But, before you do, it’s important to remember that although owning one’s own home has a multitude of advantages, both in the short and long-term, you are now responsible for every aspect, including all maintenance and repairs and you can no longer call the landlord when something goes awry.
But, by taking certain steps and precautions at the onset, you can offset many of the potential problems, thereby saving yourself much stress, effort and money down the line.
Deep clean prior to moving in: It’s best to start out with a clean slate and, as few sellers have their homes professionally cleaned before moving out, make sure every room is spotless before you move in your belongings and many areas become ‘hard-to-reach’ places.
Change the locks: Unfortunately there’s no way to know for sure whether there are copies of the house keys floating around, and who might have them because, over years, most people will give out keys to domestic staff, baby sitters, contractors and family members and they’re not always returned.
Make sure you’re properly covered: You need to be adequately insured for the replacement value of the building, not just the market value (building insurance) and your home policy covering the contents of your home should be updated to include all new purchases, specifying items that are valuable.
No-one wants to dwell on unpleasant events that may never happen but the fact is that they can – and often do – and if you’re not prepared, an unpleasant incident like a burglary or geyser bursting could ruin the whole experience for you and your family.
Take the time to choose the best building and household insurance for your specific needs and update your policies every year. And don’t forget to inform your insurer when you are going to do renovations or make improvements.
Find out where everything is located: Where are the water mains, where are your drains situated, how do you access the geyser? You don’t want to be running around in a panic watching your home flood because you have no idea where the municipal water tap is situated.
Wait before making big changes: If you bought a property with room for improvement, you probably have a good idea of what those changes should be. However, those ideas are very likely to change once you’ve lived there for a while and get to know the house.
So, if possible, wait for at least a year before undertaking any major renovations like knocking down walls as you will have to live with your decisions for many years to come.
Don't overspend on personalisation: Every homeowner wants to put their personal stamp on their new home immediately but after just having spent most, if not all, of your savings on a deposit and committed to a mortgage for the next 20 years, you will also have to adjust to additional expenses such as rates and maintenance.
Rather start with small things like new door handles or a coat of paint until you and your budget have acclimated to your new home ownership expenses and have a better idea of what your expendable income will be.
Get a head start on important maintenance: Exercise restraint in purchasing non-essentials immediately but don’t neglect any problems that are likely to worsen over time and end up being very costly to repair, such as a leaking roof or dodgy plumbing.
Create a home maintenance checklist: At the same time, make a list of all the things that need regular checking or maintenance, making a note of whether they should be done monthly, quarterly, or annually. This will extend the lifespan of almost everything in your home, potentially saving you a lot of money over time.
Request and keep receipts for all improvements: When you sell your home, you’ll be liable for capital gains tax which is calculated from the difference between the original price you paid and your selling price and if you can offset all improvement costs against this, it will reduce your tax bill.
Keep all important documents in a safe place: Safeguard documents like appliance manuals, warranties and home insurance policies as this will not only make your life easier, but you’ll also have to pass some of these on to the new homeowners when the time comes for you to sell.
Establish an emergency fund: As a homeowner, you’re now responsible for every issue that arises and you should be prepared to deal with unexpected problems as and when they arise. These are often expensive and most people don’t have enough in their monthly budgets to attend to issues like geyser replacement or major roof leaks during winter.
Compile a list of recommended tradesmen: Unless someone in the house is very handy, you'll need a list of trustworthy contacts which includes an electrician, a plumber and a handyman. Having someone you can call in a pinch to repair the faulty security gate door or unblock a drain will make life infinitely easier.
Remember that creating a home is a work in progress and it takes time to get the feel for a new place. Not only can doing too much at once can be overwhelming, it can also dampen the enjoyment of the experience.
Owning a home is the dream for many people and when they achieve it, it should be a great new adventure and a happy time, but the reality is that home ownership does have many challenges and it can be both costly and stressful, however if one is prepared, then most issues are easily fixed with minimum stress.
Take the time to properly settle in and to get to know your home and who knows, you might just grow to love that burgundy feature wall in your bedroom in the lounge or you might change your mind about extending the patio.
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