Common mistakes new homeowners can avoid
Category RealADVICE
Becoming a first-time homeowner is one of the most exhilarating times of your life. Having fears and stress at this time is natural and common as well. Although the deal is done and you have the keys in your hand, there are still challenges to be faced. Challenges that will lead to you making ordinary mistakes. Let's not see this as a bad thing but rather as an opportunity to learn.
On the bright side, many mistakes can be effortlessly avoided. With a little preparation and planning ahead you can escape potential mistakes. These are a few common new homeowner mistakes you should be avoiding.
Not changing the locks
It is advised that you change the locks and entry codes before moving into a new home. Even if your agent and the previous homeowner have handed over their set of keys, you do not know who else has access to your new home. A domestic worker, a babysitter, or family member could still have their set of keys. Changing the locks before you move-in will give you security and peace of mind. It is also the perfect time to install security systems and devices.
Discarding an emergency budget
Unexpected issues in your new home are inevitable. In addition to a home loan and home insurance, it is wise for new homeowners to set aside money for repairs and maintenance. Telling yourself that you will figure it out when or if something happens is not the right attitude to have. Having a budget in place for those unexpected costs will give you peace of mind when something does go wrong. Finance professionals suggest allocating a 1 to 3 percentage of your home's purchase price each year towards an emergency fund. For example, if your home costs R1 000 000 then set aside at least R10 000 each year. Initially, you should have R10 000 available and as the months follow you can add more to it.
Tackling multiple projects at once
Do-it-yourself (DIY) projects can be a great way to save money. With the number of instructional videos available online, it makes projects look like a breeze. However, it becomes so easy to get overwhelmed and tackle many projects at once. Avoid this! You may not have the time to complete them all. Ensure you finish one project before starting another. Moreover, too many unfinished projects will make your home look like a mess.
Not keeping a record of important documents
If you are more digitally inclined, get an external hard drive that is dedicated to your documents. Keep insurance papers, repair receipts and all other important paperwork pertaining to the house on the drive. If you have them on paper, you can scan them and store on your drive. Google also offers users free drive space if you need a backup. It is recommended that you do make use of this free service in the event that you cannot access your hard drive.
If you want to go old school with your record-keeping, buy a ring binder to ensure you have order. Storing all your property documentation in one handy place will ultimately make your life easier. As a bonus, up-to-date documentation is also a sales 'plus' when selling your home at a later stage.
While there are some mistakes you simply cannot avoid, there are still some on this list that you can. Planning ahead is key to enjoying the thrill of owning your first home with less stress. Contact RealNet Properties today if you have any questions about owning your first home.
Author: RealNet
