You’ve won the bidding war, signed on the dotted line, and are ready to move into your new home. Now what? Closing on your first home purchase is an exciting accomplishment that many people have worked for years to make a reality. It can be easy to get swept away with grandeur plans for your new home, but not planning accordingly can cost you time and money down the line. This National Homeowners Month, learn the 5 most common pitfalls new homeowners face after moving into their home and how to avoid them.
Five Common Pitfalls to Avoid
Once you’re in your new home, it’s tempting to start big projects to make your home your own. After all, you put in the work to make this dream a reality. By keeping these five common pitfalls new homeowners face in mind, you can successfully navigate the move-in process and avoid making these mistakes yourself.
- Getting rid of all your previous furniture. It may be tempting to toss your previous furniture out and start fresh when you move into your new home. However, moving can be expensive, so it’s always a good idea to start small when furnishing your new home and utilize your current furnishing for as long as possible.
- Painting your house without testing the paint color first. It happens all too often. Homeowners get excited about certain paint colors and are halfway through painting their home when they realize the color isn’t what they expected. Avoid wasting the time and money to repaint by always testing a small area first.
- Not hiring professionals for renovations. DIY home projects can be rewarding, but if that project goes sideways, it can leave you with a half-finished eye sore in your home. Understand your limits when it comes to renovations and call a professional when needed.
- Not understanding your city’s bylaws for renovations. When it comes to renovations, especially outdoor renovations, each city has a set of bylaws that need to be followed. For example, some cities don’t allow above-ground pools, require sheds to be set back a certain distance from the house, or have rules about the number of structures per yard. Avoid fines by checking your city’s bylaws before starting your renovation.
- Not taking advantage of sales while picking furniture or décor for your new home. There are great options for first-time homeowners looking to furnish their homes. From estate sales, Facebook Market, and seasonal sales at stores there are plenty of opportunities to decorate your home on a budget. Simply buying the first decorations you find without shopping around can cost you extra money. Instead, take your time and shop for deals. Your wallet will thank you.
Learn how to update your space on a budget: 5 Tips to Update Your Space for Spring on a Budget
What New Homeowners Should Be Doing
Knowing the pitfalls that other new homeowners face can help you avoid making those same mistakes yourself. Rather than making those common mistakes, set yourself up for a lifetime of success by:
- Budgeting
- Setting aside money for home maintenance
- Keeping all mortgage-related documents
- Consulting with professionals for difficult renovations
- Taking your time decorating
Whether your house is a forever home or a starter home, it’s a great accomplishment that you should be proud of. One of the best things you can do after purchasing a home is to take the time to celebrate and make memories!
About Real Estate All Star, Julie Krumholz
Julie Krumholz has been selected as one of Hour Detroit magazine’s 2022 Real Estate All Stars! The list will appear in the June 2022 issue of Hour Detroit, the summer issue of Detroit Design, and online at HourDetroit.com.
Julie has over 35 years of experience in the mortgage industry ranging from loan processing, closing, loan origination, underwriting, QC auditing and even co-owned a mortgage brokerage firm. Julie applies her knowledge to help first-time homebuyers and seasoned homebuyers alike navigate the mortgage process and make their dreams a reality.
