Purchasing a home is one of life’s greatest achievements. It’s exciting, it’s emotional, and sometimes it’s overwhelming. From the point of signing on the dotted line to finally inserting the key into your new front door for the first time, much goes on in between. But it doesn’t just end there. Homeownership has its own learning curve, and for most new homeowners, missteps are made. Some minor missteps, some costly missteps, some outright avoidable missteps.If you’re a new homeowner—or soon to become one—here are seven frequent blunders people make and some friendly advice on how to avoid them.
Underestimating Ongoing Costs
One of the biggest surprises for new homebuyers? The bills don’t just end at the down payment and the mortgage. Many people save every single penny in order to purchase their dream house, only to come to discover later that they didn’t account for all the “extras” in their plans—property taxes, homeowner’s insurance, HOA fees, utility bills (which are higher in a house compared to an apartment), and periodic maintenance.
It is best to take some time to chart out an honest monthly budget—not just for paying your mortgage, but for all of the other things involved in home ownership. Reserve a small cushion each month for unexpected repairs or mid-season maintenance. You don’t want to be left in the lurch when the water heater fails or your heating system must be serviced.
Avoiding the Emergency Fund
When you rent, your landlord typically handles the repairs. Once you own the property, all of it falls on your plate. That leaky roof? That broken dishwasher? That cracked foundation? Yep, it’s your problem now.
Most new owners dive into homeowning without cushioning their emergency funds. Sure, it makes sense—you just made a significant investment—but it’s not wise. The way to keep from lying awake at night in case something goes south is to get (or increase) an emergency fund in place as quickly as possible. You don’t have to build it in an instant, but investing in it little by little each month can put your mind at ease.
Ignoring Routine Maintenance
Let’s be real—nobody truly delights in cleaning out the gutters, changing air filters, or draining the water heater. Ignoring routine maintenance is one certain way of allowing small issues to become costly, large problems.
Most new home owners think their new home requires less upkeep, or maybe just don’t take the time to learn what should be done. A simple maintenance calendar is worth creating. Just consider it like having your vehicle serviced for oil changes—small preventative measures now can keep your home from incurring higher bills in later years.
Plus, having your home in good condition means it retains its value. That’s important in the future if you ever need to sell or refinance.
Changing too Much too Quickly
It is true. You go into your new house and want to knock down a wall, rip out the kitchen, and paint each room. And although it’s exciting to make your space your own, jumping into renovations immediately can have negative consequences.
Staying in the house for some time will give you an actual sense of what works and what doesn’t. That wall you dislike might just come in handy. The layout of the bath may not have to be altered at all. Allow some time, at least three months, before anything drastic is decided—you’ll be amazed at how your outlook can shift once settled in.
Plus, renovations usually cost more than anticipated. Waiting allows you to save and prepare appropriately.
Not Knowing Where the Shut-offs and Breakers are
This may seem minor, but it’s huge in a crisis. Think of a situation in which a pipe bursts in your basement and you don’t know where the shut-off valve is. Or what if the power goes out in half of your house and you’re stumbling in the dark trying to find the circuit breaker.
As soon as you move in, take it on yourself to do a little exploratory tour of your new home. Locate the main shut-off valve for the water, where the circuit breakers are located, and how to turn off the gas in case. Mark it if necessary. It may not be something on your mind now, but should something go awry (and at some point something will), you’ll be happy having done it.
Forgetting to Review Insurance Coverage
You likely purchased homeowner’s insurance because your lender made it a requirement. But many people don’t go much further. They don’t actually read what’s included—or perhaps most dangerously assume it will cover everything.
The truth is not all policies are equal. Floods, for instance, usually are not. And some types of loss may just be insured for a certain amount. Check your policy carefully and then ask some questions. You may want additional coverage for particularly valuable items. You may want to have flood coverage or earthquake coverage, depending on where your home is located.
A simple phone call to your insurance agent can be of huge help and save you from future headaches. If you’re unhappy with the insurance provided, you can get a homeowners insurance quote online and compare options to pick an insurance that’s affordable and offers good coverage.
Postponing Upgrading for Safety
Once you move in, your priorities may be on furniture, paint color choices, or finding out the wifi password. Don’t ignore the fundamentals though—such as the smoke alarms, carbon monoxide alarms, and door locks. If the current owner left you with aged or out-of-date safety equipment behind, update them. If it’s required and needed, add deadbolts, check the windows to see if they have locks on them, and if the house has an alarm system installed, read its instructions or upgrade
it to your specifications.
Safety equipment isn’t glamorous, but it matters. It leaves you with peace of mind knowing your new home isn’t only lovely—it’s also safe.
In the End…
Being a new homeowner comes with a lot of pride—and a fair share of trial and error. There are mistakes to be made along the way, but the silver lining is that most of them can be prevented through some planning, a little bit of inquisitiveness, and some basic sense. So don’t get too stressed out. Just take one thing at a time, learn as you go along, and don’t forget—you’ve already done something huge. You’re on your way to being a homeowner. Just keep your eyes open, your toolkit at your side, and your coffee caffeinated. You’ve got it.
