The First Year In Your New Home – Everything You Need To Know

For most people, buying their very own home is a dream come true and it signifies an exciting period of new beginnings, but it can also be very daunting, especially for first-time buyers who are taking on a host of new responsibilities over and above the burden of a long-term financial commitment.

After months of searching for the right property and then weeks of navigating all the legalities and documentation of the transaction process, it’s understandable for new home owners to experience relief at finally be able to move in and to expect plain sailing going forward.

However, unless you are well-prepared, the first year of home ownership can be challenging and the responsibility overwhelming, especially if you bought an older home. You no longer have the luxury of being able to call the landlord or rental agent when something goes wrong.

And, no matter the age or condition of your home, problems can – and often do – arise and not only are you responsible for sorting out the issues, you also have to foot the bill.

Yes, some repairs can be delayed for a while but, regardless of your current finances, there are also numerous problems that you simply cannot afford to ignore.

Whilst it’s impossible to anticipate everything that could potentially happen, it is possible to minimise the cost and stress factor in many instances if you’re properly prepared from the get-go.

What you can expect:

Something will break: It could be a minor issue like a cupboard door hinge or cracked window or a more serious problem like a burst geyser, but even it’s almost a certainty that something will break in the first few months.

Sobering reality checks: Even if you've designed and built your dream home, chances are there’ll be at least a few things you'll want to change and if you’ve bought a fixer-upper you’ll want to get started on renovations as soon as possible.

However, after the costly business of buying property and moving house, new home owners often find that there is very little left in the kitty and even the smallest of projects might have to delayed.

Having to do unexpected things: Routine maintenance is important as it will prevent most small issues from becoming costly problems so you’ll find yourself doing many things for the first time, whether it be balancing precariously on a ladder to clear gutters or elbow deep in a blocked drain. Expect the unexpected and be prepared to learn.

It will be more expensive than anticipated: Renovation plans aside, it’s inevitable that your expenses will be higher than when you were renting – and it’s likely to be more than expected.

Over and above the additional monthly costs like municipal rates and building insurance, there are other factors to consider and they can quickly add up.

For instance, if you’ve moved into a larger home than before, you’ll spend more on electricity and water and if you now have a pool, chemicals need to be bought. And, of course, when anything breaks, you now have to cover the repair costs – and there will always be something that needs to be replaced or fixed.

How to ensure you’re prepared:

There will undoubtedly be surprises along the way but, if you’re prepared for most eventualities, you’ll find it a lot easier – and far less stressful – to deal with situations as and when they arise.

Establish a rainy-day fund: And, if possible, incorporate this into your budget from the get-go so that emergency repairs or large maintenance projects like roof repairs don’t end up breaking the bank – and turning your dream into a nightmare.

As a rule of thumb, if you can maintain an account with the equivalent of six month’s income, you’ll be able to cover most eventualities and, if you’re lucky enough to never need it, it’s a tidy sum that can help you realise another dream or which can be added to a retirement fund.

Create a homeowner’s file: Store all important documents relating to your home, including your mortgage and home insurance paperwork in one place, whether it be in a binder of a filing cabinet.

Include all your appliance user manuals and warranties and keep all receipts relating to home improvements as you will need these for tax purposes when the time comes to sell.

Get to know your home: Where do you turn off the water supply and where do you access drains? Check out your geyser and ensure you have easy access. You don’t want to be running around like a headless chicken whilst your home floods because you have no idea where the municipal water tap is situated.

Start a ‘little black book’: Unless you’re extremely talented and multi-skilled, sooner or later you'll need the services of professionals like electricians, plumbers and handymen and having contact details for reliable and trustworthy people you can call on to efficiently sort out a problem will make life infinitely easier.

Make sure you’re properly covered: Not all insurance providers are equal and not all policies will suit your needs, so take the time to do some research and make sure you choose the right building and household insurance for total peace of mind.

Don’t forget to update your policies every year or to inform your insurer when you are going to embark on major renovations.

Buying your first home and getting your foot on the property ladder is a momentous and lifechanging occasion but it does have its fair share of challenges, some not so small.

But if you’re properly prepared, owning your own home will live up to all expectations – and it will be the best investment you’ll ever make.