Buying a home for the first time is extremely exciting. But like any new experience, as a first-time homeowner, you don’t know what you don’t know—and that lack of knowledge can lead to frustrating, challenging mistakes.
But what, exactly, are some of the most common mistakes people make after buying their first home?
A recent article from realtor.com outlined some of the most common mistakes made by first-time homeowners, including:
- Hiring a contractor without researching their background. Hiring the wrong contractor can lead to a lot of wasted time and money, and blindly hiring a contractor is one of the costliest mistakes a new homeowner can make. Before you hire anyone to do a home renovation project (whether that’s remodeling your kitchen, or landscaping your backyard), make sure to do your research, read reviews, and ask to speak to references.
- Not budgeting for home-related expenses. When you bought your home, you budgeted for the major expenses, like your mortgage. But buying a home can come with a host of new expenses first-time homeowners aren’t used to paying, like homeowner’s insurance, homeowner association (HOA) fees, and monthly utility bills. If you don’t budget for those new expenses, it can put you in the red. When you buy your first home, make sure you’re looking at all the expenses associated with the purchase—and budget accordingly.
- Putting off routine maintenance. Many first time homeowners don’t realize all the routine maintenance that goes into keeping your home in tip-top shape. And, as such, they let maintenance tasks slide—which can lead to expensive repairs down the road. When you move into your new home, make a checklist of all the maintenance tasks and how often/when they need to be completed—then review the list every month to make sure you’re not forgetting any tasks.
There are a lot of mistakes people make after buying their first home. But knowing the common mistakes first-time homeowners make can help you avoid those mistakes—and the headaches, frustration, and expenses that go along with them.