You’ve navigated the competitive housing market, completed the mortgage process, and signed on the dotted line. Now the keys are in your hands, and you’re officially first-time homeowners. The excitement is real, but so are the responsibilities that come next. These tips for first-time homeowners will help you start strong, covering everything from budgeting for routine maintenance to building a reliable emergency fund.
The First 90 Days: What to Tackle First
The first three months in your new home are critical. Before you get swept up in paint colors and new furniture, take a deep breath and focus on the practical. Start with the “four walls and a roof” concept. Your immediate priorities are to ensure the structure is sound and protected. This means addressing any outstanding inspection items that were agreed upon during the purchase. Whether it’s a leaky faucet or a missing roof shingle, fix these promptly. You don’t want a small issue to turn into a major problem.
Next, familiarize yourself with your home’s systems. Locate the main water shut-off valve, the circuit breaker box, and the gas shut-off valve. Knowing where these are and how to operate them could save you from a major catastrophe in an emergency. Testing all your smoke and carbon monoxide detectors and replacing the batteries is also a good idea. If your home doesn’t have them in key areas, install them. Your safety is paramount. Finally, before you move in, change all the locks. You never know who might have a spare key, and the peace of mind is well worth the cost.
Creating a Maintenance and Repair Budget
One of the most significant shifts from renting to owning is the financial responsibility for maintenance and repairs. When you rented, a quick call to the landlord solved all your problems. Now, the buck stops with you. A common rule of thumb is to budget 1% to 3% of your home’s value annually for maintenance and repairs. So, if your home is valued at $400,000, you should aim to set aside $4,000 to $12,000 yearly. This money is for the unexpected, like a new water heater or a surprise roof repair.
Think of this budget as an investment in your home’s future. It prevents you from going into debt for an emergency and helps maintain the value of your property. Start with a monthly contribution to a dedicated savings account. A small, consistent effort will build a substantial fund over time. You don’t have to fund it all at once, but starting early is key.
Tips For First-Time Homeowners: The Importance of an Emergency Fund
Beyond the maintenance budget, an emergency fund is a financial safety net for life’s unexpected curveballs, not just those related to your house. This fund is for job loss, a medical emergency, or an unforeseen major appliance failure. Financial experts often recommend having three to six months’ worth of living expenses saved in an easily accessible account. This may seem like a daunting goal, but it provides incredible security and prevents you from having to make difficult financial decisions under pressure.
Building this fund takes time and discipline. Start small. Even $25 a week adds up. As your career and income grow, you can increase your contributions. The goal is to build a buffer that gives you peace of mind and the ability to handle whatever life throws your way without jeopardizing your new home.
The Value of Good Neighbors
Your new home is more than just a building; it’s a part of a community. Taking the time to introduce yourself to your neighbors is an often-overlooked but crucial step. They can be an invaluable resource. They know the neighborhood’s quirks, can recommend reliable local contractors, and might even keep an eye on your home when you’re away. A friendly neighbor can be a great asset for first-time homeowners, and the sense of community you build will make your new house feel like a home.
FAQ Tips For First-Time Homeowners
How often should I have my HVAC system serviced?
It’s a good practice to have your heating and cooling systems professionally serviced once a year. A well-maintained system runs more efficiently, lasts longer, and can save you money on energy bills in the long run. The best times are in the spring for your air conditioning and in the fall for your furnace.
Should I hire a professional for every repair?
Not necessarily. Some simple tasks, like changing a light fixture or unclogging a drain, are well within the grasp of a confident DIYer. However, it’s always best to call a licensed and insured professional for anything involving major electrical work, plumbing, or structural integrity. Attempting a complex repair without the proper knowledge can lead to bigger problems and even pose a safety risk.
What is the best way to handle property taxes?
Property taxes are typically included in your monthly mortgage payment and paid by your lender through an escrow account. However, you should still review the annual statement you receive from the tax assessor’s office to ensure everything is correct. If you feel the assessed value is too high, you can appeal it.
Home Support Property Inspections offers professional inspections to first-time homeowners in Maryland and DC. Contact us to request our services.