4 Mistakes the Avoid the First Year of Homeownership

Posted by landprolandscaping on March 26th, 2021

Being a first time homeowner is very exciting! At the same time, it's also very overwhelming. You've never done anything like this before. You probably spent several hundred thousands of dollars on your home, and now you're looking around thinking "Now, what?" Many people in your situation make mistakes during this time that end up haunting them for years to come. We don't want this to happen to you!

With this in mind, here are a few mistakes other people have made that you should avoid:

#1 Getting in over your head. Your mortgage replaces paying rent, but there's many more new expenses to consider. Your new utility bills and other expenses are going to be much different than before. You should also expect to face payments associated with moving costs, homeowner’s insurance or a home warranty, utility fees, snow maintenance in Ohio, property taxes, as well as HOA dues and more. True long-term costs often exceed expectations. This is due to lack of ownership experience. Too many first-time buyers "over buy" and end up in financial trouble. This is because they actually could not afford the true cost of home ownership.

#2 Jumping into renovations right away. This is to be avoided because you simply don't really know what you can afford yet. While renovating may be the fun part of home ownership, it’s best to wait at least a year before tackling non-urgent but expensive issues, like a totally updated kitchen.

#3 Not expecting the unexpected. A good inspection should alert buyers to big issues, but it cannot always predict future calamities. There's going to be things that pop up, especially the first year. A huge blizzard may require you to hire snow removal services in Ohio or a broken water heater may require the services of a plumber. Whether it's an air conditioner that goes down in the heat of summer, a fence that is discovered to be out of code with the HOA, or snow removal services in Ohio, you don't want to have to put these costs on a high interest credit card.

#4 Making a huge lifestyle change. Right around the time you purchase your first home is not the time to change jobs, have a new baby, become a one-income house, try to start a personal business, or even get a pet. First-timer owners have enough to deal with enough costs and unforeseen complications without adding a new variable to the equation. Allow time for your and your family to settle in, get used to the new budget, and acclimate to mortgage payments before making a big change.

Use this list to ensure you learn from the mistakes of others! As fun as it can be to take on a big project, the best thing to do is get a house you can easily avoid and then simply wait. Don't make any big changes, either to the house itself or to your lifestyle. See what your expenses are really like before you dump cash doing anything new.