Owning a new home: Tips for new homeowners

Owning a new home is thrilling! Having a place to call your own is a momentous occasion. You’ve done the gritty work of the home purchasing process. The closing costs have been paid, and you’re moved in to your new house.

Now you are ready for the next step to really start enjoying your new property. But where do you start? Here are some tips for how to get the most out of your new home:

Conduct an energy audit

Find any aspects of the home you could possibly update to save energy. For example, your new home may have an older thermostat. Replacing it with a programmable thermostat increases your home’s energy efficiency. This helps save money on utilities and improves your energy efficiency.

Another simple way to save energy is to make sure windows and doors don’t have cracks and extra spaces. These cracks can let heat out in the winter, which may put a strain on your heating system. In warm climates, window leaks can make your air conditioning work overtime.

Take one step at a time with renovation projects

New homeowners may be tempted to start multiple renovation projects at once. However, it’s best to work on each project one at a time. This way, you can give each project the attention it deserves. You’ll also avoid being overwhelmed by expenses and effort.

Not moving too fast on renovations also frees up space to start an emergency fund. While some repair projects can wait, others may come up unexpectedly. 

Make an emergency fund

Emergencies can happen unexpectedly. For example, there may be a break with your hot water heater. Having a savings account designated for home emergencies can add an extra layer of security. 

Another important homeowner tip is to invest in the right homeowners insurance. Homeowners insurance will protect your property against fire theft, and other threats. 

Keep home warranties and manuals in a safe spot

Create a secure binder, folder or cabinet with all important documents associated with your home. This can include copies of the floor plan, notation of the property line, property tax info and more. Keeping all important documents is essential in case of an emergency, and will also make referencing crucial information much simpler.

As a new homeowner, review areas of your home that may need updating, and get into the habit of keeping important documents in a safe place. Doing this work in the earlier days of owning your home can insure homeowner success for many years to come.