What You Should Know as a New Homeowner

Becoming a new homeowner is an exciting, nerve wracking rite-of-passage. There are a lot of new considerations to keep in mind when you make the transition from “renter” to “owner”. You are now officially your own landlord – all responsibilities fall on you. That can be both liberating and a bit intimidating. The following blog will serve as a helpful guide for what you should know as a new homeowner. 

Deep Clean the Home

Who doesn’t love a completely clean slate when entering a new phase of their life? When you first move into your abode, roll up your sleeves and clean it as thoroughly as possible. This can even be helpful for new builds if there’s dust and grime left behind from the building process. 

Get into all the nooks and crannies so you can start off on the right foot. If you can afford it, it may even be worthwhile to get a professional to clean it for you. You can also take this time to paint before you move in all your belongings. 

Change Out the Locks 

You never know how many keys to your home may be floating around out there. Even if the previous owners said they changed them, you never really know. Think about it, people can hand their keys out to babysitters, partners, petsitters – you name it! Do you really want to risk a security breach? Locks are fairly inexpensive and easy to install. Don’t skip out on this vital step in the move-in process.  

Address Important Maintenance Needs ASAP

If you’re moving into an older home, there are likely a handful of maintenance needs to address. Take a look at your inspection documents. What are the recommended repairs? Don’t make the mistake of putting these issues off. 

You might be feeling the financial burden of buying a home, but that “small” issue you choose to ignore could end up costing you more in the long run. If you neglect it for too long, the problem might end up getting worse and could even become dangerous. 

For example, a small leak can eventually cause major water damage and mold. Failing to change out an air filter may result in damage to your HVAC system. 

Find a trustworthy handyman to help you complete repairs and maintenance as soon as possible. It’s helpful if they have a diverse array of services such as plumbing, electrical, and HVAC so you can always call on them when something comes up. 

Don’t Bite Off More Than You Can Chew With Renovations 

Fixer-uppers are all the rage right now. But be sure to approach renovations realistically. It can be an expensive, cumbersome process taking on a whole home remodel. 

Expenses are often tight for first-time homeowners. It can be a terrible move financially to throw all of your spare money into renovating everything at once. Give yourself time to adjust to your new financial situation and cushion your savings for a while before going full steam ahead. 

If you’re really dying to make changes as soon as possible, start small. There are plenty of small remodeling projects you can take on that won’t break the bank. 

When it does come time to tackle major renovations, it’s best to leave the work to the professionals. Projects such as wiring and structural changes are complex and may end up botched under unskilled hands. 

Be Wise During Tax Season 

Homeownership can shift your tax situation tremendously. You are tasked with accounting for those changes as well as being mindful of potential deductions you’re eligible to claim as well. 

First and foremost, keep in mind that your mortgage interest deduction allows you to reduce your taxable income. It factors in the amount you paid in mortgage interest during the year in order to reduce your taxes. 

If you decide to pursue any home renovations, save all receipts. You can use this to increase your home’s basis after you sell it. Keep in mind repairs are not eligible for deductions. The IRS considers this a basic, necessary part of homeownership. 

Perform an Energy Audit

You can save a lot of money by cultivating an energy-wise home. Be sure to schedule an energy audit as soon as possible. The inspector will give you great insight on how to improve your home’s energy efficiency. Some tips they may provide include lowering the thermostat on your water heater, adding weather stripping, and closing the curtains during the day. 

Enjoy Your New Home 

Buying your first home is a huge accomplishment. You should be proud of yourself for making this step! If you follow the tips above, you’ll be in great shape as you adjust to this new phase of your life. Good luck and enjoy your new home!