What to expect in your first year of owning a home

Category Advice

You have been spending weeks, maybe months searching for that perfect house that you would like to make your home and here you are now... moving into that dream space. Buying your first home is one of those life moments that are a culmination of contradicting emotions. Your excitement is raging and at the same time you are stressed and anxious, because what did you just get yourself into? The first year of owning a home will keep these emotions, alive and will also guarantee you the journey of a lifetime. There are many events and moments that you might not have expected or calculated into this journey that awaits you.

It is completely normal to stop worrying and jump into renovations or changing things up to suit you, but the first year offers a lot of first-time moments and realisations.

What to expect:

Additional Costs

You have successfully paid your transfer fees, but that does not mean that you are out of the woods just yet when it comes to paying additional costs. Unfortunately repaying your bond costs will not be the only cost that you will be faced with monthly. Insurance and municipal rates are at the top of extra costs and then there are possible inflations that you will need to calculate into your budget as time goes on. In some cases, maintenance costs will also make their appearance.

Something will break

Before putting in an offer to buy your new home, chances are very high that you grilled the property practitioner with regards to the damages that the home might have or the age of certain aspects - for instance how old is the geyser. You might therefore be aware of certain future costs that might arise in due course because something has broken. But as all first-time homeowners will tell you, it is safer to expect the unexpected. Something is going to break, and chances are it is something you did not expect to break. Issues also arise with newly built homes, and one should therefore ensure that you are covered correctly by your insurance and have an emergency fund... just in case.

No big lifestyle changes

Buying your first home can be so exhilarating that it could influence you to want to make other big changes in your life such as having children, changing jobs, getting a pet, buying a new car, or even starting your own business. Each of these changes is just as exciting, however combining them with buying a new home could spoil this experience for you to some extent. Being a first-time homeowner is stressful enough with additional costs and lifestyle changes. Revel in the new experience and slowly add big life changes once you have adjusted to the monthly payments, maintenance, neighbourhood, and neighbours.

Ways to be prepared:

Emergency Fund

With any home, unexpected breakage and costs are inevitable. To enable yourself to move through these hiccups smoothly it is highly advised to ensure that you have an emergency or rainy-day fund. This fund will purely serve the purpose of covering those unexpected costly moments. If you never have to tap into this fund, well then that will be a big bonus for you, and you will be able to spend it on a renovation or a possible holiday.

Know where everything is situated

In a moment of crisis, you do not want to be running around like a headless chicken searching for anything. It is therefore very important to make sure that you are aware of where everything is situated. This includes the DB board, the water main etc.

Have a list of service providers

When stressed and overwhelmed finding someone to help regarding something that has broken could be more of an issue than what you would expect. Be prepared and have a list of recommended service providers in your area. Your list should consist of plumbers, electricians, fellers, and handymen.

The most important aspect to remember in your first year as a homeowner is to be patient and give yourself time. Your dreams for this home will over time become true. First things first are to ensure you can meet your monthly payments to keep your home and then finally to have some savings set aside for that inevitable rainy day.

Author: RED Properties