Things That First Time Homeowners Need To Learn

Buying a home is an exciting and life-changing experience for many people, but it can also be daunting if you’re not prepared. Going into it without the proper knowledge can make it all the more difficult.

There are so many things to consider when becoming a first time homeowner. From budgeting for maintenance costs to understanding local zoning laws that may affect changes you make on the property. 

We’ll discuss some important points all first time homeowners should know for a smooth transition into homeownership. With these tips at hand, the journey of owning a first home won’t feel so overwhelming.

How to budget for home maintenance and repairs

Maintaining a home can be expensive. It’s important that first-time homeowners understand how much they should budget each year for maintenance and repairs. This will depend on the age of your house as well as its condition when you purchase it. 

In addition to monthly costs such as utility bills, set aside an additional amount for any repair or maintenance. A portion of that additional savings should be specifically dedicated towards anticipated repair or replacement of large items like appliances. Refrigerators, washing machines, or even your HVAC system could need repair or replacement at any time.

The remainder should be for smaller projects and emergency situations. These could range from painting supplies to plumbing issues or pest infestations. It is also wise to create a savings account just for these types of expenses with regular deposits made into this fund throughout the year .  

Where To find reliable contractors in your area  

Finding reliable contractors who do quality work at reasonable prices may seem like a daunting task. But there are actually plenty of them out there if you know where to look.

Start by checking home service websites like Angi (formerly Angie’s List), or search for ones near you and read their Google reviews. Both are sure to give you the information you need to make a proper choice. 

There are also neighborhood Facebook groups and apps like Nextdoor that allow you to connect with people locally. You can utilize those to ask around for recommendations.

Then of course there’s the old-fashioned approach. Ask friends and family members who have had positive experiences with their own contractors. If any neighbors recently remodeled their homes and are satisfied with the results, then find out who did the work for them.     

The basics of homeowners insurance coverage 

Every homeowner needs homeowners insurance coverage.  First of all, you’ll be required to in order to finance your home. But it’s also important to have adequate protection. This means being able to prepare financially for whatever comes ahead. Understanding what type of coverage you’ll need before signing policy documents is key. 

Generally speaking, most policies include two main areas, liability and personal belongings. Some providers offer additional optional coverages as well. Either way, make sure to read through carefully and decide the best option based on your situation.          

Zoning regulations and neighborhood ordinances

Zoning regulations and neighborhood ordinances are rules that regulate the use of land in a given area. These laws govern everything from building codes, construction permits, noise pollution restrictions to yard upkeep requirements. 

It’s important to keep familiarize yourself with the zoning regulations and neighborhood ordinances of the area you’re buying in. You may be thinking or purchasing a fixer-upper, or building an addition onto your home. You’ll need to know what you can and can’t do, and also any permit requirements. Most counties and cities will have all this information available to you on their website.

Also, if you’re moving into a neighborhood with a homeowners association, you’ll want to be sure it meets your lifestyle. Just as with municipalities, certain neighborhoods have strict requirements for what you can and can’t do with your home. Failing to abide by these regulations can result in penalties, or even a lien on your home. Ask the real estate agent you’re working with to get a copy of the rules and regulations if you’re thinking of moving into a neighborhood with an HOA.

Conclusion

There’s no denying it. Owning your first home can be an overwhelming process. But with the right knowledge and preparation it does not have to be. By taking the time to learn and prepare, you’ll feel more confident in navigating through all of your new responsibilities. As well as any unexpected challenges!