Owning your home is one of the greatest things you can accomplish as a millennial. Back in the day, homeownership used to be a norm. A person staying in a rented property was considered poor. Such is not the case in 2020. Some finance gurus also recommended people to stay in a rented home instead of risking their hard-earned money in the real estate market.
According to a report by iPropertyManager, “36.6 percent of households rent their homes.” Since you are capable of stomaching the risk of homeownership, you should also be ready for the challenges that lay ahead. Homeownership may seem easy initially–especially before buying a property–but sooner or later you will realize how difficult it is. Further, I have talked about the mistakes the first-time homebuyers make and how to rectify them.
Things to Do Immediately After Purchasing a New Home
1) Re-Key All of the Locks
If you purchased a home that was unoccupied at the time of purchase, chances are, the real estate agent and other people involved in the sale still possess the keys to the house. The first thing you should after moving in is to call a locksmith and get all the locks in your home, re-keyed. With a rekeying kit, you can also it yourself.
2) Get the Right Home Insurance
We all know that an auto-owner in the United States is mandated by law to have auto insurance. Barring a couple of states, you cannot drive around without the necessary insurance papers present in the car glove box. Such is not the case with owning a home. Not having home insurance can land you in trouble. You should get home insurance with coverages offered based on the region, locality, and weather.
3) Test the Utilities
After purchasing a new home, it is essential that you take care of the electricals before moving in. You don’t want your entire family to move into a new home and then find out that the heater doesn’t work or there no supply of cooling gas. Hence, test everything beforehand. It would also be helpful to test the smoke detectors before moving in.
4) Create a Home Inventory
Having an official inventory list of your home helps you get the insurance claim settled quicker. If an unexpected event like a fire, earthquake, or hurricane was to occur, your insurance company will take care of the damage incurred. To learn how to create a complete home inventory by yourself, go through this post by the Insurance Information Institute.
This Is What Most People Do After Becoming a First-Time Homeowner
Most first-time homeowners are not aware of the hidden costs involved in owning and being the primary resident of a home. Things seem to go really great immediately after they move in. But sooner or later, reality sets in and they come to know the real cost of owning a home. Power bills, maintenance, dealing with noisy neighbors, paying insurance payments, etc are just a few of the expenses. Hence, most people go into debt within a few years of owning a home.