The real estate game has endured a whirlwind over the last two years. The novel coronavirus brought bidding wars, high competition and low inventory, and thousands over the asking price.
Owning a home can be one of the most incredible experiences of a lifetime. The freedom, peace of mind, and equity make it all worth it. So you just bought your new home—now what?
Here are the top tips and tricks for new homeowners:
First and foremost, create a “homeowner” binder. Endless paperwork is sure to have crossed your path since the beginning of your house hunt.
Keep your binder filled with:
- Important documents i.e. mortgage, taxes, home insurance information
- Warranties and guides for major appliances
- Receipts for home expenses
- Contractor contact information
Patience is a Virtue
Although you want to immediately jump in and begin renovations—WAIT. Allow yourself time in the home to learn the sounds, functions, and true state of the property.
A rule of thumb is to wait at least 6 months before beginning major construction. Prepare yourself for the cost by planning ahead and zoning in on the exact vision you have for your new home.
Keep Your Eyes Open
As you build a relationship with your new home, it is imperative to keep your eyes open for potential issues. Spotting minor issues right off the bat can save you thousands of dollars—and hours of suffering—in the long run.
Educate yourself on common issues to look out for in the new home. Signs to look out for include but are not limited to:
- Basement leaks
- Foundation issues
- Roof leaks
Not only will identifying home issues save you money, but it will also save your real estate.
Begin an Emergency Home Fund
As you will soon learn, being a homeowner can be quite costly. Start an emergency home fund to prepare yourself for the issues that can—and will—arise in your home.
The longer you are in your home, the more likely you are to run into an expensive fix or repair. In Columbia, South Carolina, you can expect to pay between $3,500 and $21,000 for a full roof replacement.
The best way to go about acclimating is to introduce yourself to the neighbors. Ensuring happy, healthy relationships with those who live closest to you is a great way to prevent future issues.
Learn about the neighborhood. Ask for referrals regarding their trusted contractors and their favorite things to do in the area. The better the relationship with the neighbors, the more likely you can deescalate a problem such as a future noise complaint.
Buying a home in South Carolina can be exhilarating. Learn your neighborhood, home, and get organized for the smoothest transition in your new house.
Your awareness is directly related to your personal and financial experience in the house. Therefore, keep your eyes open for issues, set up an emergency house fund, and enjoy the fruits of your labor!