Wondering what kind of new homeowner mistakes you should avoid? Here are the main ones to be wary of.
Homeowner Mistake #1: Not Saving Money for Maintenance
The biggest benefit of renting is the ability to call up your landlord and have them get issues fixed.
Leaky toilet? Your landlord hires a plumber. Garbage disposal stops working? Also on your landlord to fix.
It’s not like that when you’re a homeowner. Everything is on you, from fixing minor issues to the big ones. And unfortunately, the costs of these repairs add up over time.
That’s why you need to set aside money every month for maintenance. If you’re lucky, you’ll be able to go a few years without needing a big repair. But eventually something will break, and you’ll be glad you have that money saved up.
New Homeowner Mistake #2: Changing Things Too Quickly
Sometimes when you first move in, you have this desire to change a ton of things at once.
- Paint every room in the house
- Replace the old carpet
- Fix the grout in the bathroom
- Get that old toilet replaced
You get the drill. Everywhere you look, you notice something you want changed.
That’s okay, but be methodical and take things one at a time. There are three reasons to do so:
- You’re more likely to think things through. For example, you don’t want to get new carpet then paint the walls or ceiling.
- You spread out the costs.
- You may find that some features grow on you. Maybe that green paint in the dining room isn’t as hideous as you’d originally thought.
New Homeowner Mistake #3: Not Getting Multiple Quotes
When you start getting quotes from contractors to do work on the home, you’ll realize the importance of getting multiple quotes can be. If you get 3 quotes, it’s common for 2 of them to be close together and the 3rd either be much cheaper or much more expensive.
Can you judge everything based on the quote alone? No, there are other things that play into who you ultimately choose to work on your home. But if you just go with the first contractor you talk to, you’re probably missing out on a chance to both save money and get the best contractor.
New Home Buyer Mistake #4: Not Looking into Permits
Some work on your home doesn’t require any kind of permit. For example if you’re just replacing a toilet or sink faucet, it’s not required. But if you’re looking to build a new room onto the home or a large outdoor structure like a gazebo, look into permit requirements for your city and HOA. You don’t want to spend a lot of time or money on a project just to get fined for it later.
Mistake #5: Going DIY When You Should Hire a Pro
Some things are easy to fix yourself. Others may seem easy but are more complicated than they appear.
Before you dive in yourself, do a little research to see if this is something best left to the pros. At a high level, electrical or plumbing work are two things we recommend hiring a pro for.