First-Time Buyers: 9 things to consider after you have moved-in
Category Property News
Owning a home is an achievement that brings a sense of accomplishment, but most advice for first-time homebuyers focuses on saving for a deposit and navigating the purchasing process. Little is said about what to expect after the purchase. While buying a house is exciting, it can also be daunting and emotional. If new buyers know what to expect, they can settle into their new homes with more ease. Here are nine things that no one tells you about owning a home:
- You may experience buyer's remorse, which is almost inevitable, but it is worth it for the financial and emotional rewards.
- Moving is trickier when you own a home, as selling it involves marketing, negotiating, and signing on the dotted line.
- It may not feel like home right away, so give yourself time to adjust.
- You'll start spending your money differently, as owning a home comes with additional costs like repairs, maintenance, and council taxes.
- Home repairs are costly, so it's best to set up a maintenance checklist and budget for unexpected expenses.
- You won't be able to do everything you planned for your new home at once, so be prepared to live with it as is for a while.
- You'll have to perform tasks that were previously taken care of by the landlord, such as cleaning gutters.
- Keep accurate records of home improvements to offset your tax burden when you sell.
- You are in control of your living situation and have the freedom to make changes without seeking landlord approval.
Homeownership is exciting, but it comes with responsibilities, stress, and financial worries. Being prepared financially and mentally will help new homeowners adjust to their new status as homeowners.
Author: Helen Melon Properties