Getting your keys as a new homeowner and moving into your new house is an exhilarating feeling. It’s not many people who get to start climbing the property ladder so to be able to get a good footing with the purchase of your first home. Turning the key in a lock that no landlord will ever have access to, painting your own living room whatever color you see fit and building your first brick barbecue in the garden – what more could you look forward to as a homeowner?
Be careful about getting swept up in the excitement of your name on the mortgage as the smallest mistake can make a mess of the whole thing. It’s a bubble you don’t want to pop! Have a look down this list and take note of this sound advice; make being a homeowner the best thing you did not the worst!
- Go easy on spending: When you move in, don’t spend another few thousand on remodeling the house and buying up brand new carpets and furnishings. You’ve just spent a huge amount of money on a deposit and moving expenses so blowing even more money on making things pretty is not a good idea. With home ownership comes extra expenses for insurances and back up for new boilers. You need to be careful with your money and get the right warranties for your appliances in the home, which landlords would previously have covered. You should read this first before you go ahead with new warranties and make informed choices.
- Use reputable contractors: If you have moved into a ‘fixer upper’ then you should make sure you get the credentials of decent contractors. Don’t try and pinch pennies by doing all the decorating and repairs yourself. Pick a color palette and paint the walls as many rainbow shades as you like, but keep the heating and plumbing repairs to the experts.
- Get properly insured: When you were a mere tenant, you likely only had contents insurance to make sure your stuff was covered for fire, theft and flood. However, when you take the step to become a homeowner, the responsibility of the boiler breaking or the roof needing a repair is down to you. There’s no one to call to argue about what date they can send a plumber or roofer; you’re that person now. So you’ll need to ensure you have home insurance, life insurance, contents insurance and a will. Sounds very grown up and scary, doesn’t it?
Your new home is a new haven and you are the one in charge now. Getting planning permission for your brick barbecue and new patio are essential now. Having the appropriate boiler service company on your speed dial will also do you favors. Being a homeowner is the next step in life and gives you a large amount of responsibility over something huge. Own it, love it, and above all, be smart about it. This is your house – isn’t it great?!