make your new house feel more like a home. And, if keeping your house guest-ready starts to feel overwhelming, don’t be afraid to say no once in a while. There’s nothing wrong with wanting to enjoy your new home by yourself occasionally!
5. Not Feeling At Home Right Away
Some people feel right at home when they move into a new home. For others, it takes longer than they had expected for their new residence to feel like their own.
Don’t be disappointed if you don’t feel at home in your new house immediately. It truly takes time for a house to truly feel like a home. Once you’ve started spreading your things out in the new space and making memories there, you’ll start to feel less like you’re living in someone else’s home and more like the home is your own!
Being Prepared As a First Time Homeowner
Looking for other ways to be well informed and well prepared as you purchase and move into your first home? Check out these articles for some other helpful tips:
Interested in moving into a new home in the greater Capital Region? Get in touch with us today to find out how we can help you build or buy a house you’ll be proud to call home!