Buying your first property is exciting, whether it’s a small apartment or a sprawling house. But the responsibilities that come with homeownership can feel overwhelming fast. Between advice from your realtor and trustworthy online resources for real estate information, the tips below will help you navigate the most common early pitfalls first-time homeowners face.
Table of Contents
- Take Detailed Meter Readings
- Update Your Address Everywhere
- Live in the Present, Plan for the Future
- Debt Management is Essential
Take Detailed Meter Readings
The last thing you want to be doing is paying for the utilities of the previous owner of the house, so make sure that as soon as possible, you take detailed readings of each utility meter as soon as you can after you’ve moved in.
Beyond recording the numbers electronically and sending them to your utility providers along with your new address and move-in date, take photographs of each reading on your phone. Save those photos somewhere accessible in case you need them later.
Update Your Address Everywhere
With so many tasks competing for your attention after a move, the simplest ones are often the first to slip through the cracks. You might be surprised to learn how many people forget to update their address with critical institutions like their bank or social security office.
Here’s a list of the essential places you need to notify:
- IRS (Internal Revenue Service)
- Voter registration
- Utility providers
- Dental, health & life insurance providers
- Dentists and doctors
- Magazine & book subscriptions
- Streaming services
- Your employer
- Social security
- Banks
- Cable, phone & internet
In addition, to avoid losing contact with friends from school and other people in your life who may not have social media, make sure that you update your loved ones on the move, too.
Live in the Present, Plan for the Future
Even though it may seem counterintuitive to look to the future of your experience on the property ladder, if you know that further down the line, you’ll need to finance your dreams of a once in a lifetime vacation, then you need to ensure that you keep every single piece of documentation.
Store your house deeds, insurance documents, and everything else related to your property in a fireproof document safe. As new paperwork arrives over the years, add it to the same location so nothing gets lost.
Debt Management is Essential
Whether you had substantial financial support with your deposit and down payments, or you diligently saved spare income for years, one thing is certain. You now own a significant debt: your mortgage.
If you plan to build your furniture and home decor collection gradually, make sure you still keep a healthy cushion in your savings account for unexpected expenses. Appliances break. Pipes leak. Roofs develop mysterious stains. These things happen, and they always seem to happen at the worst possible time.
If you’ve bought a new-build home, then for the first two years or so, if something serious happens to the structure of your home or backyard, you’ll be likely be covered, but if not, or if it occurs after this time has elapsed, you’re on your own.
