We Bought A House - Now What? What Every First Time Buyer Needs To Know
Category Advice
Congratulations on buying your first home! May it bring you many years of happiness and joy with the ones you love. Owning your first property is an exciting achievement, not to mention an adventure.
Like any big journey, the road ahead may be marked with many ups and a few downs. The key to any big undertaking is awareness and preparation. Understanding what may lie ahead will help you minimise any unexpected surprises along the way.
Here are some things to be prepared for as a first-time homeowner
Finances
As a first-time homeowner, be prepared for the unpredictable. Your expenses will likely not be as straightforward as they were when you were renting. Your bond repayments will often change month to month according to the fluctuating interest rate. You may have to fork out money for a last-minute installation or repair. Margin is key - as much of it as you can spare. Make sure you keep your home emergency fund topped up and set aside for emergencies.
Maintenance
Being a homeowner involves more responsibility, time, and effort in terms of property management and maintenance. To keep your home running smoothly and efficiently, you will need to keep a hand on a number of daily, monthly, and annual maintenance tasks. Some of the maintenance you'll need to keep a hand on includes:
- Landscaping, grass, and tree roots
- Swimming pool or water features
- Timber repaints and touch ups
- Gutters and roofs
- Internal and external painting
- Leaks and water damage
- Mould, mildew, and pests
Compliance
As a homeowner you are responsible for ensuring that your home is fully and regularly compliant with regulations pertaining to key features of the property. Not doing so opens you and your property to significant risks. This includes your property's:
- Electrical compliance certificate
- Beetle compliance certificate
- Water and plumbing compliance certificate
- Gas compliance certificate
- Electric fencing compliance certificate
Insurance
Property coverage is essential as a homeowner. Accidents or faults happen all the time, so it is vital that you are prepared for anything that could happen. Homeowners insurance offers you some protection in the event of:
- Malfunctioning appliances
- Electrical surges
- Burst geysers
- Fire damage
- Water damage and flooding
- Storm damage
- Theft
Additional Fees
If you have joined your local homeowners association, there will likely be fees associated with your membership. These fees will affect your budget and lifestyle, so keep them in mind when compiling your monthly budget. Property taxes should also be considered, so be sure to research the property tax rates in your area and budget accordingly.
Remember, being a first-time homeowner is a learning experience. Be sure to seek advice from professionals like real estate agents, financial advisors, and home inspectors. With proper planning, you can make the most of your investment.
Getting ready to buy? We can help!
If you are ready for homeowner status, we would love to help you find your dream home! Get in touch today and one of our agents will contact you for an introductory meeting.
Author: SAProperty.com
