Buying a new home can be a big-time learning experience, especially if it’s your first home. Whether you just left the apartment you rented for years or you had been living with your family, there are many things that may have not even crossed your mind before making this investment. There are many responsibilities that come with owning a home, which is why we are here to help you learn more. Here are some mistakes not to make when moving into your new home.
- Impulsive Painting Projects
You’ve been creating Pinterest boards of all the funky wall art you want in your home—let’s think about it before taking the paint brush to the wall. How long will this last for, on the trending side of things? Will you tire of it quickly? How long do you plan on staying in this home? Consider the resale value of this—or how much work it will be to repaint when going through the selling process. These are all questions you should consider before starting a painting project on fresh new walls.
- Neglecting Routine Maintenance
There will come a time when your home requires some routine maintenance such as replacing furnace filters, testing smoke detectors, etc. You may think “I’ll do that next month…”, and never actually get to it until the preventative maintenance turns into something that needs fixing. This will only put you behind in the regular upkeep of your home and lead to extra costs. A quick check could turn into a costly and more time-consuming process if neglected.
- No Emergency Fund
You never know when something may break and could cost you more than expected. If you have budgeted for your typical bills and nothing extra, you could be put between a rock and a hard place when it comes to your home expenses. Create an emergency fund that you can add a percentage of your income to each month, therefore, you can save money without seeing too much of it leave your account at once. If something unexpected pops up, you have the resources to pay for it without worry.
- Brand New Everything
We get it—you bought your very first home and you are looking forward to creating a fresh, aesthetic and modern space to live with brand new furniture. How is this a mistake? Well, if you are already on a tight budget, then buying all new furnishing is going to tighten the budget even more. Buyer’s remorse is a real thing. It’s also a good idea to live in the house for at least a few months to get a feel for it, before spending thousands of dollars on decor. Your local thrift stores are also your friend!
- Spending Frivolously — AKA no budget
Chances are, you’ll have to change your spending habits when purchasing your first home. Buying a new home comes with many added or unexpected expenses, so… budget, budget budget! It is important to track your monthly bills and to know how much you have leftover, and how much can go to the emergency fund. It may be tempting to buy the brand new flat screen television for your dream living room, but it could leave you short of cash when you need it most. Budgeting allows you to estimate how long it’ll take to save and spend wisely.
To stay updated on more first-time homeowner tips and tricks, be sure to check out our other blogs.