Buying a new home is an exhilarating experience, especially for first-time homebuyers. After months of browsing listings and touring homes, you finally find “the one.” Signing the closing documents and receiving the keys is a memorable moment and a huge milestone. Below are ten tips for new homeowners you may find helpful.
Buying a home is more than just a dream—it’s also a smart financial investment. According to the National Association of Realtors, the average U.S. home appreciates by about 6% per year. Plus, having a fixed mortgage can help stabilize housing costs while your income grows, boosting your wealth over time. Now, on to our ten tips for new homeowners to help you make the most of your investment!
1. Paint and Refinish Floors Before Moving In
Moving is stressful enough without dealing with painting crews or floor refinishers in your new home. To reduce chaos and avoid paint fumes, arrange for any painting to be done before you move in.
Many people also overlook refinishing hardwood floors before moving in. We understand—buying your first home is exciting, and you’re eager to get settled. But having the floors done before moving in can save you the hassle of moving furniture around and dealing with sawdust.
2. Replace the Locks
You don’t know who the previous homeowner might have shared keys with, whether babysitters, neighbors, or family members. Even with a new build, it’s impossible to know who has copies.
For peace of mind, change all the locks before you move in. A locksmith can typically handle this for $50 to $300, according to Forbes.
3. Change the Air Filters
If your home was vacant before you bought it, the air filters likely need to be replaced. Most HVAC experts recommend changing filters every three months to keep your system running efficiently.
4. Keep Warranties and Manuals Safe
When you purchased your home, you may have inherited warranties for certain appliances or systems. Take time to understand what they cover and keep the paperwork in a safe, memorable place.
5. Start an Emergency Fund
Unexpected repairs are part of homeownership. If your HVAC fails in the middle of summer or you discover a mold issue, an emergency fund can help cover the cost. The American Society of Home Inspectors estimates a new HVAC system can cost between $5,000 and $12,000.
Consider whether a home warranty might be a worthwhile addition, but be aware that these often come with exclusions. Be sure to review the terms and weigh the pros and cons.
6. Learn How to Shut Off Your Utilities
Knowing how to shut off your home’s water, gas, and electricity is crucial for emergencies. Whether you’re evacuating due to a storm or dealing with a major leak, shutting off utilities quickly can help prevent damage. Familiarize yourself with these shutoff points—you’ll be glad you did in a pinch.
7. Find Trusted Tradespeople
Even with regular maintenance, there may be times when you need a professional’s help. Start a list of reliable tradespeople, such as plumbers, electricians, landscapers, roofers, and HVAC technicians, so you have contacts on hand. Be sure to request copies of their licenses and insurance certificates for added security.
8. Introduce Yourself to the Neighbors
Getting to know your neighbors fosters a positive community experience and can be helpful in practical ways. For example, a friendly neighbor might assist if you’re in a bind or need someone to watch your property while you’re away.
9. Create a Home Inventory
While you hope never to need it, a home inventory is invaluable if you have to file an insurance claim. As you unpack, take photos and videos of your belongings. Document receipts and barcodes when possible to ensure an accurate settlement if any items are lost or damaged.
Home inventory apps are available to help you organize and store this information.
10. Review Your Homeowners Insurance
In the excitement of closing on a home, it’s easy to choose an insurance policy quickly, but doing so might leave you with hidden coverage gaps. For instance, standard homeowners policies usually exclude flood or sewer backup coverage.
Ask an experienced insurance agent for home insurance quote with a full policy review. They can help you understand what’s covered and recommend options like flood insurance to make sure your investment is properly protected.
With these tips, you’ll be well-prepared to enjoy and safeguard your new home. Happy homeownership!
Contact our team with any questions you have about home insurance in Connecticut.
